Lehman Brothers Financial SA (LEHNQ)

[stockmojo9]

In my model, I compute the cumulative shares and non-cumulative shares for the CTs and Preferreds.

There were 689M common which are last in line.

So, after the cumulative CTs & Preferreds are paid as well as the non-cumulative Preferreds, there is then enough to allocate to Common.

And, that provides that the CTs can be re-instituted without damages to pre-POR shareholders.

So, at $103B NOL, Common are not covered by NOL tax credits but at $130B NOL there might be $3-$4 accumulating per share.

It begs the question, "Do common shareholders see returns on common shares in Bankruptcy" and, typically, they don't.

However, PGC keeps trading common and Fannie & Freddie are trading their common in receivership.

So, what more can I say without sending you a consulting invoice for $10,000?

mojo