FRANKFURT Nov 22 The insolvency administrator
of Lehman Brothers' German operations is expected to
cash in a record fee in the hundreds of millions of euros for
winding down the business.
"By reasonable consideration the fee will be around 300 to
800 million euros ($387-$1.03 billion)," the head of the CMS
Hasche Sigle law firm, Hubertus Kolster, told Reuters on
The previous highest ever fee awarded to an insolvency
administrator was more than 30 million euros for Arcandor, the
former parent of Karstadt.
CMS employed a team of about 100 lawyers lead by Michael
Frege and has already received an advance of about 70 million
Creditors of Lehman Brothers argue CMS should only receive
200 million, whereas an independent opinion requested by the law
firm suggested 800 million.
Ultimately a court decides the fee based on the amount of
work necessary to liquidate the insolvent company's estate,
which in this case amounted to roughly 15 billion euros.