marc sherman e s q

<font size="4" face="Times New Roman">in same consulting frim as </font><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">=</font></div><div><font size="4" face="Times New Roman">off bs</font></div><div><div class="field field--name-field-intro-text field--type-text-long field--label-hidden" style="box-sizing: border-box; -webkit-font-smoothing: antialiased; margin-bottom: 1.875rem; line-height: 2rem; background-color: rgb(255, 255, 255);"><div class="fielditems" style="box-sizing: border-box; -webkit-font-smoothing: antialiased;"><div class="fielditem even" style="box-sizing: border-box; -webkit-font-smoothing: antialiased;"><font size="4" face="Times New Roman">Sherman is a Managing Director with Alvarez & Marsal Disputes and Investigations in Washington, D.C. <b>He specializes in financial fraud, white collar investigations </b>and dispute damages.</font></div></div></div><div class="field field--name-body field--type-text-with-summary field--label-hidden" style="box-sizing: border-box; -webkit-font-smoothing: antialiased; background-color: rgb(255, 255, 255);"><div class="fielditems" style="box-sizing: border-box; -webkit-font-smoothing: antialiased; margin-bottom: 0px; line-height: 1.625rem;"><div class="fielditem even" style="box-sizing: border-box; -webkit-font-smoothing: antialiased;"><p style="box-sizing: border-box; -webkit-font-smoothing: antialiased; margin: 0px 0px 1.875rem; line-height: 1.625rem;"><font size="4" face="Times New Roman">With more than 30 years of experience in business, consulting and forensic accounting, Mr. Sherman has worked with clients across a broad range of industries, including real estate, construction, hospitality, telecommunications, banking, manufacturing insurance, higher education and retail and franchising, among others. </font></p><p style="box-sizing: border-box; -webkit-font-smoothing: antialiased; margin: 0px 0px 1.875rem; line-height: 1.625rem;"><font size="4" face="Times New Roman"><b>Mr. Sherman has conducted investigations in the areas of the Foreign Corrupt Practices Act (FCPA), financial reporting, anti-money laundering, ethics and integrity,</b> government investigations and general financial fraud. He has worked on many investigations with the U.S. Department of Justice, U.S. Attorneys' offices, FBI and DEA. Mr. Sherman has also qualified as an expert witness in forensic accounting, lost profits, financial fraud, business appraisal and accounting matters. He has testified in federal and state courts and various forums, including arbitrations before the AAA, the ICC and under the laws of various jurisdictions in the U.S. and internationally. He has served as an arbitrator and testified in numerous domestic and international arbitrations, including post-acquisition disputes. </font></p><p style="box-sizing: border-box; -webkit-font-smoothing: antialiased; margin: 0px 0px 1.875rem; line-height: 1.625rem;"><font size="4" face="Times New Roman">Prior to joining A&M, Mr. Sherman was a Managing Director and National Practice Leader of the Fraud and White Collar practice with a publicly-held consulting firm. Prior to that, he was with KPMG, where he held numerous senior roles, including National Partner-in-Charge of Forensic and Litigation Services, National Partner-in-Charge of Compliance and Ethics practice, Mid-Atlantic Partner-in-Charge of Corporate Transaction and Professional Practice Partner. Before KPMG, he was in the real estate and construction business, where his responsibilities included development, acquisition, financing and construction.</font></p><p style="box-sizing: border-box; -webkit-font-smoothing: antialiased; margin: 0px 0px 1.875rem; line-height: 1.625rem;"><font size="4" face="Times New Roman">Mr. Sherman earned a bachelor's degree from the University of Baltimore, and a J.D. from the University of Maryland School Of Law. He is a Certified Public Accountant (CPA) in Maryland and Washington, D.C., a Certified Fraud Examiner (CFE), a Certified Insolvency and Reorganization Advisor and holds a certification from the American Institute of Certified Public Accountants (AICPA) in Financial Forensics. Mr. Sherman is a member of the AICPA, Maryland Association of Certified Public Accountants, American Bar Association (ABA), Association of Insolvency Advisors, and District of Columbia and Maryland State Bar Associations. He is also is a Board Member, Treasurer and Executive Committee Member of the D.C.-based Council for Court Excellence. He is a frequent speaker on forensic accounting investigations and damages, and has published chapters in several treatises on internal investigations, compliance programs and anti-money laundering. Mr. Sherman also serves on the faculty of Georgetown University, where he teaches Forensic Accounting in the Business School graduate program.</font></p><p style="box-sizing: border-box; -webkit-font-smoothing: antialiased; margin: 0px; line-height: 1.625rem;"><font size="4" face="Times New Roman">NOTE: Alvarez & Marsal employs CPAs but is not a licensed CPA firm.</font></p></div></div></div></div><div><div><font size="4" face="Times New Roman">=</font></div><div><font size="4" face="Times New Roman">extensive series pro p:</font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman"><a href="https://www.propublica.org/article/trump-administration-defends-legality-of-va-shadow-rulers">https://www.propublica.org/article/trump-administration-defends-legality-of-va-shadow-rulers</a></font></div><div><font size="4" face="Times New Roman">...