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Friday, February 27, 2009
More Bad News For Bankrupt Lehman: CFO Resigns
The bad news for creditors of bankrupt Lehman Bros just keep coming. First, the bankruptcy judge presiding over the case James Peck gets arrested a month ago for mauling his wife, and is likely to be removed from the case, and now interim CFO David Cole, who came on board in October when Alvarez and Marsal was hired to run Lehman in exchange for something like $300,000 a day, has said he will resign to pursue other less mind-numbingly deranged ventures than liquidating the biggest bankruptcy in history. It is not clear if he will still remain at A&M where he is listed as a Managing Director, but we wouldn't blame him at all if he has decided he is totally done with finance in general. After charging $750/hour over the past 5 months for dismantling Lehman, we can easily see how retirement is a feasible endgame.
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1 comments:
Hmmm...it's not just the A&M guys who are beyond poorly qualified to handle this bankruptcy; many of the former credit officers of Lehman are at the "holding company" unwinding the selfsame positions that they approved. Tragic.
Btw, Jim Peck is a nice guy; I just wonder who called the police on this particular altercation...perhaps someone from Weil or A&M?
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