Lehman Brothers Financial SA (LEHNQ)

[etzetrade]

The only thing I am worried about is that Lamco is playing BK11 "Liquidation" vs true BK11. Like Wamu, actually HFs have no intention to run WMI2 but only takes advantage of NOLs.

We know that Lamco will be dissolved after 3-4 years. In other words, Lamco will sell all residual values including NOLs at a discounted rate. If everything is sold out and still not sufficiently cover senior creditors, then CTs are toast.