Lehman Brothers Financial SA (LEHNQ)

[44centsAKAchoccake]

I don't know really, but we've got an irrevocable guarantee so we should survive if Holdings survives. Our shares are trading albeit thinly. There are $1.2b of face value CTs. Not that much really. Absolute priority rule helps us too.

Not too say that preferreds couldn't do well, but its a longer shot to get anything. I think the CTs have a decent albeit uncertain shot at going back to $25. I assume some hedge funds own a lot of CTs, guys that knew about the special characteristics of CTs, who would sue if we got explicitly screwed. We help with NOLs without diluting things too much for the upper classes. There is the residual asset but assets are presumably pretty illiquid so will take time to realize. I didn't have the patience to be in OBS, so I sold my preferreds at the last minute.

I don't understand the discharge issue, but whatever.