The US is continuing to plunder other people money from their savings around the world.
Those fees belong to million of savers that where duped into buying Lehman's financial instruments. If the action of those attorneys and "restrcuturing" consultng firm Alvarez & Marsal LLC are not classified as plunderers of people's savings worldwide then I wonder what is
Lehman Adviser Fees Could Pay Yankees Four Times Over (Update2)
By Linda Sandler
July 22 (Bloomberg) -- Lehman Brothers Holdings Inc., the investment bank in bankruptcy since September 2008, paid its lawyers and managers $873.1 million for 21 1/2 months of work, or almost $1.4 million a day.
By comparison, the five highest paid Major League Baseball teams’ combined opening day player payrolls this year were about $792 million, according to USA Today.
The restructuring firm Alvarez & Marsal LLC, which provided Lehman with its current chief executive officer, Bryan Marsal, led the payments with $311.6 million in fees for “interim management” through June, according to today’s filing with the U.S. Securities and Exchange Commission. The New York Yankees’ payroll, highest in baseball, is about $206 million this year.
“This is going to be the most expensive Chapter 11 case ever,” said Stephen Lubben, a bankruptcy law professor at Seton Hall University School of Law in Newark, New Jersey. “Unless the unsecured creditors get a decent recovery, there will be some pressure for the professionals to share the pain.”
noir.bloomberg.com
Weil Gotshal & Manges LLP of New York collected $200.6 million for acting as Lehman’s lead bankruptcy law firm. Milbank Tweed Hadley & McCloy LLP got $56.5 million for advising Lehman’s creditors’ committee.
Energy trader Enron Corp.’s three years of bankruptcy cost $757 million, including $149.4 million paid to Weil Gotshal, according to the database of Lynn LoPucki, who teaches bankruptcy law at the University of California, Los Angeles.
June payments to advisers were almost $42.7 million. Lehman and its affiliates had cash holdings of $18.9 billion on June 30, up from $18.4 billion on May 31 |
