Lehman Preferred Series "J" Preferred (fka LEHJQ)

[daktok]

Slimugrian, that is THE question. I read the report over and over and it did not say either way. Do you see it? Which company -- LBHI or Archstone? If it's Archstone, then it's crisis over. Back to normal business. But if they are converted it to Lehman preferred shares, then it is as I said. The downside of that is there is also no good news on our end -- like LORTAP said, that it's saying that there will be A>L by at least 5.2 billion.
Another question that pops up in my mind is this: LBHI owns less than 51% of the company, so it may not have controlling interest in Archstone. If that is the case and Archstone will put it into it's own preferred, then why involve Lehman at all? Perhaps Lehman is meddling, but if Lehman doesn't have controlling interest, then it can't wrap up the debt into Archstone -- however, it could wrap up the debt into Lehman prefs.
I'm sure time will tell. We'll just have to watch for this one.