Lehman Brothers - Full Employment for Bankruptcy Attorneys

 It’s clear that the only winners in the Lehman Brothers Holdings Inc.’s bankruptcy will be lawyers.  The bankruptcy will probably occupy over 100 lawyers working for Lehman and claims by the creditors will provide work for thousands of bankruptcy attorneys. 

Lehman’s Chapter 11 filing, the biggest one in history, names Harvey R. Miller and Shai Waisman of New York’s Weil, Gotshal & Manges as Lehman’s lawyers.  Only eight other lawyers are named so far in the filing for creditors and other parties, but bankruptcy lawyers are already fielding hundreds of calls from potential claimants.

The bankruptcy only involves Lehman’s holding company because businesses governed by securities regulators aren’t eligible for Chapter 11.

Lehman is looking to sell it’s broker-dealer operations and it’s investment management division, but it is unknown whether Lehman will try for a fast sale of it’s holding company or seek restructuring.

UPDATE:  Barclays and Lehman Brothers have apparently just reached a deal to purchase Lehman’s broker-dealer operations. Read about it here.

More on Lehman Brothers:

A Fight for a Piece of What’s Left

Lehman Bankruptcy Sees New Judge Face Veteran Lawyers

Lehman taps bankruptcy-expert Harvey Miller

Lehman Creditors, Shareholders May Lose Billions