Lehman Bros Capital Trust IV - Pref'd Series L (LEHLQ)

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It all depends on if you want to buy and hold or flip. The commons are ones for flipping as when news comes, they always cite LEHMQ in news releases.

If you think that Lehman will emerge with assets from bankruptcy then you should buy Capital Trust shares(LEHKQ, LEHLQ, LHHMQ, LEHNQ) since these are the highest class of preferreds and are shares of bonds/debt with a $25 face value. These are what I own.

Some folks are buying LEHCQ, LEHDQ, LEHFQ, LEHGQ, LEHJQ, LEHPQ which are equity preferred shares, a higher class than common, but lower on he food chain than the CT's. Of these, the C's and D's have a $50 face value, and the P's have a $1000 face value.
There is also LBHGP with a $1000 face, but difficult to buy since it is on the grey sheets.
The rest (F,G, and J's) of the regular preferreds have a $25 face value