Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Ultimately, the big payday for Lehman's current investors would come when the new, highly tax-advantaged company is finally sold or—heaven forbid—taken public all over again. Mr. Brandt said this kind of rebirth is almost surely what the company's new board has in mind, and it's much easier to do this sort of delicate work away from the glare of a bankruptcy court.

“I understand it might sound strange to a lot of people,” Mr. Brandt said. “But if you're a vulture investor, Lehman is a very interesting opportunity.”