I think you will see the commons come thru but get reverse split about 100:1 share of new issue.
I believe the Preferreds will come thru at about 10:1 share of new issue. Furthermore, I think the new issue will be around $10 a share. Do the math...JUST MY OPINION.
Trusts will come thru 2:1 share of new issue.
However, if the new balance sheet shows A=L, or better, we will have a new game because of the potential legal upside.
If the A=L I think there is a strong possiblity that Barclays or JPM will buy Lehman whole.
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