Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, December 29, 2008

The Death of Lehman Brothers

Must reading in today's Wall St. Journal is the article on the last days of Lehman Brothers; the title says it all:  The Weekend That Wall Street Died.  It reports how it was every firm for itself as Lehman Brothers collapsed; Lehman's CEO Fuld couldn't even get Bank of America CEO Lewis to return his phone calls for help!  In a separate story, Alvarez & Marsal, the restructuring adviser for Lehman, reports that as much as $75 billion of Lehman's value was destroyed by Lehman's "unplanned and chaotic" bankruptcy filing in September.  Billions could have been saved if an orderly and less-rushed process had been followed.  Estimates are that unsecured creditors will receive 10 cents on the dollar.  WSJ, Lehman's Chaotic Bankruptcy Filing Destroyed Billions in Value.

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