Lehman Brothers Financial SA (LEHNQ)

[highwaymap]

The person to watch out for is Wu. From the two letters he wrote, I think he is willing to take down the entire ship. Letter 1 was a total rebuke of Judge Chapman. I am curious to see the order and the transcripts. This could be history in the making if my judgement on Wu is correct.

LBHI and the Judge should fear the covenant more than a Waske Appeal. Although the Waske Motion leads to a covenant argument. The covenant have been effective all along. That is the danger for LBHI. I am assuming LBHI denied they knew about the covenant. That had to be the reason for letter #2.

Wu is up to something. If there is misconduct, letter 1 and letter 2 makes sense. Ignoring the covenant is a misconduct if it stands that its enforceable. By placing us in 10b does not take away anything from the guarantee or the covenant. It's just our claims are in 10b.