Lehman lawyers paid $642m in 16 months
Lehman and its affiliates reported cash holdings of $17.6 billion on January 31, an increase from $17.2 billion a month earlier
New Yoek: Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, paid its lawyers and other advisers $641.9 million (Dh2,357 million) in 16 months since September 2008, according to a regulatory filing.
The restructuring firm Alvarez & Marsal LLC, which provided Lehman with its current CEO, Bryan Marsal, led the payments with $233 million in fees for "interim management" through January, according to the filing with the US Securities and Exchange Commission.
Weil Gotshal & Manges LLP of New York collected $149.5 million for acting as the investment bank's lead bankruptcy law firm. Milbank Tweed Hadley & McCloy LLP got $42.4 million for advising Lehman's creditors' committee.
Lehman and its affiliates reported cash holdings of $17.6 billion on January 31, an increase from $17.2 billion a month earlier.
Lehman, once the world's fourth-biggest investment bank, is liquidating in bankruptcy to pay creditors.Lehman filed the biggest US bankruptcy in September 2008 with assets of $639 billion. Creditors include UBS AG, the New York Giants and Abu Dhabi Investment Authority as well as individuals who hold Lehman bonds.
