Bankruptcy as Economic Stimulus
Courtesy of Joshua M Brown, The Reformed Broker
With bankruptcy this lucrative, who needs solvency?
Lehman Brothers’ demise has so far meant more than a billion dollars in fees for its reorganization pallbearers. Makes you think we missed a great opportunity for economic stimulus by propping up so many other faltering companies up…
From DealBook:
Lehman Brothers Holdings on Monday said it has paid more than $1 billion to its lawyers, consultants and financial advisers since filing the largest U.S. bankruptcy two years ago, Reuters reports.
Professional and other fees totaled $1.01 billion through September 30, up $51.8 million from $961.3 million a month earlier, a filing with the U.S. bankruptcy court in Manhattan shows.
Lehman’s bankruptcy is the costliest in U.S. history, surpassing Enron and WorldCom, according to the UCLA Law School professor Lynn LoPucki.
Well, I want in on some of that action! Maybe I’ll walk over and see if they could use a blogger on the job or something. I mean, since it’s a carrion feast anyway, how could one more beak in the mix hurt anyone?
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