In the frenzied week after Lehman Brothers filed for bankruptcy on 15 September last year, lawyers for Lehman (a group that included bankruptcy counsel at Weil Gotshal & Manges, 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 US assets.
On 22 September, Lehman and Barclays (represented by Cleary Gottlieb Steen & Hamilton and Clifford Chance) struck a deal under which Barclays acquired Lehman’s US capital markets unit, billions in liabilities, and some of Lehman’s real estate in return for about $1.5bn (£961m).
