Apparently they think there is value in the commons too. They also own a million shares in LEHPQ. If there is value in the commons there is a lot more value here, as our face value is 1000.00 per share... AND WE GET PAID IN FULL BEFORE COMMONS. Chin, Ching!!! Details here: http://www.dailyfinance.com/company/lehman-bros-7-25percent-pfd-p/lehpq/nao/institutional-ownership