Lehman filed for Chapter 11 protection on Sept. 15, 2008, the largest such filing in history. By July, according to the publication, fees charged to Lehman's U.S. estate stood at $917 million. They should top $1 billion this month. Add to that the expenses for unwinding the European arm estimated at almost $900 million, and $2 billion is very much in reach.
But while some claim the services are given at a discount rate, the FT adds that at the time, former "pay czar" Kenneth Feinberg pared back fees by $5.2 million for reasons such as incomplete breakdowns of expenses or overcharging for overtime meals. So, even at a discount, no doubt all firms wanted a piece of this huge fee pie.