The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Lehman Pays $846.9M To Bankruptcy Professionals Through June

Thu, 22nd Jul 2010 19:35

By Patrick Fitzgerald Of DOW JONES DAILY BANKRUPTCY REVIEW The tab for unwinding investment bank Lehman Brothers Holdings Inc. (LEHMQ) in bankruptcy climbed to $846.9 million in June as the army of bankruptcy lawyers, consultants and financial advisers rung up another $41.6 million in fees. In papers filed in U.S. Bankruptcy Court in Manhattan, Lehman detailed payments to the 30 firms -- among them everything from white shoe law firms to art consultants -- working to shepherd the investment bank through the largest, and what's shaping up as the most expensive, bankruptcy case in the nation's history. Alvarez & Marsal, the restructuring firm that's winding down Lehman's operations and unraveling thousands of derivatives contracts, has been paid a total of about $311.6 million since Lehman sought Chapter 11 protection on Sept. 15, 2008. Bryan Marsal, one of the firm's founders, is serving as Lehman's chief executive. The firm is also running the asset-management unit Lehman recently spun out of its bankruptcy case. Weil, Gotshal & Manges, Lehman's bankruptcy law firm, racked up about $200.6 million in fees and expenses through June. The law firm representing Lehman's unsecured creditors committee, Milbank, Tweed, Hadley & McCloy, has been paid about $56.5 million. The committee's financial adviser, FTI Consulting Inc. (FCN), has taken in a total of $32.2 million. Under bankruptcy law, Lehman's bankruptcy estate is on the hook for fees and expenses of professionals working on behalf of official committees. So far, Lehman has paid Feinberg Rozen, the law firm monitoring professional fees in its Chapter 11 case, more than $1.4 million. The firm, based in Washington, D.C., is headed up by Kenneth Feinberg, who was tapped last month to oversee the $20 billion fund created by BP PLC (BP) to compensate victims of the Gulf of Mexico oil spill. Lehman has also paid art consultant Kelly Matthews Wright $64,000 through June. Since filing for Chapter 11 bankruptcy protection, Lehman gradually has sold off pieces of its art collection. Last fall, 238 modern and contemporary pieces were auctioned off. That sale, which was expected to bring in $750,000, generated $1.34 million. All items were sold. Later this year, Lehman is auctioning off another collection of modern art, including pieces by Damien Hirst, Gerhard Richter, Brice Marden and Anish Kapoor. Many of the pieces come from asset-manager Neuberger Berman, the Lehman unit bought in a management-led buyout last year. The firm's co-founder Roy Neuberger is a legendary collector. A September auction at Sotheby's is expected to add millions of dollars more to the estate's coffers. Meanwhile, Lehman continues to do battle on several fronts in bankruptcy court. Lehman has paid Jones Day, the law firm that's heading up its litigation against Barclays PLC (BCS), nearly $30.2 million through June. Lehman claims Barclays reaped an undisclosed windfall when it purchased Lehman's brokerage in the days after its 2008 Chapter 11 filing, and it's trying to recoup billions of dollars in assets transferred to the U.K. bank. Lehman was the U.S.'s fourth-largest investment bank prior to its bankruptcy filing. Over the past 21 months, bankruptcy professionals have sold off a number of Lehman's most lucrative businesses while working to preserve the value of its other assets. Earlier this year, Lehman spun off an asset-management business from its Chapter 11 case. The unit, headed up by Alvarez & Marsal managing director Douglas Lambert, oversees a broad portfolio of Lehman assets. It employs about 455 people, of which 385 are Lehman Brothers employees and 70 are Alvarez & Marsal employees. (Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.) -By Patrick Fitzgerald; Dow Jones Daily Bankruptcy Review; 202-862-3544; patrick.fitzgerald@dowjones.com (END) Dow Jones Newswires July 22, 2010 14:35 ET (18:35 GMT)
More News
4 Mar 2024 08:59

LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
4 Mar 2024 08:55

LONDON MARKET OPEN: Review cuts Hipgnosis Songs Fund valuation

(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.

Read more
4 Mar 2024 07:41

LONDON BRIEFING: Stocks called down; attention on UK's spring budget

(Alliance News) - Stocks in London are called to open lower, ahead of a busy week of economic news.

