Lehman Brothers has paid its advisers $308 million for 10 months of work, according to a filing with the Securities and Exchange Commission.
The restructuring firm Alvarez & Marsal LLC, which provided Lehman with its current chief executive, Bryan Marsal, led the payments with $131.5 million in fees through July 9. Weil, Gotshal & Manges LLP of New York, the investment bank's lead bankruptcy law firm, was paid $74.3 million, the filing said.
Bankers, accountants and lawyers may reap record judge-approved charges of $906 million by the time Lehman's bankruptcy ends, according to Lynn LoPucki, a University of California, Los Angeles professor who has a database to calculate fees.
The fees are in proportion to "the size and scope of the cases" of Lehman and its affiliates, Harvey Miller, a Weil, Gotshal partner, said last month.
Cash on hand at Lehman and its affiliates rose to $13.4 billion at July 31, from $12.3 billion at the start of the month.
Lehman filed the biggest U.S. bankruptcy, with assets of $639 billion, and it still owes creditors as much as $250 billion, Marsal said in May.
