Lehman CEO Bryan Marsal Paid $94,350 in July for Working 111 Hours

Lehman Brothers Holdings Inc. Chief Executive Office Bryan Marsal charged the bankrupt firm $94,350 in July for 111 hours of work, according to a court filing.

Marsal billed Lehman at $850 an hour, or a total of $244,375 for June, July and August, according to a quarterly compensation report filed today in U.S. Bankruptcy Court in Manhattan.

The U.S. Census Bureau reported that the country’s median household income for all of last year was about $49,945.

Lehman, which is the most expensive bankruptcy in U.S. history, has paid its managers and lawyers about $1 billion in the two years since it filed for bankruptcy in September 2008.

Restructuring firm Alvarez & Marsal LLC, which Marsal co- founded, was paid $356.4 million in fees for “interim management” over 24 1/2 months, according to a court filing.

Marsal, 59, said last month that he aimed to raise $57.5 billion for creditors within five years, cutting allowable claims against those funds to about $365 billion.

Kimberly Macleod, a Lehman spokeswoman, didn’t immediately respond to an e-mail seeking comment.

The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net.

To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.