EX-99.1 2 d309683dex991.htm LEHMAN BROTHERS HOLDINGS INC. - MONTHLY OPERATING REPORT LEHMAN BROTHERS HOLDINGS INC. - MONTHLY OPERATING REPORT

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

In re:

      Chapter 11 Case No.
Lehman Brothers Holdings Inc., et al.,      08-13555

Debtors.

     

MONTHLY OPERATING REPORT

JANUARY 2012

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

SCHEDULE OF PROFESSIONAL FEE AND EXPENSE DISBURSEMENTS

 

DEBTORS’ ADDRESS:   LEHMAN BROTHERS HOLDINGS INC.
  c/o WILLIAM J. FOX
  1271 AVENUE OF THE AMERICAS
  35th FLOOR
  NEW YORK, NY 10020
DEBTORS’ ATTORNEYS:   WEIL, GOTSHAL & MANGES LLP
  c/o HARVEY R. MILLER
  767 FIFTH AVENUE
  NEW YORK, NY 10153
REPORT PREPARER:   LEHMAN BROTHERS HOLDINGS INC., A DEBTOR IN POSSESSION (IN THE SOUTHERN DISTRICT OF NEW YORK)

THIS OPERATING STATEMENT MUST BE SIGNED BY A REPRESENTATIVE OF THE DEBTOR

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate and truthful to the best of my knowledge.

 

        Lehman Brothers Holdings Inc.
Date: February 29, 2012   By:  

/s/ William J. Fox

    William J. Fox
    Executive Vice President

Indicate if this is an amended statement by checking here:      AMENDED STATEMENT  ¨

TABLE OF CONTENTS

 

Schedule of Debtors

      3   

Lehman Brothers Holdings Inc. (“LBHI”) and Other Debtors and Other Controlled Subsidiaries

   

Basis of Presentation — Schedule of Cash Receipts and Disbursements

      4   

Schedule of Cash Receipts and Disbursements

      5   

LBHI

   

Basis of Presentation – Schedule of Professional Fee and Expense Disbursements

      9   

Schedule of Professional Fee and Expense Disbursements

      10   

 

2

SCHEDULE OF DEBTORS

The following entities have filed for bankruptcy in the Southern District of New York:

 

    

      Case No.      

   

      Date Filed      

Lead Debtor:

      

Lehman Brothers Holdings Inc. (“LBHI”)

    08-13555    9/15/2008

Related Debtors:

      

LB 745 LLC

    08-13600    9/16/2008

PAMI Statler Arms LLC

    08-13664    9/23/2008

Lehman Brothers Commodity Services Inc. (“LBCS”)

    08-13885    10/3/2008

Lehman Brothers Special Financing Inc. (“LBSF”)

    08-13888    10/3/2008

Lehman Brothers OTC Derivatives Inc. (“LOTC”)

    08-13893    10/3/2008

Lehman Brothers Derivative Products Inc. (“LBDP”)

    08-13899    10/5/2008

Lehman Commercial Paper Inc. (“LCPI”)

    08-13900    10/5/2008

Lehman Brothers Commercial Corporation (“LBCC”)

    08-13901    10/5/2008

Lehman Brothers Financial Products Inc. (“LBFP”)

    08-13902    10/5/2008

Lehman Scottish Finance L.P.

    08-13904    10/5/2008

CES Aviation LLC

    08-13905    10/5/2008

CES Aviation V LLC

    08-13906    10/5/2008

CES Aviation IX LLC

    08-13907    10/5/2008

East Dover Limited

    08-13908    10/5/2008

Luxembourg Residential Properties Loan Finance S.a.r.l

    09-10108    1/7/2009

BNC Mortgage LLC

    09-10137    1/9/2009

LB Rose Ranch LLC

    09-10560    2/9/2009

Structured Asset Securities Corporation

    09-10558    2/9/2009

LB 2080 Kalakaua Owners LLC

    09-12516    4/23/2009

Merit LLC

    09-17331    12/14/2009

LB Somerset LLC

    09-17503    12/22/2009

LB Preferred Somerset LLC

    09-17505    12/22/2009

 