Read more
22 Feb 2024 09:49

LONDON BROKER RATINGS: Berenberg raises Moneysupermarket.com to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
15 Feb 2024 16:52

LONDON MARKET CLOSE: Stocks in green despite UK hit by recession

(Alliance News) - Stock prices in London closed higher on Thursday, after data showed that the UK economy slipped into recession in the final quarter of 2023, buoying hopes for interest rate cuts from the Bank of England.

Read more
15 Feb 2024 14:55

London close: Stocks manage gains despite UK recession news

(Sharecast News) - London markets had a mixed but ultimately positive day of trading on Thursday, despite news that the UK fell into a technical recession at the end of 2023.

Read more
15 Feb 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 flat as strong start fades

(Alliance News) - The FTSE 100 tread water on Thursday afternoon, as share price declines for some of London's heavyweights offset a strong start for the index, which got a boost from Bank of England rate cut hopes.

Read more
15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

Read more
14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

Read more
14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

Read more
11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

Read more
9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

Read more
8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
AJ Bell PLCdividend payment date
B&M European Value Retail SAspecial dividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
Braemar PLCdividend payment date
i3 Energy PLCdividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Montanaro UK Smaller Cos Investment Trust PLCdividend payment date
Netcall PLCdividend payment date
Origin Enterprises PLCdividend payment date
Sage Group PLCdividend payment date
Schroder AsiaPacific Fund PLCdividend payment date
Tracsis PLCdividend payment date
Tufton Oceanic Assets Ltddividend payment date
Monday 12 February 
no events scheduled 
Tuesday 13 February 
Cohort PLCdividend payment date
Future PLCdividend payment date
Mondi PLCspecial dividend payment date
Wednesday 14 February 
Blackrock Frontiers Investment Trust PLCdividend payment date
Ecora Resources PLCdividend payment date
Grainger PLCdividend payment date
Oxford Metrics PLCdividend payment date
Supermarket Income REIT PLCdividend payment date
Unicorn AIM VCT PLCdividend payment date
Unicorn AIM VCT PLCspecial dividend payment date
Thursday 15 February 
Alternative Income REIT PLCex-dividend payment date
Aquila European Renewables PLCex-dividend payment date
Balanced Commercial Property Trust Ltdex-dividend payment date
BioPharma Credit PLCex-dividend payment date
BP Marsh & Partners PLCex-dividend payment date
BP PLCex-dividend payment date
Elixirr International PLCdividend payment date
Gabelli Merger Plus+ Trust PLCex-dividend payment date
GCP Asset Backed Income Fund Ltdex-dividend payment date
Greencoat UK Wind PLCex-dividend payment date
Gulf Investment Fund PLCex-dividend payment date
Hargreave Hale AIM VCT PLCdividend payment date
Henderson Opportunities Trust PLCex-dividend payment date
ICG Enterprise Trust PLCex-dividend payment date
Impax Environmental Markets PLCex-dividend payment date
Imperial Brands PLCex-dividend payment date
Invesco Perpetual UK Smaller Cos IT PLCex-dividend payment date
Invesco Select Trust PLC Global Equity Incomedividend payment date
Invesco Select Trust PLC UK Equitydividend payment date
JPMorgan European Growth & Income PLCex-dividend payment date
Knights Group Holdings PLCex-dividend payment date
M Winkworth PLCdividend payment date
Majedie Investments PLCex-dividend payment date
Mattioli Woods PLCex-dividend payment date
Mobeus Income & Growth 4 VCT PLCex-dividend payment date
Mountview Estates PLCex-dividend payment date
Murray Income Trust PLCex-dividend payment date
NCC Group PLCex-dividend payment date
NextEnergy Solar Fund Ltdex-dividend payment date
Pershing Square Holdings Ltdex-dividend payment date
PRS REIT PLCex-dividend payment date
Ramsdens Holdings PLCex-dividend payment date
Schroder UK Mid Cap Fund PLCex-dividend payment date
Shell PLCex-dividend payment date
Triple Point Venture VCT PLCex-dividend payment date
Troy Income & Growth Trust PLCex-dividend payment date
UK Commercial Property REIT Ltdex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

Read more
6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.