Lehman Preferred Series "J" Preferred (fka LEHJQ)

[uhlmant]

if you read the post that is NOT all that it says.
It also says that the economics of the play have not changed. It says we may be down because some may not find the report's findings strong enough against certain parties.

It also says that shares will go from weak hands to strong hands and that NO SHARES WILL BE SOLD.


All of this does NOT equate to toast

it says verbatim

I think we see a pretty significant DOWN day . As much as I hate to say it. I believe that many were looking for a GRAND SLAM in the Examiners report. Thus far it doesn't seem to indicate a single and significant smoking gun of the magnitude many had anticipated. This will spook some. Tomorrow's action will be transfer of shares from weak hands to strong hands. In my opinion nothing fundamental has changed in terms of the economics of a potential Lehman recovery/reorganization. The report doesn't take away assets we already own. It doesn't reverse any previous ruling on derivatives, it doesn't minimize the $10B Net Operating Loss benefit, it doesn't affect real collateral held at JPM that should be returned to Lehman, and it doesn't mean the end of the world. The economics of the situation have changed only slightly in my opinion. Only time will tell. This report is simply too big and complex to comprehend in a single evening. The dockets will bear the story. Suites against JPM Chase and Barclays will likely proceed. There are some other wildcards that need further investigation. I will be holding all of my shares....as will my family.