• 01 Oct 2008 at 2:31 PM

As Predicted: UK Lehman Employees Totally Screwed

By Equity Private

You have to wonder if the 750 Lehman employees just canned would have gotten anything at all but for the UK law that mandates Lehman to pay them GBP 800. As for the rest?

“They’ve been told they will get their pay for the last month and they take their place with all other unsecured creditors,” said Ronnie Fox, London-based partner with Fox Lawyers, whose firm has received several calls from former Lehman professionals.

To us that sounds like a lot of words to say “fat chance.”
That sneaky last minute wire transfer right before the holding company’s bankruptcy filing is looking meaner and meaner.
Lehman’s Fired Staff Get 800 Pounds, Bonus Doubtful [Bloomberg]

Comments (15)

  1. 1
    Posted by guest | October 1, 2008 at 2:45 PM

    As a former analyst at Lehman London what should I expect for a bonus this year?

  2. 2
    Posted by guest | October 1, 2008 at 2:48 PM

    I assume they’re getting any salary earned up until the date of the bankruptcy filing. Does anyone really think they deserve anything beyond that? They did in fact bankrupt the firm, which cost the stock and bondholders billions.

  3. 3
    Posted by guest | October 1, 2008 at 2:50 PM

    What about summer interns who got their offers late August?

  4. 4
    Posted by guest | October 1, 2008 at 2:50 PM

    What are the associate numbers?

  5. 5
    Posted by guest | October 1, 2008 at 2:52 PM

    Any chance we could sneak some legislation into the bill tonight mandating that LEH employees get their full bonus, plus COBRA coverage?

  6. 6
    Posted by guest | October 1, 2008 at 2:57 PM

    thought the UK algo guys were picked up by nomura, no?

  7. 7
    Posted by guest | October 1, 2008 at 2:58 PM

    A unsung travesty

  8. 8
    Posted by guest | October 1, 2008 at 3:01 PM

    Nomura picked up UK IB and equities.Those 750 lost souls are from fixed income and IT and other support staff.
    We haven’t heard a peep about who authorized that $8bil wire transfer.Any takers on it being Fuld?

  9. 9
    Posted by guest | October 1, 2008 at 3:01 PM

    I like the business week advertisement on the side panel with Blodgett on it, giving Carney and clusterstock some friendly pr

  10. 10
    Posted by MarshallStack | October 1, 2008 at 3:10 PM

    Bucket?

  11. 11
    Posted by guest | October 1, 2008 at 3:31 PM

    @1 – sadly, I think you’ll likely wind up with the natural wood arrow shafts contained in the bailout bill jammed you know where. If it’s any consolation, at least they’ll be exempted from excise tax.

  12. 12
    Posted by guest | October 1, 2008 at 3:43 PM

    Limeys.
    fuck ‘em.

  13. 13
    Posted by guest | October 1, 2008 at 4:45 PM

    Hey, Any news on the Barings associate numbers?
    Nick Lesson

  14. 14
    Posted by guest | October 1, 2008 at 8:15 PM

    They won’t be lining up pari passu with all the other unsecured creditors.
    Precedent says that trade credit will trump the other unsecured credit, regardless of what logic dictates.

  15. 15
    Posted by guest | October 1, 2008 at 9:37 PM

    Why should they get paid on anything? It’s a bankrupt company

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