3

LEHMAN BROTHERS HOLDINGS INC. (“LBHI”) AND OTHER DEBTORS AND OTHER

CONTROLLED ENTITIES

BASIS OF PRESENTATION

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

JANUARY 1, 2012 TO JANUARY 31, 2012

The information and data included in this Monthly Operating Report (“MOR”) are derived from sources available to Lehman Brothers Holdings Inc. (“LBHI”) and its Controlled Entities (collectively, the “Company”). The term “Controlled Entities” refers to those entities that are directly controlled by LBHI, including LAMCO LLC (“LAMCO”), and excludes, among others, those entities that are under separate administrations in the United States or abroad, including Lehman Brothers Inc., which is the subject of proceedings under the Securities Investor Protection Act, and Aurora Bank and Woodlands Commercial Corporation (f/k/a Woodlands Commercial Bank), which are indirectly controlled by LBHI. LBHI and certain of its Controlled Entities have filed for protection under Chapter 11 of the Bankruptcy Code, and those entities are referred to herein as the “Debtors”. The Debtors’ Chapter 11 cases have been consolidated for procedural purposes only and are being jointly administered pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure. The Debtors have prepared this MOR, as required by the Office of the United States Trustee, based on the information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

 

  1.

This MOR is not prepared in accordance with U.S. generally accepted accounting principles (GAAP). This MOR should be read in conjunction with the financial statements and accompanying notes in the Company’s reports that were filed with the United States Securities and Exchange Commission.

 

  2.

This MOR is not audited and will not be subject to audit or review by the Company’s external auditors at any time in the future.

 

  3.

Beginning and ending balances include cash in demand-deposit accounts (DDA), money-market funds (MMF), treasury bills and other investments.

 

  4.

Beginning and ending cash balances are based on preliminary closing numbers and are subject to adjustment.

 

  5.

Beginning and ending cash and investment balances exclude the following:

 

  •  

Cash posted as collateral for hedging activity;

  •  

Cash related to LBHI’s wholly-owned indirect subsidiaries Aurora Bank FSB and Woodlands Commercial Corporation;

  •  

Cash held at real estate owned properties or at third party managers;

  •  

Cash transferred on or prior to September 15, 2008 by the Company in connection with certain requests by, and documents executed by, the Company and Citigroup Inc. and HSBC Bank PLC currently recorded at $2 billion and $81 million, respectively; and

  •  

Approximately $500 million which was seized by Bank of America (“BOA”) to offset derivative claims against certain Debtors and corresponding guarantee claims against LBHI. On October 19, 2011, the Bankruptcy Court approved a settlement agreement with BOA which provides for, among other things, BOA to release approximately $356 million of these seized funds to LBHI within 10 days of any initial plan distribution to BOA from any Debtor. BOA may set off the remaining amount of seized funds, approximately $145 million, against its claims against LBHI.

 

  6.

Restricted cash balances are based on preliminary estimates of cash in co-mingled or segregated accounts associated with pledged assets, court ordered segregated accounts, funds administratively held by banks and other identified funds which may not belong to the Debtors or other Controlled Entities.

 

4

LEHMAN BROTHERS HOLDINGS INC. and Other Debtors and Other Controlled Entities

Summary Schedule of Cash Receipts and Disbursements

January 1, 2012 - January 31, 2012

Unaudited ($ in millions, foreign currencies reflected in USD equivalents)

 

