It’s been a while since we’ve checked in on the fees in the Lehman bankruptcy, what with all the Chrysler and GM news stealing mindspace.
Fortunately, the failed investment bank has just released its monthly operating report for May and June.
Once again, Weil Gotshal leads the pack, but plenty of others have had the chance to wet their beaks.
As further proof that Harvey Miller can’t (and shouldn’t) be bothered with the administrative hassles, this filing is signed, and correspondence goes to the attention of, Weil’s Shai Waisman. But we all know who’s really running the show. In fact, we think it’s very magnanimous of Harvey to let someone else get his name out there once in a while (even though we’d support an effort to rebrand the firm as Miller Weil Gotshal or maybe Weil Gotshal brought to you by Harvey Miller).
Not surprisingly, Weil continues to lead the pack. The firm was paid $8.3 million in May and $9.2 million in June, for a grand total of $63.75 since the filing on September 15, 2008.
The next biggest fee goes to Milbank Tweed, which as lead counsel for the creditors’ committee, was paid $2.7 million in May and $4.1 million in June, for a grand total of $17.2 million.
The rest of the law firms’ fees (dollars in 000s):
Looks like May was a relatively quiet month.
Larry Bortstein was the inhouse technology lawyer at Lehman responsible for IT contracts. He left the firm to start his own practice with Lehman as a client and has now picked up a number of others. $1.3 million is not bad billings for such a small shop.
The legal fees may be nice, but Weil’s fee isn’t even half of what Alvarez & Marsal has taken in – just under $150 million since the filing – for its work as the management turnaround advisor. All told, Lehman has run up about a quarter of a TRILLION in fees so far.
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BORTSTEIN ARE YOU HIRING!!!!!! Help me Bortstein you're my only hope.
What a catastrophe!!