Lehman Preferred Series "J" Preferred (fka LEHJQ)

[VivaLasVegas]

It's going to make us all RETIRED!!!!

DID YOU SEE THIS ARTICLE OUT TODAY?????

BIG NEWS.

http://www.reuters.com/article/marketsNews/idCNN2447716320090924?rpc=44


Credit Suisse selling $1 bln Lehman claim - report


Thu Sep 24, 2009 7:20pm EDT
NEW YORK, Sept 24 (Reuters) - Credit Suisse Group (CSGN.VX: Quote, Profile, Research, Stock Buzz) is trying to sell a $1 billion claim it holds against bankrupt Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research, Stock Buzz), Bloomberg News reported on Thursday, citing people familiar with the matter.

Hedge funds and private equity firms would be among the potential buyers for the Credit Suisse claim, which is tied to about 20,000 derivative contracts, Bloomberg reported.

Banks and investors have been selling their claims on Lehman for increasingly higher prices in the last few months.

Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) sold a more than $1 billion claim last week to several different hedge fund investors, a person familiar with the matter told Reuters on Thursday. The person asked not to be identified because the deal was not public.

Claims against Lehman Brothers Special Financing unit, which holds many of Lehman's derivatives contracts, have recently traded for close to 40 cents on the dollar, according to bankruptcy claims trading service SecondMarket. Based on those trading levels, Credit Suisse could probably recover as much as $400 million on the claim.

Hedge fund Citadel Investment Group had sold a claim on $423 million of Lehman Brothers' assets to Credit Suisse in August, according to court papers filed in the U.S. bankruptcy court in Manhattan at the time.

Credit Suisse entities have filed more than 30 different claims against various Lehman entities, according to court documents.

Lehman filed the largest bankruptcy in U.S. history on Sept. 15, 2008, amid a collapse in the global credit markets. At the time, the company listed assets in excess of $600 billion.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555. (Reporting by Emily Chasan; Editing by Steve Orlofsky)




CHEERS!!!!!!!!!!!!