</font></div><div><p style="box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.625;" tiempos="Tiempos" text="Text" serif="serif" vertical-align="vertical-align" baseline="baseline" color="color" rgb="rgb" background-color="background-color"><font size="4" face="Times New Roman">Mar-a-Lago trio — Marvel Entertainment Chairman Ike Perlmutter, West Palm Beach physician Bruce Moskowitz and lawyer Marc Sherman — have weighed in on many VA policy and personnel decisions despite having no official role or relevant expertise, according to <a href="https://www.documentcloud.org/search/projectid:40173-VA-Shadow-Rulers" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 2px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(26, 162, 230); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; text-decoration-line: none;">documents</a> obtained through the Freedom of Information Act and interviews with former officials. VA officials flew to Mar-a-Lago at taxpayer expense to consult with the trio, and officials who didn’t get along with them were sidelined or removed.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.625;" tiempos="Tiempos" text="Text" serif="serif" vertical-align="vertical-align" baseline="baseline" color="color" rgb="rgb" background-color="background-color"><font size="4" face="Times New Roman">Perlmutter, Moskowitz and Sherman were most deeply involved in an effort to overhaul the VA’s electronic health records — an expensive, high-stakes project that is already suffering from leadership turmoil that could put VA patients’ safety at risk, according to a <a href="https://www.propublica.org/article/va-shadow-rulers-program-is-trending-towards-red" style="box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 2px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(26, 162, 230); border-left-color: initial; border-image: initial; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; text-decoration-line: none;">ProPublica investigation</a>.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.625;" tiempos="Tiempos" text="Text" serif="serif" vertical-align="vertical-align" baseline="baseline" color="color" rgb="rgb" background-color="background-color"><font size="4" face="Times New Roman">A representative for the trio has said they made recommendations and didn’t attempt to develop policy or influence personnel decisions. The current VA secretary, Robert Wilkie, said he’s not aware of any ongoing contacts between his team and the trio.</font></p><p style="box-sizing: border-box; margin: 0px 0px 1em; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.625;" tiempos="Tiempos" text="Text" serif="serif" vertical-align="vertical-align" baseline="baseline" color="color" rgb="rgb" background-color="background-color"><font size="4" face="Times New Roman">...</font></p></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman"></font></div></div><div><p tiempos="Tiempos" text="Text" serif="serif" vertical-align="vertical-align" baseline="baseline" color="color" rgb="rgb" style="margin: 0px 0px 1em; background-color: rgb(255, 255, 255); box-sizing: border-box; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.625;"><span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">The three Trump associates who’ve <a href="https://www.propublica.org/article/ike-perlmutter-bruce-moskowitz-marc-sherman-shadow-rulers-of-the-va" style="text-decoration-line: none; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; outline: none; box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 2px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(26, 162, 230); border-left-color: initial; border-image: initial; vertical-align: baseline;">secretly steered the VA from Mar-a-Lago</a> have also supported spinning off VA medical services to private providers. In a September 2017 <a href="https://www.documentcloud.org/documents/4704914-DS-Moskowitz-5-4-Redacted.html" style="text-decoration-line: none; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; outline: none; box-sizing: border-box; margin: 0px; padding: 0px; border-width: 0px 0px 2px; border-top-style: initial; border-right-style: initial; border-bottom-style: solid; border-left-style: initial; border-top-color: initial; border-right-color: initial; border-bottom-color: rgb(26, 162, 230); border-left-color: initial; border-image: initial; vertical-align: baseline;">email</a>, the trio’s chief, Marvel Entertainment chairman Ike Perlmutter, proposed inviting private health executives to help the VA divvy up services that should be outsourced to private facilities. The new VA secretary, Robert Wilkie, said he never discussed privatization with the Mar-a-Lago trio and he’s not aware of any ongoing contact with them.</font></span></p><p tiempos="Tiempos" text="Text" serif="serif" vertical-align="vertical-align" baseline="baseline" color="color" rgb="rgb" background-color="background-color" style="margin: 0px 0px 1em; background-color: rgb(255, 255, 255); box-sizing: border-box; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.625;"><font size="4" face="Times New Roman">The VA official who’s currently running the <b>Mission Act implementation, Assistant Secretary for Enterprise Integration Melissa Glynn,</b> <b>came from the same consulting firm as another member of the Mar-a-Lago trio, lawyer Marc Sherman</b>. Sherman didn’t initially put forward Glynn’s name, but he did recommend her for the job, according to a person with direct knowledge of the matter. Glynn and a representative for Sherman declined to comment.</font></p></div><div><font size="4" face="Times New Roman">=</font></div><div><font size="4" face="Times New Roman">https://www.veterans.senate.gov/imo/media/doc/MS%20Glynn%20Testimony%2010.04.2017.pdf</font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman"><b>1

