Cost of Lehman Bankruptcy Nears $1 Billion
Law firm Weil, Gotshal & Manges has received $237 million. Alvarez and Marsal, the restructuring firm in charge, has received $356 million. Milbank, Tweed, Hadley & McCloy, which represents the unsecured creditors, has made $71 million.
In retrospect, many experts believe that the U.S. government should not have let Lehman go out of business. A bailout might have prevented the credit crisis. Lawyers and restructuring experts would have been needed either way, so it was never likely that their oxen were going to get gored.