Lehman Preferred Series "J" Preferred (fka LEHJQ)

[coach tequila]

I think the willingness of AIG CDS to perform is a complete turnaround from the 4th Qtr of last year. IMO it represents a dramatic change on how the "market" is viewing LEHAMAN as a counterparty. Even thought they are in Chap 11.

Last year at this time everyone threw in the towel and cancelled their position. The court however, has ruled that the Chap 11 filing by itself does not constitute default!

In order to terminate many variables have to be in place.

I found the verbage and tone in the motion filed by AIG CDS to really be far less combative than I would have expected. They do raise some good points one of which was the non-performance by LEHMAN.

Coach T