In the frenzied week after Lehman Brothers filed for bankruptcy on Sept. 15, 2008, lawyers for Lehman (a group that included bankruptcy counsel at Weil, Gothshal & Manges and Lehman’s longtime outside counsel at Simpson Thacher & Bartlett and a team from Sullivan & Cromwell) worked around the clock with lawyers representing Barclays to arrange the sale of Lehman’s prized U.S. assets.
On Sept. 22, Lehman and Barclays (repped by Cleary Gottlieb Steen & Hamilton & Clifford Chance) struck a deal under which Barclays acquired Lehman’s U.S. capital markets unit, billions in liabilities, and some of Lehman’s real estate in return for about $1.5 billion.
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