ABA Journal:
Weil, Gotshal & Manges has billed more than $164 million for its work as lead counsel so far on the Lehman Brothers bankruptcy, including more than $500 a day for limo drivers, billed for services in the month’s after Lehman’s collapse.
But new limits are now in place due to the efforts of Kenneth Feinberg, the New York Times reports. Known as the “pay czar” who is monitoring banks that received bailout money, Feinberg also has a role in the Lehman Brothers bankruptcy as the court-appointed fee monitor. His counterpart in the General Motors bankruptcy is Brady Williamson.
The Times detailed the work of Feinberg and Williamson in a story that also delved into the charges in the Lehman Brothers and other bankruptcies, including $2.54 charged by the Huron Consulting Group for “gum in airport.”
Charges by law firms in the two bankruptcy cases included more than $2,100 for late-night rides home by one partner at Jones Day, and $685 a night for one Weil lawyer’s week-long stay at the Sherry-Netherland hotel in Manhattan, the story says. Other charges by unnamed consultants and firms included more than $263,000 for photocopies in four months and $48 to leave one message.
But in a deal Feinberg worked out in the Lehman case, there are new limits. They include caps of $100 a day for ground transportation, allowed only after 8 p.m.; $500 a night for hotel rooms; 10 cents a page for photocopies; and $20 a meal for late dinners. Air travel must be coach.
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