Securities Law Prof Blog

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

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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