Lehman Preferred Series "J" Preferred (fka LEHJQ)

[Argus63]

Thanks to Jmills0014 (Yahoo) for this post. BK emergence...

Example...This is what happened with Mirant:

They obsoleted the old stk and issued new stk that started trading at about $24. They set aside 50M shrs for old stk holders. And they were issued 5 yr wrts that give them the right to buy 1 shr of the new stk, for 10 shrs of the old stk at something like $21.83 a shr.. Those wrts started selling for over $14. when issued.. So in reality the old strk holders recieved $1.40 for their old stk.. But any law suits that are brought to recoup old debt. Also belong to the old stk holders...A couple of mths ago we recieved anouther 12 1/2 cents a shr from a suit that was settled with Southern... I think there are still a couple of other law suits open... But so far I have recouped over $1.50.. I think the old stk was trading at about 5 cents, when it was delisted and then replaced with the new stk... I have no idea what will happen here... But I am sure holding some of it, just in case...