Lehman Bros 7.25% Pref'd Series P (fka LEHPQ)

[DJN]

Don't forget they are sitting on 11 billion in CASH. I love this play, however I don't have the position that I would like to have since all of my money is sitting in wamu preferreds waiting to explode. I hope they don't fire off at the same time.

And finally, liquidity is king. Looking at the Lehman estate today, we can see how the mentality behind the U.S. Chapter 11 process has allowed the once-venerated firm to rebuild its cash coffers even in bankruptcy, to the ultimate benefit of its creditors. Lehman today is sitting on nearly $11 billion in cash, up from $200 million when the firm filed for bankruptcy. These reserves mean the firm does not have to sell its real estate and other proprietary assets until the markets for those assets sufficiently recover.

http://online.wsj.com/article/SB124226262220517739.html