As we have pointed out before (here and here), the free-for-all that is the Lehman bankruptcy case is a gold mine for a whole lot of scavengers. Today the WSJ finally picks up on this topic, and quotes Seton Hall professor Stephen Lubben who estimates the advisory fees in the liquidation will reach $800 million. According to another unnamed professor, the creditor invoice will be even higher: $1.4 billion. The biggest beneficiaries will be company and creditor law firms, Weil Gotshal and Milbank Tweed, as well as Alvarez and Marsal. We would like to redirect populist anger from general Wall Street bonuses to how much vulture advisors are making under the radar in dismantling bankrupt entities.
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