Lehman Brothers Financial SA (LEHNQ)

[The Godfather]

That is a very interesting question and Argus and I had discussed that a few years ago in detail.

The hypothesis we discussed was based on the volume of trading in all the CTs but never at the same time. We would go for weeks without significant trades but every once in a while, you would see 20k share blocks being traded, usually on only one of the CTs. It looked like 'someone' wanted to accumulate shares without arousing suspicion and they did that over a period of time.

Theory was that the estate would be accumulating all the shares it could so that if the dividends ever got reinstated, the market would push these to face value and then the newco could sell these CTs back on the open market and raise capital in the process. Use the capital for any operations that the newco would get into while simultaneously making use of the NOL would be a win-win.

Theories are theories. Let's see what actually happens next week. Can't wait to see an end to this saga but I don't think anyone knows who owns how much. There was the tally that someone was collecting info for a potential representation and maybe there is a rough estimate on the total number of shares held by peeps on the board. But ultimately, I don't think anyone knows the right answer to your question.