Lehman Preferred Series "J" Preferred (fka LEHJQ)

[xZx]

countdown to full face value ~~~>

i'll preface this by saying it's fairly off the cuff, but just to get a quick ballpark figure, here goes:

let's say we start with $295B assets from 12/08 balance sheet, + X% increase due to recovery in real estate and other markets + 39 trillion in derivatives + case against barclays (possible $12B settlement) + case against fed + case against JPM + 5 year extended NOL carryback (new law) on taxes...

this = one big number on the asset side, and all you gotta do is hit 335B (imo) to pay out full face on cap trusts and preferreds.

needless to say, i love our odds here.

do your own calcs, if you get a moment, and let's see if you get a similar outcome.