The administrators of Lehman Brothers’ assets in the US have spent more than US$640m on advisors since the bank filed for bankruptcy in September 2008. The latest progress report from the estate details the fees paid to a wide range of professional service firms, from restructuring specialists to lawyers to Kelly Matthew Wright, an auctioneer who’s collected US$47,000 thus far to help sell off Lehman’s corporate art collection.
Alvarez & Marsal, a turnaround and restructuring firm, has profited the most from Lehman’s downfall, collecting US$233m in fees for interim management services. Among a phalanx of legal advisors, lead firm Weil, Gotshal & Manges came out on top, billing US$150m through January. According to Corporate Counsel, that works out to around US$300,000 per day. Nice work if you can get it.