Statement of Melissa Sue Glynn

Nominee to be Assistant Secretary of Veterans Affairs

for Enterprise Integration</b>

October 4, 2017

Chairman Isakson, Ranking Member Tester and Distinguished Committee Members, I

am truly humbled by the opportunity to serve our Veterans, their families and work on

behalf of the employees of the Department of Veterans Affairs. Meeting personally with

many of you, I have been able to gain an appreciation of your commitment to serving

our Veterans. I am deeply honored to be nominated by President Trump for the role of

Assistant Secretary for Enterprise Integration.

Today my mother, Jo-Ann Serrani, is here to provide support for me as she has always

has done. She taught me to balance strength with empathy. I am also appreciative of

my friends, my chosen family, who are also here in support.

Although my father has passed, his care and his final days were spent at the Carl

Hayden VA Hospital in Phoenix, Arizona. His military career was brief due to an injury

which shattered his knee. Yet, the care he received from the VA lasted all of his days.

Before his passing, my grandfather finally opened up and shared stories of WWII that

he kept private for over fifty years. Painful memories of liberating Concentration

Camps and the suffering inflicted across Europe - even more painful for a Jew whose

family fled the pogroms of Eastern Europe.</font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman"> He held them tight because he could not

reconcile those memories with his day-to-day life. Those experiences, as well as my

prior service as a Board member for the <b>USO Capital Region,</b> influence my desire to

commit myself professionally and personally to serve, if confirmed, as Assistant

Secretary for Enterprise Integration.

The Department is undertaking multiple, significant initiatives simultaneously, and now

more than ever requires broad perspective, critical analysis and independent

assessment to evaluate the efficacy of these efforts. Modernization efforts are planned

or already underway in VBA, VHA, NCA, and BVA and across the Department’s

management functions. Therefore, the Office of Enterprise Integration’s greatest

opportunity is to lead the Department’s strategic planning and performance model,

serve as the driver for modernization with responsibility to track and verify initiative

progress and provide analytical support. These efforts all must align with Secretary’s

priorities and focus our resources on VA’s mission – serving our Veterans. OEI also

provides critical cross Departmental support through its Center for Innovation and

leadership of the VA/DoD Joint Executive Committee. </font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">The VACI conducts ground

breaking work including identifying barriers Veterans experience to accessing available

mental healthcare. This work informs preventing suicides.<span style="background-color: rgb(255, 255, 102);">

Earlier in my career, I had responsibility for over 60 consulting projects at the VA as a

partner with PricewaterhouseCoopers. These ranged from defueling and

decommissioning VA’s only nuclear reactor at the Omaha VAMC to the rollout of

National Provider Identifers for VHA, to standing up the National Acquisition Academy in

Frederick, Maryland</span>. I was afforded an opportunity to travel to over 60 medical centers,

benefits regional offices and cemeteries during my role as Engagement Partner with the

VA. I additionally led a large implementations effort for the VA’s business partner, the

Defense Finance and Accounting Service to significantly reduce fraud, waste and

abuse.

The last nine years of my career have been devoted to affecting change as a partner in

the world’s largest turnaround consulting firm. As the managing partner of <b>Alvarez &

Marsal’s public sector practice,</b> I drew from expertise in the private sector to address

long standing failings of government programs. </font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">The majority of my work focused on

fixing broken Medicaid systems at the State level. Many States were not agile enough

to implement new delivery models, meet changing needs of their clients nor harness

new advances in healthcare and technology. My consulting teams focused on

identifying the root causes of performance and communication failure as well as

significant cost overruns. Working as interim management, we sought to build capacity

of the State employees while implementing changes aligning financial management with

programs, righting technology implementations, improving stakeholder engagement,

and increasing the value of service to their clients – often the most vulnerable

populations.</font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman"> For the VA, Secretary Shulkin has identified five priorities and my prior experience

directly aligns with two of these priorities - modernizing systems and focusing

resources. And achieving success with systems and resource management enables

the realization of the remaining three priorities: greater choice, improve timeliness and

suicide prevention. It is critical at this juncture that progress is made to change

how the Department operates to foster agility and ensure appropriated resources

deliver value to Veterans.

The Department has incredible opportunities to improve today and for the future through

leveraging leading practices in healthcare, benefits delivery, customer service, as well

as improving business operations including integration of technology, human capital

management, facilities management and organizational governance.

If confirmed, I will assertively drive the organization to realize potential to improve and

uplift its service to today’s and tomorrow’s Veterans.

With appreciation to the Committee for the opportunity to appear today, I look forward to

