Jump To Navigation

Lehman Bankruptcy Largest In History

Posted on January 17th, 2014

Arizona residents might be startled to learn that the Lehman bankruptcy is reportedly the largest one in history. Five years after the date of filing, the attorney fees for the case have reached an astonishing $2.2 billion. Numerous lawyers, consultants, accountants and other professionals have assisted in the bankruptcy since September 2008.

 

According to a law professor at the University of Nevada, Las Vegas, the Lehman bankruptcy was a very complicated case. Adding to the complexity of the business bankruptcy was the fact that it was not planned. Not only was the bankruptcy a big one, but it had distinct issues as well.

 

The firm was originally protected under Chapter 11 bankruptcy, but that expired in March 2012. The firm is still working on paying creditors and selling off assets to do so. At current, the firm is a liquidating trust that has distributed almost $48 billion to creditors so far. According to a recent estimate, creditors will be paid around $80 billion against their almost $309 billion claims. The process of the firm paying off creditors will likely take several more years, sources report.

 

According to the bankruptcy judge presiding over the case, the amount of legal fees associated with the case is not so astounding when one takes into account the size of the case. Rather, it was appropriate given the scale and complexity of the bankruptcy. At one point, one law firm alone had approximately 160 people working on the case. That firm also managed to increase the value of the Lehman estate by approximately $50 billion.

 

Any business or individual needing to file bankruptcy may benefit from the aid of a bankruptcy attorney. This individual may be able to determine what kind of bankruptcy is best for someone’s unique situation. They may also ensure that the consumer files their paperwork appropriately and accurately the first time.

 

Source: CNN, “Five years later, Lehman bankruptcy fees hit $2.2 billion“, James O’Toole, September 13, 2013

Contact Us for a Free Consultation
Office Locations

Phoenix Office One
Wright Law Offices
2999 N. 44th St., Ste 600
Phoenix AZ 85018

Telephone: 480-845-0145 / 866-703-3287
Phoenix Law Office

Phoenix Office Two
Wright Law Offices
668 N. 44th St., Ste 320
Phoenix AZ 85008

Telephone: 480-845-0145 / 866-703-3287
Phoenix Law Office

Scottsdale Office
Wright Law Offices
7135 East Camelback Road, Ste 230
Scottsdale AZ 85251

Telephone: 480-845-0145 / 866-703-3287
Scottsdale Law Office

Tempe Office
Wright Law Offices
2238 S. McClintock Dr.
Tempe AZ 85258

Telephone: 480-845-0145 / 866-703-3287
Tempe Law Office

Avondale Office
Wright Law Offices
12725 W Indian School Rd, Suite E-101
Avondale AZ 85392

Telephone: 623-258-4480 / 866-703-3287
Avondale Law Office

Prescott Office
Wright Law Offices
1129 Iron Springs Rd
Prescott AZ 86305

Telephone: 623-258-4480 / 866-703-3287
Prescott Law Office

Mesa Office
Wright Law Offices

4856 E. Baseline Rd.
Suite #104
Mesa, AZ 85206
Telephone: 480-845-0145 / 866-703-3287
Mesa Law Office

Glendale Office
Wright Law Offices
20325 N. 51st Ave., Suite 134
Glendale, AZ 85308
Telephone: 623-258-4480 / 866-703-3287
Glendale Law OFfice

Facebook IconTwitter IconVisit Us On Google+Visit Us On Google+