if he thinks LEHMQ (common shares) will hit $2, and let's keep in mind they MUST be paid LAST, after the capital trust shares and the preferreds like LEHJQ, then shareholders here will get a lot more than $1 or $2 imo. full face for these preferreds is $25 per share. think of the potential when 20% of that would be $5.
just to be clear, these are lotto tickets, but a payoff could be enormous. jmho.