answering your questions.</font></div><div><font size="4" face="Times New Roman"></font></div><div><div id="mw-content-text" lang="en" dir="ltr" class="mw-content-ltr" style="direction: ltr; background-color: rgb(255, 255, 255);"><div class="mw-parser-output"><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman"><b>Alvarez & Marsal</b> (A&M) is a global professional services firm notable for its work in <a href="https://en.wikipedia.org/wiki/Turnaround_management" title="Turnaround management" style="text-decoration-line: none; background: none;">turnaround management</a> and <a href="https://en.wikipedia.org/wiki/Performance_improvement" title="Performance improvement" style="text-decoration-line: none; background: none;">performance improvement</a> of a number of large, high-profile businesses both in the USA and internationally such as <a href="https://en.wikipedia.org/wiki/Lehman_Brothers" title="Lehman Brothers" style="text-decoration-line: none; background: none;">Lehman Brothers</a>, <a href="https://en.wikipedia.org/wiki/HealthSouth" class="mw-redirect" title="HealthSouth" style="text-decoration-line: none; background: none;">HealthSouth</a>, <a href="https://en.wikipedia.org/wiki/Tribune_Company" class="mw-redirect" title="Tribune Company" style="text-decoration-line: none; background: none;">Tribune Company</a>, <a href="https://en.wikipedia.org/wiki/Warnaco" class="mw-redirect" title="Warnaco" style="text-decoration-line: none; background: none;">Warnaco</a>, <a href="https://en.wikipedia.org/wiki/Old_HB" class="mw-redirect" title="Old HB" style="text-decoration-line: none; background: none;">Interstate bakeries</a>, <a href="https://en.wikipedia.org/wiki/Target_Corporation" title="Target Corporation" style="text-decoration-line: none; background: none;">Target</a>, <a href="https://en.wikipedia.org/wiki/Darden_Restaurants" title="Darden Restaurants" style="text-decoration-line: none; background: none;">Darden Restaurants</a>and <a href="https://en.wikipedia.org/wiki/Arthur_Andersen" title="Arthur Andersen" style="text-decoration-line: none; background: none;">Arthur Andersen</a>.<sup id="cite_ref-1" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-1" style="text-decoration-line: none; background: none;">[1]</a></sup></font></p><div id="toc" class="toc" style="border: 1px solid rgb(162, 169, 177); background-color: rgb(248, 249, 250); padding: 7px; display: table; zoom: 1;"><input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="direction: ltr; position: absolute; opacity: 0; display: none;" /><div class="toctitle" lang="en" dir="ltr" style="direction: ltr; text-align: center;"><font size="4" face="Times New Roman" /><h2 style="background: none; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: 0px; display: inline; line-height: 1.3;"><font size="4" face="Times New Roman">Contents</font></h2><span class="toctogglespan" style=""><label class="toctogglelabel" for="toctogglecheckbox" style="cursor: pointer;" /></span></div><ul style="list-style-type: none; margin: 0.3em 0px; padding: 0px; list-style-image: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#History" style="text-decoration-line: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber" style="display: table-cell; text-decoration: inherit; padding-left: 0px; padding-right: 0.5em;">1</span><span class="toctext" style="display: table-cell; text-decoration: inherit;">History</span></font></a></li><li class="toclevel-1 tocsection-2" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#Notable_Projects" style="text-decoration-line: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber" style="display: table-cell; text-decoration: inherit; padding-left: 0px; padding-right: 0.5em;">2</span><span class="toctext" style="display: table-cell; text-decoration: inherit;">Notable Projects</span></font></a><ul style="list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-3" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#Lehman_Brothers" style="text-decoration-line: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber" style="display: table-cell; text-decoration: inherit; padding-left: 0px; padding-right: 0.5em;">2.1</span><span class="toctext" style="display: table-cell; text-decoration: inherit;">Lehman Brothers</span></font></a></li><li class="toclevel-2 tocsection-4" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#HealthSouth" style="text-decoration-line: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber" style="display: table-cell; text-decoration: inherit; padding-left: 0px; padding-right: 0.5em;">2.2</span><span class="toctext" style="display: table-cell; text-decoration: inherit;">HealthSouth</span></font></a></li></ul></li><li class="toclevel-1 tocsection-5" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#Competitors" style="text-decoration-line: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber" style="display: table-cell; text-decoration: inherit; padding-left: 0px; padding-right: 0.5em;">3</span><span class="toctext" style="display: table-cell; text-decoration: inherit;">Competitors</span></font></a></li><li class="toclevel-1 tocsection-6" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#Criticism" style="text-decoration-line: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber" style="display: table-cell; text-decoration: inherit; padding-left: 0px; padding-right: 0.5em;">4</span><span class="toctext" style="display: table-cell; text-decoration: inherit;">Criticism</span></font></a></li><li class="toclevel-1 tocsection-7" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#References" style="text-decoration-line: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber" style="display: table-cell; text-decoration: inherit; padding-left: 0px; padding-right: 0.5em;">5</span><span class="toctext" style="display: table-cell; text-decoration: inherit;">References</span></font></a></li></ul></div><h2 style="background: none; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);" linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height"><font size="4" face="Times New Roman"><span class="mw-headline" id="History">History</span><span class="mw-editsection" style="user-select: none; margin-left: 1em; vertical-align: baseline; line-height: 1em; white-space: nowrap; unicode-bidi: isolate;"><span class="mw-editsection-bracket" style="margin-right: 0.25em;">[</span><a href="https://en.wikipedia.org/w/index.php?title=Alvarez_and_Marsal&action=edit&section=1" title="Edit section: