Lehman Brothers racks up $642m in advisers bills
Lehman Brothers , the investment bank liquidating in bankruptcy, paid its lawyers and other advisers $641.9m (€470.6m) in 16 months since September 2008, a regulatory filing reveals.
The restructuring firm Alvarez & Marsal, which provided Lehman with its current ceo, Bryan Marsal, led the payments with $233m in fees for "interim management" through to January, according to the filing with the US Securities and Exchange Commission.
Weil Gotshal & Manges of New York collected $149.5m for acting as the investment bank's lead bankruptcy law firm, while Milbank Tweed Hadley & McCloy got $42.4m for advising its creditors' committee.
Lehman and its affiliates reported cash holdings of $17.6bn on January 31, up from $17.2bn a month earlier.
Lehman, once the world's fourth-biggest investment bank, is liquidating in bankruptcy to pay creditors including UBS, the New York Giants and Abu Dhabi Investment Authority.