                                                                                   Total Debtors
and Other
Controlled
Entities		  
     Debtors          Other Controlled Entities         
     LBHI      LBSF      LCPI      Other      Total          LAMCO      LB1 Grp      PAMI      Other      Total         
Beginning Free Cash and Investments (1/1/12)      $     3,313           $     9,191           $     4,837           $     3,668           $     21,009             $     5           $     1,577           $     32           $     2,623           $     4,237             $     25,245     
Restricted Cash      2,039           729           30           52           2,850             -           -           -           1           1             2,851     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  
Beginning Total Cash and Investments      5,352           9,920           4,867           3,720           23,859             5           1,577           32           2,624           4,237             28,096     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  
Sources of Cash                                     
Derivatives      0           296           -           32           328             -           -           -           2           2             330     
Loans      5           -           19           -           24             -           -           -           3           3             28     
Private Equity / Principal Investing      88           -           0           -           88             -           34           -           42           75             163     

Real Estate

      26           -           26           -           53             -           -           32           38           70             123     

Other

      122           53           32           2           209             -           1           -           1           2             210     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  
Total Sources of Cash      241           349           77           34           701             -           35           32           86           152             854     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  
Uses of Cash                                     
Non-Operating (Principally Preservation of Assets)                                     

Derivatives

      -           (5)          -           -           (5)            -           -           -           -           -             (5)    

Loans

      -           -           (7)          -           (7)            -           -           -           (0)          (0)            (8)    

Private Equity / Principal Investing

      -           -           -           -           -             -           (3)          -           -           (3)            (3)    

Real Estate

      (350)          -           (1,021)          -           (1,370)            -           -           (0)          (1)          (1)            (1,372)    

Payments to Creditors

      -           -           -           -           -             -           -           -           (18)          (18)            (18)    

Other

      (2)          (35)          (36)          -           (73)            -           -           -           -           -             (73)    
Operating Expenses      (74)          (2)          (1)          -           (77)            (37)          -           (0)          (11)          (48)            (125)    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  
Total Uses of Cash      (426)          (42)          (1,065)          -           (1,533)            (37)          (3)          (1)          (30)          (71)            (1,604)    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Net Cash Flow

      (185)          307          (988)          34           (832)            (37)          32           32           55           82             (750)    
Inter-Company Transfers, Net      1,291           (33)          529           10           1,797             38           (1,228)          -           (607)          (1,797)            -     

FX Fluctuation

      1           (0)          0           -           1             -           -           -           6           6             7     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  
Ending Total Cash and Investments      6,459           10,194           4,408           3,764           24,825             5           381           64           2,078           2,528             27,353     

Restricted Cash

      (1,411)          (729)          (29)          (52)          (2,221)            -           -           -           (1)          (1)            (2,222)    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  
Ending Free Cash and Investments (1/31/12)      $ 5,048           $ 9,465           $ 4,379           $ 3,712           $ 22,604             $ 5           $ 381           $ 64           $ 2,077           $ 2,527             $ 25,131     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

     

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

All values that are exactly zero are shown as “-”. Values between zero and $0.5 million appear as “0”.

Totals may not foot due to rounding.

 

5

LEHMAN BROTHERS HOLDINGS INC. and Other Debtors and Other Controlled Entities

Schedule of Cash Receipts and Disbursements

January 1, 2012 - January 31, 2012

Unaudited ($ in millions, foreign currencies reflected in USD equivalents)

 

                  Total Debtors
and Other
Controlled		  
        Debtors         Other Controlled Entities        
        LBHI     LBSF     LCPI     Other     Total         LAMCO     LB1 Grp     PAMI     Other     Total         Entities  
Beginning Free Cash and Investments (1/1/12)       $     3,313          $     9,191          $     4,837          $     3,668            $     21,009            $     5          $     1,577          $     32          $     2,623          $     4,237            $     25,245     
Restricted Cash   (a)     2,039          729          30          52          2,850            -          -          -          1          1            2,851     
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  
Beginning Total Cash and Investments   (a)     5,352          9,920          4,867          3,720          23,859            5          1,577          32          2,624          4,237            28,096     
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  
Sources of Cash                            
Derivatives                            

Collections from Live / Terminated Trades

   (b)     0          58          -          32          89            -          -          -          2          2            91     

Other

   (c)     -          239          -          -          239            -          -          -          -          -            239     
Loans                            

