Lehman’s bankruptcy slideshow…

Yesterday, there was a hearing in New York over the Lehman bankruptcy where Lehman CEO Bryan Marsal, who we’ve written about several times over the past year (see here and here). The big headline out of yesterday’s hearing was Marsal’s statement that claims against Lehman could top $1 trillion since the number of claims already top 64,000 and are valued at $824 billion. The other big headline is that a reorganization plan would be in place by the end of March 2010.

As part of yesterday’s hearing, Alvarez & Marsal presented this slideshow which was filed as an 8K yesterday. The 40-page presentation titled “The State of the Estate” gives you a glimpse of why cleaning up Lehman has been so expensive. One of the slides we thought was particularly interesting — and troublesome — was the very last one which talked about “key challenges”. Here’s the list:

The slideshow never mentions how many people are still working at Lehman, so it’s hard to really assess the last challenge. But No. 1 on the list certainly seems like a biggie, especially since it has been over a year since Lehman filed for bankruptcy.

Though the numbers are very hard to read — most of the financials in the slideshow are in Enron Beelzebub typeface — a few numbers stick out, like the $58 million that Barclay’s is charging for IT services. But it quickly becomes clear that Lehman’s bankruptcy is making some people a lot of money.