History" style="text-decoration-line: none; background: none;">edit</a><span class="mw-editsection-bracket" style="margin-left: 0.25em;">]</span></span></font></h2><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">Alvarez & Marsal was founded in 1983 by Tony Alvarez II, former <a href="https://en.wikipedia.org/wiki/Coopers%26_Lybrand" class="mw-redirect" title="Coopers & Lybrand" style="text-decoration-line: none; background: none;">Coopers & Lybrand</a> workout specialist and <a href="https://en.wikipedia.org/w/index.php?title=Bryan_Marsal&action=edit&redlink=1" class="new" title="Bryan Marsal (page does not exist)" style="text-decoration-line: none; background: none;">Bryan Marsal</a>, a former <a href="https://en.wikipedia.org/wiki/Citibank" title="Citibank" style="text-decoration-line: none; background: none;">Citibank</a> workout banker, after the two met and worked together at <a href="https://en.wikipedia.org/wiki/Norton_Simon" title="Norton Simon" style="text-decoration-line: none; background: none;">Norton Simon</a> Inc. They created a professional services firm focused on <a href="https://en.wikipedia.org/wiki/Turnaround_management" title="Turnaround management" style="text-decoration-line: none; background: none;">turnaround management</a>, corporate restructuring and operational performance improvement in an area where previously individual executives operated. The first turnaround client of the firm was <a href="https://en.wikipedia.org/wiki/Timex_Corporation" class="mw-redirect" title="Timex Corporation" style="text-decoration-line: none; background: none;">Timex Corporation</a>. A&M grew slowly through the 1980s and 1990s with a small team focused on restructuring based in New York and, by 1994, a satellite office in Los Angeles.<sup id="cite_ref-2" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-2" style="text-decoration-line: none; background: none;">[2]</a></sup></font></p><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">During the 2000s, while continuing to specialise in turnaround work, and continuing to take executive and <a href="https://en.wikipedia.org/wiki/Chief_Restructuring_Officer" class="mw-redirect" title="Chief Restructuring Officer" style="text-decoration-line: none; background: none;">Chief Restructuring Officer</a> roles, the firm expanded its practice and grew its revenues with much of the increase coming from private equity firms that hired A&M for services across the investment life cycle, from due diligence and performance improvement through to asset sales.<sup id="cite_ref-money_3-0" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-money-3" style="text-decoration-line: none; background: none;">[3]</a></sup></font></p><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">By 2013, Alvarez & Marsal had grown to over 3000 personnel working from 55 offices globally.</font></p><h2 style="background: none; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);" linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height"><font size="4" face="Times New Roman"><span class="mw-headline" id="Notable_Projects">Notable Projects</span><span class="mw-editsection" style="user-select: none; margin-left: 1em; vertical-align: baseline; line-height: 1em; white-space: nowrap; unicode-bidi: isolate;"><span class="mw-editsection-bracket" style="margin-right: 0.25em;">[</span><a href="https://en.wikipedia.org/w/index.php?title=Alvarez_and_Marsal&action=edit&section=2" title="Edit section: Notable Projects" style="text-decoration-line: none; background: none;">edit</a><span class="mw-editsection-bracket" style="margin-left: 0.25em;">]</span></span></font></h2><h3 style="background: none; margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;"><font size="4" face="Times New Roman"><span class="mw-headline" id="Lehman_Brothers">Lehman Brothers</span><span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; white-space: nowrap; unicode-bidi: isolate;"><span class="mw-editsection-bracket" style="margin-right: 0.25em;">[</span><a href="https://en.wikipedia.org/w/index.php?title=Alvarez_and_Marsal&action=edit&section=3" title="Edit section: Lehman Brothers" style="text-decoration-line: none; background: none;">edit</a><span class="mw-editsection-bracket" style="margin-left: 0.25em;">]</span></span></font></h3><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">Bryan Marsal was reportedly one of the first people contacted by <a href="https://en.wikipedia.org/wiki/Harvey_R.Miller" title="Harvey R. Miller" style="text-decoration-line: none; background: none;">Harvey R. Miller</a> on hearing that <a href="https://en.wikipedia.org/wiki/Lehman_Brothers" title="Lehman Brothers" style="text-decoration-line: none; background: none;">Lehman Brothers</a> was likely to need to file for <a href="https://en.wikipedia.org/wiki/Chapter_11" class="mw-redirect" title="Chapter 11" style="text-decoration-line: none; background: none;">Chapter 11</a> protection, receiving a call at 10:30 at night on September 14 while he was watching a football game.<sup id="cite_ref-4" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-4" style="text-decoration-line: none; background: none;">[4]</a></sup> Marsal was appointed as Lehman’s <a href="https://en.wikipedia.org/wiki/Chief_Restructuring_Officer" class="mw-redirect" title="Chief Restructuring Officer" style="text-decoration-line: none; background: none;">Chief Restructuring Officer</a> in September 2008 and in November he was named Lehman’s CEO, replacing Richard S. Fuld, Jr.<sup id="cite_ref-5" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-5" style="text-decoration-line: none; background: none;">[5]</a></sup> Somewhat controversially, Marsal allowed Fuld to retain an office at the failed bank, "if he has nowhere better to go", although Fuld was not paid for his assistance in unwinding the assets of the bank.</font></p><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">Lehman Brothers was left with about 20 employees following its failure and sale of units to <a href="https://en.wikipedia.org/wiki/Barclays" title="Barclays" style="text-decoration-line: none; background: none;">Barclays</a> and <a href="https://en.wikipedia.org/wiki/Nomura_Holdings" title="Nomura Holdings" style="text-decoration-line: none; background: none;">Nomura Holdings</a><sup id="cite_ref-6" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-6" style="text-decoration-line: none; background: none;">[6]</a></sup> and subsequently appointed a number of Partners and staff from Alvarez & Marsal to serve as interim executives for the bankrupt bank. In September 2012, there were fifty full-time Alvarez & Marsal executives working on unwinding the assets, along with over 250 staff employed by the bank.