type corporation industry professional services founded 1983 founder tony alvarez ii bryan marsal area served worldwide key people tony alvarez ii co ceo bryan marsal co ceo services performance improvement turnaround management corporate restructuring transaction advisory global forensics and dispute tax advisory valuation services enterprise risk management corporate governance executive benefits consulting website http www.alvarezandmarsal.com alvarez & marsal a & m is a global professional services firm notable for its work in turnaround management and performance improvement of a number of large high profile businesses both in the usa and internationally such as lehman brothers healthsouth tribune company warnaco interstate bakeries target darden restaurants and arthur andersen . 1 contents 1 history 2 notable projects 2.1 lehman brothers 2.2 healthsouth 3 competitors 4 criticism 5 references history edit alvarez & marsal was founded in 1983 by tony alvarez ii former coopers & lybrand workout specialist and bryan marsal a former citibank workout banker after the two met and worked together at norton simon inc. they created a professional services firm focused on turnaround management corporate restructuring and operational performance improvement in an area where previously individual executives operated . the first turnaround client of the firm was timex corporation . 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 . 2 during the 2000s while continuing to specialise in turnaround work and continuing to take executive and chief restructuring officer roles the firm expanded its practice and grew its revenues with much of the increase coming from private equity firms that hired a & m s for services across the investment life cycle from due diligence and performance improvement through to asset sales . 3 by 2013 alvarez & marsal had grown to approximately 2500 personnel working from 40 offices globally . notable projects edit lehman brothers edit bryan marsal was reportedly one of the first people contacted by harvey r. miller on hearing that lehman brothers was likely to need to file for chapter 11 protection receiving a call at 10 30 at night on september 14 while he was watching a football game . 4 marsal was appointed as lehman s chief restructuring officer in september 2008 and in november he was named lehman s ceo replacing richard s. fuld jr. 5 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 . lehman brothers was left with about 20 employees following its failure and sale of units to barclays and nomura holdings 6 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 . 7 healthsouth edit when healthsouth 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 chairman and chief executive officer richard m. scrushy 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 . 8 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 gulfstream v multiple cessna citation s and a 12 million sikorsky s 76c that the business had accrued . 3 as a result the company avoided bankruptcy and relisted on the nyse in 2006 . competitors edit alvarez & marsal often competes for its traditional turnaround and interim management work with other specialty firms such as fti consulting and alixpartners and since 2001 has been competing with more traditional consulting firms for work supporting private equity funds . criticism edit 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 . 9 at lehman brothers alvarez and weil gotshal were noted to have received nearly 1bn 10 in fees over the three years following the banks collapse 7 making the lehman bankruptcy the most expensive in history as at 2013 . 11 references edit the corporate doctors are in . businessweek . bloomberg . how we started . alvarez & marsal holdings llc . alvarez & marsal holdings llc . a b the hottest business on wall street . cnnmoney . cnn . interview with lehman brothers ceo bryan marsal . spiegel . spiegel . alvarez and marsal oversees dismantling of lehman . muckety . muckety . lehman returns bank emerges from bankruptcy 3.5 years later . wnyc . a b welcome to lehman brothers . we re open for business . businessweek . bloomberg . surviving and thriving healthsouth s road to recovery . birmingham medical news . birmingham medical news . can wonder bread rise again . businessweek . bloomberg . lehman bankruptcy tab 1 billion and counting . wsj . wsj . lehman pays marsal firm almost 500 million to manage bankruptcy . businessweek . bloomberg . retrieved from https en.wikipedia.org w index.php title alvarez and marsal & oldid 736034354 categories companies established in 1983international management consulting firmsmanagement consulting firms of the united statesprivately held companies based in new yorkperformance consulting firms navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutsch edit links this page was last modified on 24 august 2016 at 18 30 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view