A Hong Kong court appointed Alvarez & Marsal, the firm that once helped dismantle Lehman Brothers, to handle Evergrande’s liquidation. So far, liquidators have taken control of over 100 companies and about $3.5 billion worth of assets. Yet creditors are owed $45 billion, and only $255 million has been recovered. With Evergrande’s complex web of subsidiaries, the recovery process has been painfully slow.