Lehman Brothers Financial SA (LEHNQ)

[etzetrade]

Follow me how the wahuq gets paid.

A) In the beginning, 4 HFs bought most wahuq in order to control the NewWamu through the following actions.

1) gifted bunch of wamu's assets to JPM free, such as visa, $4B deposits, BOLI/COLI, etc. The reason is that the residual value after BK is NOT sufficient to pay off CTs.

2) Instead of asking a FV ($50), HF set up a cap at $34.50/share with interests.

3) in order to get shares for NewWamu, the holder has to have at least $2 million worth of Wahuq.

4) in the meantime, RosenCrap said WaMu had no value. So, everyone sold wahuq, and HFs bought whatever available on the markets.

B) An individual Mr. Toma, provided evidence to BK judge for inside trading by those 4 HFs.

C) Judge ruled out wahuq holder the cap of $10.51/share, and got NO new share from NewWamu. So, the preferreds and common got escrow and new shares.

D) the price of wahuq was $21-23/share stably for a long time, After Judge' decisions, then HFs sold all the Wahuq on markets. Once a time, the price dropped to$1.90.

So, if Mr. Toma did not point out inside trading, then HFs should have all NewWamu because all the debtors were paid in full, except CTs. CTs are equity and automatically take over NewWamu.

In the beginning, everyone thought HFs' goals were shooting for $6B NOLs. It turns out more than we thoughts. Wamu may have $100B MBS.

Be careful, someone pointed out that Lehman's CTs are different than wamu. It's beyond my knowledge net. No comments.

GLTA