<sup id="cite_ref-businessweek_7-0" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-businessweek-7" style="text-decoration-line: none; background: none;">[7]</a></sup></font></p><h3 style="background: none; margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;"><font size="4" face="Times New Roman"><span class="mw-headline" id="HealthSouth">HealthSouth</span><span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; white-space: nowrap; unicode-bidi: isolate;"><span class="mw-editsection-bracket" style="margin-right: 0.25em;">[</span><a href="https://en.wikipedia.org/w/index.php?title=Alvarez_and_Marsal&action=edit&section=4" title="Edit section: HealthSouth" style="text-decoration-line: none; background: none;">edit</a><span class="mw-editsection-bracket" style="margin-left: 0.25em;">]</span></span></font></h3><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">When <a href="https://en.wikipedia.org/wiki/HealthSouth" class="mw-redirect" title="HealthSouth" style="text-decoration-line: none; background: none;">HealthSouth</a> found itself subject to far reaching fraud investigations in 2003, which resulted in its top management admitting to fraud, the company found itself with an overstated income of $1.3 billion between 1996 and 2002, while it had suffered an actual loss of $1.8 billion. The company's founder, <a href="https://en.wikipedia.org/wiki/Chairman" title="Chairman" style="text-decoration-line: none; background: none;">Chairman</a>, and <a href="https://en.wikipedia.org/wiki/Chief_Executive_Officer" class="mw-redirect" title="Chief Executive Officer" style="text-decoration-line: none; background: none;">Chief Executive Officer</a>, <a href="https://en.wikipedia.org/wiki/Richard_M.Scrushy" class="mw-redirect" title="Richard M. Scrushy" style="text-decoration-line: none; background: none;">Richard M. Scrushy</a> denied the fraud. The company soon hired Alvarez and Marsal to lead the 'turnaround' and to do the hard work necessary to stabilize the company so that problems could be corrected and recovery started.<sup id="cite_ref-8" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-8" style="text-decoration-line: none; background: none;">[8]</a></sup> At HealthSouth, Marsal who served as CRO cut 250 jobs at HealthSouth's corporate campus in Birmingham and sold off assets such as poorly performing hospitals and all but two of HealthSouth's fleet of 12 private jets that included a <a href="https://en.wikipedia.org/wiki/Gulfstream_V" title="Gulfstream V" style="text-decoration-line: none; background: none;">Gulfstream V</a>, multiple <a href="https://en.wikipedia.org/wiki/Cessna_Citation" class="mw-redirect" title="Cessna Citation" style="text-decoration-line: none; background: none;">Cessna Citation's</a>, and a $12 million <a href="https://en.wikipedia.org/wiki/Sikorsky_S-76" title="Sikorsky S-76" style="text-decoration-line: none; background: none;">Sikorsky S-76</a>C, that the business had accrued.<sup id="cite_ref-money_3-1" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-money-3" style="text-decoration-line: none; background: none;">[3]</a></sup> As a result, the company avoided bankruptcy and relisted on the <a href="https://en.wikipedia.org/wiki/NYSE" class="mw-redirect" title="NYSE" style="text-decoration-line: none; background: none;">NYSE</a> in 2006.</font></p><h2 style="background: none; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);" linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height"><font size="4" face="Times New Roman"><span class="mw-headline" id="Competitors">Competitors</span><span class="mw-editsection" style="user-select: none; margin-left: 1em; vertical-align: baseline; line-height: 1em; white-space: nowrap; unicode-bidi: isolate;"><span class="mw-editsection-bracket" style="margin-right: 0.25em;">[</span><a href="https://en.wikipedia.org/w/index.php?title=Alvarez_and_Marsal&action=edit&section=5" title="Edit section: Competitors" style="text-decoration-line: none; background: none;">edit</a><span class="mw-editsection-bracket" style="margin-left: 0.25em;">]</span></span></font></h2><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">Alvarez & Marsal often competes for its traditional turnaround and interim management work with other specialty firms such as <a href="https://en.wikipedia.org/wiki/Berkeley_Research_Group" title="Berkeley Research Group" style="text-decoration-line: none; background: none;">Berkeley Research Group</a>, <a href="https://en.wikipedia.org/wiki/FTI_Consulting" title="FTI Consulting" style="text-decoration-line: none; background: none;">FTI Consulting</a> and <a href="https://en.wikipedia.org/wiki/AlixPartners" title="AlixPartners" style="text-decoration-line: none; background: none;">AlixPartners</a>, and since 2001 has been competing with more traditional consulting firms for work supporting <a href="https://en.wikipedia.org/wiki/Private_Equity" class="mw-redirect" title="Private Equity" style="text-decoration-line: none; background: none;">Private Equity</a> funds.</font></p><h2 style="background: none; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);" linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height"><font size="4" face="Times New Roman"><span class="mw-headline" id="Criticism">Criticism</span><span class="mw-editsection" style="user-select: none; margin-left: 1em; vertical-align: baseline; line-height: 1em; white-space: nowrap; unicode-bidi: isolate;"><span class="mw-editsection-bracket" style="margin-right: 0.25em;">[</span><a href="https://en.wikipedia.org/w/index.php?title=Alvarez_and_Marsal&action=edit&section=6" title="Edit section: Criticism" style="text-decoration-line: none; background: none;">edit</a><span class="mw-editsection-bracket" style="margin-left: 0.25em;">]</span></span></font></h2><p style="margin: 0.5em 0px; line-height: inherit;"><font size="4" face="Times New Roman">Competitors have suggested that Alvarez & Marsal has boosted its own business while restructuring failing companies, pointing to a deal with Enron Corp.'s accounting firm, Arthur Andersen as an example. While dismantling Andersen, they note Alvarez & Marsal hired six turnaround specialists from the firm.