So who did the excess returns go to? Did Lehman get a big fine or something?
Usually in a bankruptcy, if all creditors are paid off, the equity shareholders get the remainder.
Usually they get wiped out, but sometimes they do get money back. A bankruptcy crystallizes the debts, but the assets can continue to increase in value.
I think GP may have been focussing on one part of pwc’d recoveries but overall, Lehman lost money. Dunno.
