Lehman Brothers Financial SA (LEHNQ)

[jwnoble3]

Exactly toogood, Lehman had a liquidity problem, not an asset problem when they filed for BK. $639B Assets $618B Liab.

Some assets were sold at firesale prices in the early days of BK but A&M stated they were brought in to build a bridge to a better time (when they could get more for the assets). This also added to NOLs.

Also, A&M said LAMCO was "shelved" for now, not eliminated.

Really wish they would get rolling with the major trials (JPM, Credit Suisse, etc).

The audits are interesting, keeping an eye on the status of the K's to change.

Best JW