Do not cut off electricity, Lehman begs after collapse

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Euan Clarke, who charges £600 an hour, part of an army of lawyers and accountants working frantically to salvage the company's $600 million (£430 million) of European assets, was forced to stop work and negotiate with the French company begging them not to switch off the power.

During an emergency conference the Linklaters insolvency partner agreed to the energy group's demands to transfer Lehman's Canary Wharf supply to a more expensive electricity tariff.

Hours after the investment bank collapsed on 15 September, EDF told PricewaterhouseCoopers, the bank's administrators, that by entering administration it had forfeited its electricity contract and must sign another.

At one point it gave Lehman 38 minutes to reply to an email or have the 33-storey building disconnected.

The dispute is the subject of a High Court lawsuit. Lehman wants to sue EDF for £3.5 million, the amount it says it overpaid since moving to the higher tariff. It is also seeking a declaration that EDF must continue to supply electricity at the original rate.