July 9 (Bloomberg) — Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, paid its advisers $262.6 million for nine months of work, according to a filing with the U.S. Securities and Exchange Commission.
Lehman Pays Its Bankruptcy Advisers $262.6 Million for 9 Months
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July 2 (Bloomberg) — Lehman Brothers Holdings Inc. creditors asked a bankruptcy judge to direct examiner Anton Valukas to limit his investigation into the investment bank’s sale of its brokerage to Barclays Plc “to minimize duplication of investigative efforts already being undertaken.”
Former federal prosecutor Valukas, chairman of Chicago- based law firm Jenner & Block LLP, was appointed in January to lead an independent investigation into events surrounding Lehman’s record bankruptcy.
[ . . . ]
In May, Lehman asked U.S. Bankruptcy Judge James Peck to investigate whether Barclays, the third-biggest U.K. bank by assets, made a windfall profit when it bought Lehman’s brokerage unit and real estate for $1.54 billion just days after the securities firm filed for bankruptcy. Later, the bank said it recorded a gain of 2.26 billion pounds ($3.71 billion) from the acquisition of Lehman’s North American operations, according to Lehman’s court filing.
[ . . . ]
Lehman, which filed the biggest bankruptcy in U.S. history in September with assets of $639 billion, has estimated unsecured liabilities of $200 billion to $250 billion left to pay, Lehman’s Chief Executive Officer Bryan Marsal has said.
Lehman has disclosed total fees paid to its own professional advisers, including lawyers, bankers and accountants, of $171 million from September through April.
Valukas asked the judge for fees of $925 an hour, less a 10 percent discount “because of the significant public interest associated with the examiner’s duties,” for his work on Lehman, according to a court filing. Before the discount, his total request for Jan. 19 to Jan. 31 was $74,647 for 80.7 hours. Altogether, he and other Jenner & Block lawyers requested $613,650 in fees at the discounted rate and $13,515 in expenses.
The Lehman case is In re Lehman Brothers Holdings Inc., 08- 13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
My Note –
and the Federal Reserve loaned the Lehman Brothers Gouge the taxpayers bunch – how many billions AFTER they were in bankruptcy? Who got that money? Wasn’t that $158 billion the Federal Reserve gave them through JPMorgan after they were already a “credit risk” considering they were in bankruptcy proceedings at the time?