Lehman bankruptcy advisers paid $641.9m
Bankruptcy
Alvarez & Marsal LLC, the liquidator of bankrupt Lehman Brothers Holdings Inc., has collected $233 million in fees for “interim management” over 16 months, according to a regulatory filing.
The restructuring firm, which provided Lehman with its current chief executive officer, Bryan Marsal, has made more than any other adviser of the investment bank since the September 2008 bankruptcy filing, according to a Feb. 19 report with the Securities and Exchange Commission. Lehman said it paid all its lawyers and advisers $641.9 million through January.
Lehman’s payments to advisers haven’t faced major challenges like those in the case of bankrupt automaker Chrysler LLC, which is using U.S. Treasury loans to wind itself down. On top of reported fees, Marsal’s firm has started earning a so- called “success fee” that can run to 25 percent of the amount the firm gets for dismantling New York-based Lehman over the life of the case, according to court documents.
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