Lehman Brothers Financial SA (LEHNQ)

[indepth05]

The problem with that statement is that the big boyz are REQUIRED to disclose

Fund Managers can add this/similar notice in Form 13F:
-------------------------------

NOTE (Pursuant to Special Instruction 5): Lehman Brothers Holdings
Inc. ("LBHI") and Lehman Brothers Incorporated ("LBI") (together, the "Managers") are unable to provide the information required on this Form 13F. On September 15, 2008 LBHI, and at later dates a number of its affiliates, filed voluntary petitions for relief under Chapter 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") in a jointly administered proceeding captioned In re Lehman Brothers Holdings Inc., et. al. under Case No. 08-13555. On September 19, 2008, the Securities Investor Protection Corporation under the Securities Investor Protection Act of 1970, as amended ("SIPA") commenced a proceeding against LBI in the United States District Court for the Southern District of New York (the "District Court") in the case captioned Securities Investors Protection
Corporation v. Lehman Brothers Inc., Case No. 08-CIV-8119 (GEL). On September 19, 2008, the District Court entered the Order Commencing Liquidation (the "LBI Liquidation Order") pursuant to the provisions of SIPA. The LBI Liquidation Order provided, among other things, the appointment of James W. Giddens as trustee for the SIPA liquidation of LBI and removed the proceeding to the Bankruptcy Court under Case No. 08-1420 (JMP) SIPA. For purposes of this filing and despite LBI's SIPA proceeding, the Managers are treating LBI as an Included Manager.

The Managers are unable to provide the information required on this Form 13F primarily due to

(1) the commencement of various administrative or civil rehabilitation proceedings of subsidiaries comprising significant parts of LBHI's European and Asian businesses,which have resulted in significant portions of the Managers' securities trading records and systems being unavailable to, andnon-accessible by, the Managers, and

(2) the sale since September 15,2008 of significant businesses comprising the Managers' historical business (the "Sale"). As a result of the Sale, and actions taken by certain creditors with respect to Section 13(f) Securities that had been pledged by the Managers, or their affiliates, as collateral to those creditors, the Managers cannot compile an accurate accounting of Section 13(f) Securities held. The Managers are currently engaged in an expensive and time consuming process to reconcile discrepancies in
information the Managers have with respect to Section 13(f)
Securities. Even with continued significant efforts and expense, the Managers may not be able to provide a record of Section 13(f)
Securities held.