Congratulations on your profit Joe, very well done.
As to your questioned I just answered it but I will try to re explain with more detail.
For one I would like to point out that hedge funds are still actively invested in lehman debt.
Let's say I have a hedge fund and we just received our 1 billion dollar return on investing in lehmans debt. We won big already investing in lehman debt. (The play here is lehman debt, not CT'S) let's say my assistant jerseyhawg walks up to me after our 1 billion return and says "hey swiss! We should invest in lehmans class 10b claims!" I would say to him "jersey why would the hedge fund take a risk investing in one of the lowest ranking claims for the the possibility of the same profit we just received? If anything we could just buy another larger claim with with less risk. I just dont see the point in investing in the lowest ranking debt when we have the money to buy some of the highest ranking debt which will result in a higher possibility for returns meaning a positive percentage on our portfolio. They sound cool jersey dont get me wrong, but why would we jump back into the lehman carcass after we just came out of it victorious? Theres many other plays we can get into besides the lowest ranking debt lehman has to offer, let's just leave those a lone and keep our portfolio looking good" that's just what I would say, by not displaying negligence but displaying common sense.
The play here is lehmans debt. If some larger creditors in the billions dont get paid back then they took an even worse loss than us.
Side note: when all this began did you think LBI and LBIE would have made a full recovery? Just curious.
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