Lehman Brothers Financial SA (LEHNQ)

[MoneyRobot]

If you believe in the NOL Play, please see what happened to WAMU. WAMU created a new NOL company meaning that the company only have the NOLs as an asset and issued the common shares of that company to shareholders which are wamu's CT and equity holders along with warrants. There was a conversion of the Piers shares (CTs) and all the equity shares to shares of the NOL company. That is 100% utilization rate if the NOL Company merges with a profitable company.

The NOL exception is they can create the NOL company and issue the new shares to the creditors along with or instead of equity. There are two paths to this. Either 49% to creditors and 51% to equity or with another exception 100% to creditors.

Those are the NOL play options.

The NOLs are not transferable means equity holders of the loss company have to be a part of the new NOL company or with the exception 51% or 0% of previous equity holders. But the exception have to be qualified.

Hope this helps.