Agency Receipts

   (d)     -          -          9          -          9            -          -          -          -          -            9     

Principal

       4          -          6          -          10            -          -          -          3          3            13     

Interest

       2          -          4          -          6            -          -          -          -          -            6     
Private Equity / Principal Investing                            

Principal

       87          -          -          -          87            -          34          -          1          34            121     

Interest

       1          -          0          -          1            -          0          -          41          41            42     
Real Estate                            

Principal

       23          -          22          -          45            -          -          30          36          67            111     

Interest

       4          -          4          -          8            -          -          2          2          4            11     
Other                            

Interest

   (e)     2          3          5          2          12            -          1          -          0          1            13     

Return of Hedging Collateral

   (f)     2          50          27          -          78            -          -          -          -          -            78     

Structured Notes

   (g)     69          -          -          -          69            -          -          -          -          -            69     

Tax Refunds

       31          -          -          -          31            -          -          -          -          -            31     

Other

       18          0          0          -          18            -          0          -          1          1            19     
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  
Total Sources of Cash       241          349          77          34          701            -          35          32          86          152            854     
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

All values that are exactly zero are shown as “-”. Values between zero and $0.5 million appear as “0”.

Totals may not foot due to rounding.

 

6

LEHMAN BROTHERS HOLDINGS INC. and Other Debtors and Other Controlled Entities

Schedule of Cash Receipts and Disbursements

January 1, 2012 - January 31, 2012

Unaudited ($ in millions, foreign currencies reflected in USD equivalents)

 

               Total
Debtors and
Other
Controlled		  
         Debtors     Other Controlled Entities    
         LBHI     LBSF     LCPI     Other     Total     LAMCO     LB1 Grp     PAMI     Other     Total     Entities  
Uses of Cash                         
Non-Operating (Principally Preservation of Assets)                         

Derivatives

                         

Payments on Live Trades

        -          (0)         -          -          (0)         -          -          -          -          -          (0)    

Other

    (h)     -          (5)         -          -          (5)         -          -          -          -          -          (5)    

Loans

                         

Agency Disbursements

    (d)     -          -          (7)         -          (7)         -          -          -          -          -          (7)    

Private Equity / Principal Investing

                         

Capital Calls

        -          -          -          -          -          -          (3)         -          -          (3)         (3)    

Real Estate

                         

Preservation of Assets

    (i)     (350)         -          (1,021)         -          (1,370)         -          -          (0)        (1)         (1)         (1,372)    

Payments to Creditors

                         

Non-LBHI Controlled Affiliates

        -          -          -          -          -          -          -          -          (18)         (18)         (18)    

Other

                         

Hedging Collateral

    (j)     (2)         (34)         (36)         -          (72)         -          -          -          -          -          (72)    

Other

        (0)         (0)         (1)         -          (1)         -          -          -          -          -          (1)    
Operating Expenses    (k)                      

Compensation and Benefits

    (l)     (56)         -          -          -          (56)         (35)         -          -          (7)         (41)         (97)    

Professional Fees

        (15)         -          (1)         -          (16)         (0)         -          -          (1)         (1)         (17)    

Other

    (m)     (3)         (2)         (0)         -          (5)         (3)         -          (0)         (3)         (6)         (11)    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Total Uses of Cash        (426)         (42)         (1,065)         -          (1,533)         (37)         (3)         (1)         (30)         (71)         (1,604)    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Net Cash Flow        (185)         307          (988)         34          (832)         (37)         32          32          55          82          (750)    
Inter-Company Receipts    (n)     1,998          8          623          13          2,642          139          -          -          81          219          2,861     
Inter-Company Disbursements    (n)     (707)         (41)         (94)         (3)         (845)         (101)         (1,228)         -          (688)         (2,016)         (2,861)    
FX Fluctuation    (o)     1          (0)         0          -          1          -          -          -          6          6          7     
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ending Total Cash and Investments        6,459          10,194          4,408          3,764          24,825          5          381          64          2,078          2,528          27,353     
Restricted Cash    (p)     (1,411)         (729)         (29)         (52)         (2,221)         -          -          -          (1)         (1)         (2,222)    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ending Free Cash and Investments (1/31/12)        $     5,048          $     9,465          $     4,379          $     3,712          $     22,604          $     5          $     381          $     64          $     2,077          $     2,527          $     25,131     
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

All values that are exactly zero are shown as “-”. Values between zero and $0.5 million appear as “0”.