<sup id="cite_ref-9" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-9" style="text-decoration-line: none; background: none;">[9]</a></sup> At Lehman Brothers, A&M received nearly $500 million<sup id="cite_ref-10" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-10" style="text-decoration-line: none; background: none;">[10]</a></sup> in fees over the three years following the bank's collapse<sup id="cite_ref-businessweek_7-1" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-businessweek-7" style="text-decoration-line: none; background: none;">[7]</a></sup>making the Lehman bankruptcy the most expensive in history as at 2013.<sup id="cite_ref-11" class="reference" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_note-11" style="text-decoration-line: none; background: none;">[11]</a></sup></font></p><h2 style="background: none; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177);" linux="Linux" libertine="Libertine" georgia="Georgia" times="Times" serif="serif" line-height="line-height"><font size="4" face="Times New Roman"><span class="mw-headline" id="References">References</span><span class="mw-editsection" style="user-select: none; margin-left: 1em; vertical-align: baseline; line-height: 1em; white-space: nowrap; unicode-bidi: isolate;"><span class="mw-editsection-bracket" style="margin-right: 0.25em;">[</span><a href="https://en.wikipedia.org/w/index.php?title=Alvarez_and_Marsal&action=edit&section=7" title="Edit section: References" style="text-decoration-line: none; background: none;">edit</a><span class="mw-editsection-bracket" style="margin-left: 0.25em;">]</span></span></font></h2><div class="reflist" style="margin-bottom: 0.5em; list-style-type: decimal;"><div class="mw-references-wrap mw-references-columns" style="column-width: 30em;"><ol class="references" style="margin: 0.3em 0px 0px 3.2em; padding: 0px; list-style-image: none; list-style-type: inherit;"><li id="cite_note-1" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-1" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.businessweek.com/stories/2004-10-17/online-extra-the-corporate-doctors-are-in" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"The Corporate Doctors are In"</a>. <i>Businessweek</i>. Bloomberg.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Businessweek&rft.atitle=The+Corporate+Doctors+are+In&rft_id=http%3A%2F%2Fwww.businessweek.com%2Fstories%2F2004-10-17%2Fonline-extra-the-corporate-doctors-are-in&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-2" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-2" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.alvarezandmarsal.com/how-we-started" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"How We Started"</a>. <i>Alvarez & Marsal Holdings, LLC</i>. Alvarez & Marsal Holdings, LLC.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Alvarez+%26+Marsal+Holdings%2C+LLC&rft.atitle=How+We+Started&rft_id=http%3A%2F%2Fwww.alvarezandmarsal.com%2Fhow-we-started&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-money-3" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;">^ <a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-money_3-0" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up to:</span><sup style="line-height: 1;"><i><b>a</b></i></sup></a> <a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-money_3-1" style="text-decoration-line: none; background: none;"><sup style="line-height: 1;"><i><b>b</b></i></sup></a></span> <span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://money.cnn.com/2008/02/20/news/economy/demos_marsal.fortune/index.htm" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"The Hottest Business on Wall Street"</a>. <i>CNNMoney</i>. CNN.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNNMoney&rft.atitle=The+Hottest+Business+on+Wall+Street&rft_id=http%3A%2F%2Fmoney.cnn.com%2F2008%2F02%2F20%2Fnews%2Feconomy%2Fdemos_marsal.fortune%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-4" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-4" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.spiegel.de/international/business/interview-with-lehman-brothers-ceo-bryan-marsal-the-global-banking-community-had-a-heart-attack-a-613196.html" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Interview With Lehman Brothers CEO Bryan Marsal"</a>. <i>Spiegel</i>. Spiegel.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Spiegel&rft.atitle=Interview+With+Lehman+Brothers+CEO+Bryan+Marsal&rft_id=http%3A%2F%2Fwww.spiegel.de%2Finternational%2Fbusiness%2Finterview-with-lehman-brothers-ceo-bryan-marsal-the-global-banking-community-had-a-heart-attack-a-613196.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-5" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-5" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://news.muckety.com/2009/02/03/alvarez-marsal-oversees-dismantling-of-lehman/10951" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Alvarez and Marsal oversees dismantling of Lehman"</a>. <i>Muckety</i>. Muckety.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Muckety&rft.atitle=Alvarez+and+Marsal+oversees+dismantling+of+Lehman&rft_id=http%3A%2F%2Fnews.muckety.com%2F2009%2F02%2F03%2Falvarez-marsal-oversees-dismantling-of-lehman%2F10951&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-6" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-6" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.wnyc.org/articles/wnyc-news/2012/mar/06/lehman-returns-bank-emerges-bankruptcy-35-years-later/" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Lehman Returns: Bank Emerges from Bankruptcy 3.5 Years Later"</a>. WNYC.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Lehman+Returns%3A+Bank+Emerges+from+Bankruptcy+3.5+Years+Later&rft.pub=WNYC&rft_id=http%3A%2F%2Fwww.wnyc.org%2Farticles%2Fwnyc-news%2F2012%2Fmar%2F06%2Flehman-returns-bank-emerges-bankruptcy-35-years-later%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-businessweek-7" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;">^ <a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-businessweek_7-0" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up to:</span><sup style="line-height: 1;"><i><b>a</b></i></sup></a> <a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-businessweek_7-1" style="text-decoration-line: none; background: none;"><sup style="line-height: 1;"><i><b>b</b></i></sup></a></span> <span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.businessweek.com/articles/2012-09-21/welcome-to-lehman-brothers-dot-were-open-for-business" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Welcome to Lehman Brothers. We're Open for Business"</a>. <i>Businessweek</i>. Bloomberg.