Lehman Brothers Financial SA (LEHNQ)

[jwnoble3]

I too like the non-discharge clause. I also have a different twist that the top creditors had more to gain by allowing LBHI to unwind the notional value in derivatives (by allowing LBHI to remain in business long enough to unwind after BK). Also, the illiquid real estate has growing value. How much they had to throw a bone to equity to tap this $$ remains to be seen.

This is very much a lotto ticket with higher probability of a payoff (fewer tix and some w/deeper insight).

I'm in it w/all of you. GLTA JW