Totals may not foot due to rounding.

 

7

LEHMAN BROTHERS HOLDINGS INC. and Other Debtors and Other Controlled Entities

Schedule of Cash Receipts and Disbursements

January 1, 2012 - January 31, 2012

Unaudited ($ in millions, foreign currencies reflected in USD equivalents)

Notes:

(a) Four entities in Asia were sold to a third party in December 2011 and balances for these entities are excluded from this MOR report as of 1/1/12. Beginning Restricted Cash of $1 million and Beginning Total Cash and Investments of $2,624 million for Other (under the Other Controlled Entities section) decreased $3 million each from the Ending Cash and Investments in the December 2011 Schedule of Cash Receipts and Disbursements.

(b) Other Debtors reflects $16 million for LBCC, $12 million for LBFP and $4 million for LBCS.

(c) Reflects $221 million from the redemption of an LBSF hedge fund investment and $18 million in principal and interest collected on SPV notes.

(d) Reflects the collection and subsequent distribution of principal and interest to syndicated loan participants. Agency receipts are higher than Agency disbursements because $2 million was collected on an Agency loan on the last day of January but funds were not subsequently disbursed to participants until February.

(e) Reflects interest collected on Treasury managed investments.

(f) Reflects the gross return of cash collateral posted to hedge foreign currency and interest rate risk.

(g) Reflects principal and interest received on the Spruce and Verano notes.

(h) Reflects disbursements for the purchase of SPV notes to facilitate the unwinding of derivative contracts.

(i) Primarily reflects disbursement of $1,320 million (net of closing fees) for the purchase of an approximately 26.5% additional stake in Archstone ($994 million from LCPI and $326 million from LBHI).

(j) Reflects cash collateral posted to hedge foreign currency and interest rate risk.

(k) A portion of the Operating costs for LBHI and LAMCO will be subject to future cost allocation to various Lehman legal entities.

(l) Compensation and Benefits includes Lehman employees as well as fees paid to Alvarez & Marsal as interim management. Compensation and Benefits also includes bonuses paid to Lehman employees for services performed in 2011.

(m) Primarily reflects expenses related to occupancy, taxes, insurance and infrastructure costs.

(n) Primarily reflects approximately $1.2 billion transferred from LB 1 Group to LBHI for partial repayment of intercompany debt, approximately $675 million transferred from LB Hercules Holdings LLC to LBHI for both a partial repayment of intercompany debt and a dividend distribution, and approximately $585 million transferred from LBHI to LCPI for cash collected on Intercompany-Only Repos and other cash collected by LBHI on behalf of LCPI, offset by amounts LCPI owed LBHI for post-petition funding activity and cost allocations.

(o) Reflects fluctuation in value of foreign currency bank accounts.

(p) Ending Restricted Cash at LBHI decreased approximately $630 million from Beginning Restricted Cash related primarily to the transfer of $682 million to LCPI for Intercompany-Only Repos and other cash collected by LBHI on behalf of LCPI, less additional cash collected during January by LBHI related to Intercompany-Only Repos and other cash collections that are required to be restricted by various agreements.

