Lehman Brothers Financial SA (LEHNQ)

[ca90049]

The total sub debt is about $12.5B and the CTs are associated with about $1.2B of bonds included in that total. Whatever value we have derives from the value of those bonds. Linda1 put up some sub bonds symbols today (post 8473) and their values are not flying yet so we will wait and see if they attract any buyers in the future. They are a cheaper way to play the sub debt than buying CTs, so smart money might show up there first.