The shrewd negotiators at GM have another ROI data point to digest and be proud of. In defense of the $17.9 million success fee earned for successfully allowing the US government to handle the drive through restructuring, Evercore senior MD William Repko itemized all of the busy work his firm went through which failed to find a private buyer for GM.
Twelve Evercore employees toiled for a year through 4,000 spreadsheets, 1,700 PowerPoint presentations (sadly no breakdown on the number with animation which probably would have counted double), and then there were the emails. Repko pointed to the 11,700 GM-related emails he sent or received in addition to the more than 23,500 emails Evercore MD J. Stephen Worth handled as proof that the fees were not "staggering" and "excessive" as alleged by the trustee.
Although the transaction did not result directly from an extensive marketing effort or auction of the debtors, Evercore undertook significant efforts in evaluating other potential transactions. In particular, broad and systemic efforts were undertaken by Evercore over the preceding year to identify or eliminate alternatives and to facilitate the government-sponsored purchase of the debtors' assets.
One item not reported was the number of hours Evercore spent counting emails, spreadsheets, and presentations instead of trying to find a suitor for GM.