 

8

LEHMAN BROTHERS HOLDINGS INC. (“LBHI”) AND OTHER DEBTORS AND OTHER

CONTROLLED ENTITIES

BASIS OF PRESENTATION

SCHEDULE OF PROFESSIONAL FEE AND EXPENSE DISBURSEMENTS

DATED FROM SEPTEMBER 15, 2008 TO JANUARY 31, 2012

The information and data included in this Monthly Operating Report (“MOR”) are derived from sources available to Lehman Brothers Holdings Inc. (“LBHI”) and its Controlled Entities (collectively, the “Company”). The term “Controlled Entities” refers to those entities that are directly or indirectly controlled by LBHI, including LAMCO LLC (“LAMCO”), and excludes, among others, those entities that are under separate administrations in the United States or abroad, including Lehman Brothers Inc., which is the subject of proceedings under the Securities Investor Protection Act, and Aurora Bank and Woodlands Commercial Corporation, which are indirectly controlled by LBHI. LBHI and certain of its Controlled Entities have filed for protection under Chapter 11 of the Bankruptcy Code, and those entities are referred to herein as the “Debtors”. The Debtors’ Chapter 11 cases have been consolidated for procedural purposes only and are being jointly administered pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure. The Debtors have prepared this MOR, as required by the Office of the United States Trustee, based on the information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

 

  1.

This MOR is not prepared in accordance with U.S. generally accepted accounting principles (GAAP). This MOR should be read in conjunction with the financial statements and accompanying notes in the Company’s reports that were filed with the United States Securities and Exchange Commission.

 

  2.

This MOR is not audited and will not be subject to audit or review by the Company’s external auditors at any time in the future.

 

  3.

The professional fee disbursements presented in this report reflect the date of actual cash payments to professional service providers. The Debtors have incurred additional professional fee expenses during the reporting period that will be reflected in future MORs as cash payments are made to providers.

 

  4.

The professional fee disbursements presented in this report have been paid by LBHI; however, a portion will be charged back to debtor and non-debtor subsidiaries based on the direct costs associated with each entity and an allocation methodology. The professional fees exclude services rendered on behalf of non-debtor entities which are invoiced separately.

 

  5.

Ordinary Course Professionals are being paid in compliance with the “Amended Order Authorizing the Debtors to Employ Professionals Utilized in the Ordinary Course of Business” (the “Amended OCP Order”). Should a professional or firm exceed specified thresholds in the Amended OCP Order, then they must file a retention application with the Court and receive payment in compliance with subsequent amended orders establishing procedures for interim monthly compensation and reimbursement of expenses of professionals.

 

9

LEHMAN BROTHERS HOLDINGS INC. and Other Debtors and Other Controlled Entities

Schedule of Professional Fee and Expense Disbursements

January 2012

Unaudited ($ in thousands)

 

              January-2012         Sept-2008
    Through Jan-2012    		  

Debtors - Claims and Noticing Agent

      

Epiq Bankruptcy Solutions LLC

   Claims Management and Noticing Agent   $ -           $ 17,524     

Debtors - Section 363 Professionals

      

Alvarez & Marsal LLC

   Interim Management     7,802          511,995     

Kelly Matthew Wright

   Art Consultant and Auctioneer     -             91     

Natixis Capital Markets Inc.

   Derivatives Consultant     -             14,590     

Debtors - Section 327 Professionals

      

Bingham McCutchen LLP

   Special Counsel - Tax     -             20,976     

Bortstein Legal LLC

   Special Counsel - IT and Other Vendor Contracts     -             4,090     

CB Richard Ellis

   Real Estate Broker     -             436     

Clyde Click, P.C.

