Got Parlay?

[beulah]

I have the LEHKQ as a CT, the LEHDQ (hard to get and not traded every day), more speculative but double the face value of the K's), and my favorite is LEHPQ, with $1,000 face value. The WAMPQ's have done very well and the LEHPQ is similar. I bought the Lehmans more than a year ago, when I bought the WAMUs. I think there is a strong possibility that the Lehman commons will survive and pay out, making the CTs and preferreds very likely. Finally, Lehman has the big plus of having the top restructuring firm, Alvarez and Marsal, who have done great jobs in other big banruptcies and restructurings. There is no question that the CTs are the safest, but I tend to err on the speculative side.