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

Oct. 29 (Bloomberg) -- 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.

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