FT: Winding up Lehman Brothers
On Friday afternoon November 7th 2008, The Financial Times published an excellent article entitled Winding up Lehman Brothers written by Jennifer Hughes. This article is a great summary of what Tony Lomas and his team at PriceWaterhouseCoopers have gone through in starting to wind up the European affairs of Lehman Brothers. This bankruptcy case is likely to continue for many years to come and no doubt there will be further stories about the bankruptcy administrator's conduct.
What emerges from this story is how virtually no one connected with the large investment bank Lehman Brothers (management, employees and clients) expected what then was the fourth largest investment bank to file for bankruptcy on Monday September 15th. Tony Lomas and team were the bankruptcy administrator for Enron's European operations (and still are working on that case some seven plus years later). In that case, they had two weeks to review the operations and prepare for the bankruptcy filing. In the case of Lehman Brothers, the PriceWaterhouseCoopers team had slightly more than twenty-four hours. No wonder from afar the European bankruptcy seemed so chaotic in its first days.