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Businessweek&rft.atitle=Welcome+to+Lehman+Brothers.+We%27re+Open+for+Business&rft_id=http%3A%2F%2Fwww.businessweek.com%2Farticles%2F2012-09-21%2Fwelcome-to-lehman-brothers-dot-were-open-for-business&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-8" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-8" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.birminghammedicalnews.com/news.php?viewStory=1392" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Surviving And Thriving: HealthSouth's Road To Recovery"</a>. <i>Birmingham Medical News</i>. Birmingham Medical News.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Birmingham+Medical+News&rft.atitle=Surviving+And+Thriving%3A+HealthSouth%27s+Road+To+Recovery&rft_id=http%3A%2F%2Fwww.birminghammedicalnews.com%2Fnews.php%3FviewStory%3D1392&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-9" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-9" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.businessweek.com/stories/2004-10-17/can-wonder-bread-rise-again" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Can wonder bread rise again?"</a>. <i>Businessweek</i>. Bloomberg.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Businessweek&rft.atitle=Can+wonder+bread+rise+again%3F&rft_id=http%3A%2F%2Fwww.businessweek.com%2Fstories%2F2004-10-17%2Fcan-wonder-bread-rise-again&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-10" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-10" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="https://blogs.wsj.com/deals/2011/11/23/lehman-bankruptcy-tab-1-4-billion-and-counting/" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Lehman Bankruptcy Tab 1.4 Billion and Counting"</a>. <i>WSJ</i>. WSJ.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=WSJ&rft.atitle=Lehman+Bankruptcy+Tab+1.4+Billion+and+Counting&rft_id=https%3A%2F%2Fblogs.wsj.com%2Fdeals%2F2011%2F11%2F23%2Flehman-bankruptcy-tab-1-4-billion-and-counting%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li><li id="cite_note-11" style="margin-bottom: 0.1em; break-inside: avoid-column;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink" style="user-select: none;"><b><a href="https://en.wikipedia.org/wiki/Alvarez_and_Marsal#cite_ref-11" style="text-decoration-line: none; background: none;"><span class="cite-accessibility-label" style="user-select: none; top: -99999px; clip: rect(1px, 1px, 1px, 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>^{</a></b></span> }<span class="reference-text"><cite class="citation web" style="font-style: inherit; overflow-wrap: break-word;"><a rel="nofollow" class="external text" href="http://www.businessweek.com/news/2011-12-27/lehman-pays-marsal-firm-almost-500-million-to-manage-bankruptcy.html" style="text-decoration-line: none; background: linear-gradient(transparent, transparent) right center no-repeat, url("");" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%2212%22" height="%2212%22%3E" cpath="Cpath" fill="%22%23fff%22" stroke="%22%2336c%22" d="%22M9.995" h5.982v10.5h1.5z="h5.982V10.5H1.5z" e="E" h11v5.39l9.427="H11v5.39L9.427" l-1.31-1.31l5.393="l-1.31-1.31L5.393" l-2.69-2.688="l-2.69-2.688" l4.2="L4.2" z="z" l.022="l.022" l8.2="L8.2" l2.882-2.88-1.85-1.852z="l2.882-2.88-1.85-1.852z" c="C" padding-right="padding-right" px="px" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data">"Lehman Pays Marsal Firm Almost $500 Million to Manage Bankruptcy"</a>. <i>Businessweek</i>. Bloomberg.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Businessweek&rft.atitle=Lehman+Pays+Marsal+Firm+Almost+%24500+Million+to+Manage+Bankruptcy&rft_id=http%3A%2F%2Fwww.businessweek.com%2Fnews%2F2011-12-27%2Flehman-pays-marsal-firm-almost-500-million-to-manage-bankruptcy.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAlvarez+and+Marsal" class="Z3988" /></span></font></li></ol></div></div><ul style="margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" width="%225%22" height="%2213%22%3E" ccircle="Ccircle" cx="%222.5%22" cy="%229.5%22" r="%222.5%22" fill="%22%2300528c%22/%3E" c="C" e="E" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:data="data" /></div></div><div id="catlinks" class="catlinks" data-mw="interface" style="border: 1px solid rgb(162, 169, 177); background-color: rgb(248, 249, 250); padding: 5px; margin-top: 1em; clear: both;"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><font size="4" face="Times New Roman"><a href="https://en.wikipedia.org/wiki/Help:Category" title="Help:Category" style="text-decoration-line: none; background: none;">Categories</a>: </font><ul style="list-style: none none; margin: 0px; padding: 0px; display: inline;"><font size="4" face="Times New Roman" /><li style="margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left: 0px; padding: 0px 0.5em 0px 0.25em; zoom: 1;"><font size="4" face="Times New Roman"><a href="https://en.wikipedia.org/wiki/Category:Companies_established_in_1983" title="Category:Companies established in 1983" style="text-decoration-line: none; background: none;">Companies established in 1983</a></font></li><li style="margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left: 1px solid rgb(162, 169, 177); padding: 0px 0.5em; zoom: 1;"><a href="https://en.wikipedia.org/wiki/Category:International_management_consulting_firms" title="Category:International management consulting firms" style="text-decoration-line: none; background: none;">International management consulting firms</a></li><li style="margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left: 1px solid rgb(162, 169, 177); padding: 0px 0.5em; zoom: 1;"><a href="https://en.wikipedia.org/wiki/Category:Management_consulting_firms_of_the_United_States" title="Category:Management consulting firms of the United States" style="text-decoration-line: none; background: none;">Management consulting firms of the United States</a></li><li style="margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left: 1px solid rgb(162, 169, 177); padding: 0px 0.5em; zoom: 1;"><a href="https://en.wikipedia.org/wiki/Category:Privately_held_companies_based_in_New_York(state)" title="Category:Privately held companies based in New York (state)" style="text-decoration-line: none; background: none;">Privately held companies based in New York (state)</a></li></ul></div></div></div><div><font size="4" face="Times New Roman"></font></div>