It is an ill wind that blows no good. I see in a story in the FT yesterday that Aidan Birkett, of Deloitte, has been chosen as the chief restructuring officer at Dubai World.
Dubai World (DW) is an investment company that is essentialy a private contractor for the government of that Emirate, handling a portfolio of businesses for it. DW could cause quite a splash by defaulting on its debts, something that the relevant chunks of the world have worried about since November. Indeed, you might think that no good could come out of the failure of Dubai World with all it would imply.
But, then, Accountancy Age says this is a great opportunity for Birkett and Deloitte. Indeed, it "should provide Deloitte and Birkett with the kind of boost that Lehmans has given PwC – the latest count shows the administration has wracked up £150m in fees." For my fellow Americans, GBP£150m is about USD$232 million. That's how much PricewaterhouseCoopers has gotten on the Lehman deal?
It beats keeping the votes on Oscar nominees safe until some celebrity can get on stage to tear open the envelope.
As for the blow-by-blow on the restructuring, there is this.
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