   Special Counsel - Real Estate     4          258     

Curtis, Mallet-Prevost, Colt & Mosle LLP

   Special Counsel - Conflicts     -             42,546     

Dechert LLP

   Special Counsel - Real Estate     413          5,523     

Deloitte LLP

   Tax Services     -             597     

Discover Ready LLC

   eDiscovery Services     232          14,578     

Ernst & Young LLP

   Audit and Tax Services     -             1,610     

Foster, Graham, Milstein & Calisher, LLP

   Special Counsel - Mortgage Litigation and Claims     -             421     

Fried, Frank, Harris, Shriver & Jacobson LLP

   Special Counsel - Real Estate     -             207     

Gibson Dunn & Crutcher LLP

   Special Counsel - Real Estate     -             3,075     

Hardinger & Tenenholz LLP

   Special Counsel - Discovery     80          80     

Hudson Global Resources

   Contract Attorneys     150          11,597     

Huron Consulting

   Tax Services     -             2,145     

Jones Day

   Special Counsel - Asia and Domestic Litigation     -             61,192     

Kasowitz, Benson, Torres & Friedman

   Special Counsel - Litigation     -             2,222     

Kleyr Grasso Associes

   Special Counsel - UK     -             997     

Kramer Levin Naftalis and Frankel LLP

   Special Counsel - Employee Matters     2          151     

Krebsbach & Snyder, P.C.

   Special Counsel - Litigation     -             236     

Latham & Watkins LLP

   Special Counsel - Real Estate     -             591     

Lazard Freres & Co.

   Investment Banking Advisor     642          31,613     

Locke Lord Bissell & Liddell LLP

   Special Counsel - Mortgage Litigation and Claims     34          1,373     

McKenna Long & Aldridge LLP

   Special Counsel -Commercial Real Estate Lending     -             5,610     

MMOR Consulting

   Tax Services     39          845     

Momo-o, Matsuo & Namba

   Special Counsel - Asia     21          578     

Moulton Bellingham P. C.

   Special Counsel - Mortgage Litigation and Claims     83          396     

O’Neil Group

   Tax Services     22          2,951     

Pachulski Stang Ziehl & Jones

   Special Counsel - Real Estate     269          3,366     

Paul, Hastings, Janofsky & Walker LLP

   Special Counsel - Real Estate     -             3,199     

Pricewaterhouse Coopers LLP

   Tax Services     -             2,072     

Reed Smith LLP

   Special Counsel - Insurance     25          1,120     

Reilly Pozner LLP

   Special Counsel - Mortgage Litigation and Claims     -             8,083     

Simpson Thacher & Bartlett LLP

   Special Counsel - SEC Reporting, Asset Sales, and Congressional Testimony     45          2,712     

SNR Denton LLP

   Special Counsel - Real Estate     -             2,203     

Sutherland LLP

   Special Counsel - Tax     -             704     

Weil Gotshal & Manges LLP

   Lead Counsel     7,442          382,527     

Windels Marx Lane & Mittendorf, LLP

   Special Counsel - Real Estate     53          3,226     

Wollmuth Maher & Deutsch LLP

   Special Counsel - Derivatives     -             1,555     

Creditors - Section 327 Professionals

      

FTI Consulting Inc.

   Financial Advisor     1,387          81,325     

Houlihan Lokey Howard & Zukin Capital Inc.

   Investment Banking Advisor     325          15,409     

Milbank Tweed Hadley & McCloy LLP

   Lead Counsel     -             133,657     

Quinn Emanuel Urquhart Oliver & Hedges LLP

   Special Counsel - Conflicts     -             26,135     

Richard Sheldon, Q.C.

   Special Counsel - UK     -             326     

Examiner - Section 327 Professionals

      

Duff & Phelps LLC

   Financial Advisor     31          43,210     

Jenner & Block LLP

   Examiner     -             58,444     

Fee Examiner

      

Godfrey & Kahn, S.C.

   Fee Examiner (Current)     -             2,907     

Feinberg Rozen LLP

   Fee Examiner (Previous)     -             3,158     

Brown Greer Plc

   Fee and Expense Analyst     207          1,051     

 

  

 

 

    

 

 

  

Total Non-Ordinary Course Professionals

       19,308          1,537,480     

 

  

 

 

    

 

 

  

Debtors - Ordinary Course Professionals

       785          45,537     

 

  

 

 

    

 

 

  

US Trustee Quarterly Fees

       180          1,793     

 

  

 

 

    

 

 

  

Total Professional Fees and UST Fees

       $ 20,273          $ 1,584,810     

 

  

 

 

    

 

 

  

 

10