Wednesday, April 15, 2009

Scandal: Weil Gotshal Demands $55 Million For 4.5 Months Of Lehman Liquidation Work

If this does not blow the lid on the thousands of teaparties held in the U.S., then likely nothing will. Weil Gotshal, which is doing nothing more than liquidating the bankrupt estate of Lehman Brothers' non-brokerage operations (the brokerage was stolen by Barclays for pennies on the dollar while Weil stood by the sidelines and gave its blessing to this daylight robbery), has demanded that the wifebeater (aka James "Stella" Peck) approve a $55 million payment for its fees and expenses. Alvarez & Marsal will likely follow suit shortly with another comparable fee demand.

I will discuss this filing in detail tomorrow, but in the meantime I present the compensation application in all its scandalously greedy glory tomorrow. In the meantime, if there is any lawyer at Weil who did not work on the Lehman liquidation, please raise your hand.

Curiously, how pissed must W. Michael Bond's wife be, after he worked 1,284 billable hours in the 100 work day period between Sept 15 and Jan 31 (exclude 5 holidays and use networkdays on excel) on this mother of all liquidations. As a reference, there are 2,400 hours in that same interval, and assuming 7 hours of sleep a day, 1 hour of assorted bathroom functions, and 1 hour of meals, W.M. Bond spent 85.6% of his non-sleep work day focused exclusively on Lehman and Lehman alone... or at least so he billed.

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