Weil Gotshal and captain bankruptcy mouthpiece will preside over asset sales of about $639 billion -- as much as six times larger than any other Chapter 11 case. Calculator loan.

Sept. 16 (Bloomberg) -- While the hierarchy of Wall Street is in tatters, the bankruptcy filing yesterday by Lehman Brothers Holdings Inc. has re-established the real pecking contract for within the people of New York corporate lawyers. Weil Gotshal & Manges LLP, the No. 1 bankruptcy enterprise for decades representing almost every noteworthy restructuring from Enron Corp. to WorldCom Inc., appeared about to be dethroned this year.

It turned out to be essentially a commander in pursuit of the next big corporate blowup, and Lehman -- the ever to be filed -- has now obliged. Lehman succumbed to the subprime mortgage turning-point and sought bankruptcy haven in New York. Weil Gotshal and be conducive to bankruptcy legal practitioner will supervise over resource sales of about $639 billion -- as much as six times larger than any other Chapter 11 case. The next-biggest was WorldCom, the telecommunications coterie that filed in 2002 after an accounting scandal, with $104 billion in assets. ''They're the partnership to go to in grave cases because of their experience,'' said , co-head of bankruptcy in New York at theorem unmovable Reed Smith LLP and a authority in monetary companies.

The strength sales by Lehman, the fourth-largest U.S. investment bank, will unquestionably off creditors with tens of billions in losses, lawyers said. The 77-year-old Weil Gotshal faced a question earlier this year after losing , the go first opinion on Enron, to Dewey & LeBoeuf, in uniting to several other defections of partners.

Even though Weil lured back Miller, 75, from merger-advisory positive Greenhill & Co., Chicago-based Kirkland & Ellis was foremost the bankruptcy rankings by June, handling six of the 12 largest cases, according to statistics compiled by Bloomberg. Rapid Asset Sales Lehman's bankruptcy will put make on Weil Gotshal and Miller to recoup buyers for the bank's investment operation units, including Neuberger Berman, as without delay as tenable to sanctuary value and keep ready money managers, according to Bienenstock, who said he has been retained by several Lehman creditors. ''They're in a compete against the clock,'' said the 55-year-old Bienenstock, who was co-head of Weil's bankruptcy usage until 2007 and handled the Enron case. ''They have to transfer valuable franchises before subjects fulguration to other firms.

Then it will be several years of figuring out who owes what to whom.'' No dilemma what, Weil Gotshal will be a prizewinner -- at least in remuneration. Professional fees for lawyers, accountants and fiscal advisers in the Lehman example may run to $906 million, according to , one of the zenith bankruptcy experts in the U.S., who has developed a. He teaches bankruptcy statute at Harvard University in Cambridge, Massachusetts, and at the University of California at Los Angeles.

Enron's Legal Fees in December 2004, three years into its bankruptcy case, asked a moderate to affirm more than $780 million in fees for advisers. Weil Gotshal unexcelled requested almost $164 million, 2004 filings with the U.S. Bankruptcy Court in New York show, and was paid $149.4 million. About $7.6 million was billed for employment by the firm's co-lead lawyers on the case, Bienenstock and.

Houston-based Enron at the day estimated its bills for virtuoso fees might crest $1 billion. Most Enron creditors got paid about 25 cents on the dollar. Weil Gotshal also represented WorldCom and was paid $36.1 million for its opus in that case, according to court papers.

Staffing Needs The legitimate fees and staffing for the Lehman action won't axiomatically progress in shape to the bank's liabilities, Bienenstock said. ''The time of the assets and liabilities can be deceptive,'' he said. ''If you front at the numbers in the WorldCom case, it had higher liability, but the forensic masterpiece in Enron was about four times as much.'' Weil Gotshal had more than 540 lawyers and 200 clerks, paralegals and other face employees line more than 391,000 hours on the suitcase starting the week before Enron filed in December 2001.

Weil should have no harry hiring if it needs to do so for Lehman, given modern firings and cutbacks by other order firms. More than 100,000 Lehman creditors listed in the bankruptcy filing must fend for themselves for a week or two, until a U.S. trustee appoints an decorous creditors' body and the review approves the hiring of its lawyer, attorneys said.

Lehman's largest unsecured creditor is Aozora Bank Ltd. in Tokyo, with a $463 million loan. Other best creditors contain Mizuho Corporate Bank Ltd., owed $382 million, and a Citigroup Inc. item based in Hong Kong, due $275 million, according to the bankruptcy filing. $155 Billion in Bonds Among Lehman's obligations are at least $155 billion in unsecured shackles debt, compared with about $24 billion owed WorldCom bondholders, court papers show.

Lehman's bind and stockholders, along with employees, are indubitably to be among the hardest hit from the investment firm's collapse, lawyers said. New York-based Lehman's shareholders may get nothing back because U.S. bankruptcy measure mandates such claims be paid after almost all other creditors.

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