The Lehman Brothers’ bankruptcy has been going on for years, yet new information is still being released to the public. A recent report shows that just before its massive collapse in 2008, fifty of its top-paid employees were paid a total of $700 million. So far, millions of pages have been submitted to the federal court system for the company’s Chapter 11 bankruptcy filing. The latest documents show that this group of top employees were paid between $8 million and $51 million in stocks and cash. At this time, the total value of stocks cashed in before the company crash cannot be determined.
Although pay packages were not uncommon before the market crashed, even financial experts now believe that the move to pay out $700 million may have been a deliberate one by the highest tier of executives at Lehman brothers. When the company filed for bankruptcy, it would change the course of history. It would become the largest bankruptcy in American history and cause a financial meltdown rivaling the Great Depression. Are you thinking about business bankruptcy in Texas? If so, discuss your financial options with an experienced San Antonio bankruptcy attorney by contacting the Malaise Law Firm now!