Lehman Brothers Financial SA (LEHNQ)

[jwnoble3]

Weil Gotshal have been down this path before...

http://amlawdaily.typepad.com/amlawdaily/2010/03/lehmanreorg.html


"Over time [Lamco] could dispose of any existing Lehman assets, but also perhaps look to keep other assets indefinitely and take on the management of similar assets," Hahn adds. "Some of the reports that I've read have made reference to the possibility of taking on new business, and this plan very much reminds me of the old Drexel Burnham bankruptcy years ago."

Drexel Burnham Lambert was of course another high-profile Wall Street bankruptcy client of Weil Gotshal. In that case, Hahn says Weil took the remnants of Drexel and created a "continuing asset-management entity" that later emerged from bankruptcy and was sold for some money. The value from such an asset sale goes to redeem creditors, strewn far and wide in Lehman.