Good God! Bloomberg reports that Lehman Brothers Holdings whose fees to advisers have exceeded $1.26 billion during its bankruptcy, paid lawyers and managers $27.1 million in April.
Restructuring firm Alvarez & Marsal LLC, whose co-founder Bryan Marsal runs the defunct investment bank, made $431.7 million in “interim management” fees for 31 1/2 months of work, including $8.9 million last month, according to a filing with the U.S. Securities and Exchange Commission. Weil, Gotshal & Manges LLP, based in New York, was paid $293.8 million through April for acting as Lehman’s lead bankruptcy law firm, including almost $7.9 million last month.
Lehman’s monthly fees fell from about $30 million in recent months and as much as $45 million for November. Marsal, who bills Lehman hourly, aims to raise $61 billion by selling the defunct company’s assets to pay $322 billion in claims, giving creditors 18.6 cents on the dollar, on average.
Total administrative costs exceed $2.4 billion for the Lehman bankruptcy, including separate liquidations of Lehman Brothers Inc., the remnants of the brokerage, and Lehman Brothers International Europe, the investment bank’s U.K. unit.
Read more at: http://www.bloomberg.com/news/2011-05-23/lehman-paid-bankruptcy-lawyers-managers-27-1-million-in-fees-in-april.html
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