Epiq Systems Inc. announced today that it has been hired to handle the claims administration work in the Chapter 11 filing of Lehman Brothers Holdings Inc. (LEH). With assets of $639 billion, Lehman is easily the largest company ever to seek Chapter 11 protection according to figures reported in the Kansas City Star. By comparison, WorldCom had assets of about $126 billion and Enron had assets of about $81 billion. Epiq also reportedly handled claims administration in the WorldCom and Enron bankruptcies.
Richard Shannon of Northland Securities Inc., an analyst who follows publicly-traded Epiq (EPIQ), estimated yesterday that “with a case the size of Lehman, we think it is possible that it could add $1 million in revenues” to Epiq in the fourth quarter of 2008 and the first quarter of 2009, “and potentially more.”