As far as there being no evidence that Lehman will be a going concern, I find that to be on the contrary. While the old company Lehman may not continue on as we know it....I am almost certain that a "successor" will emerge. Essentially, what will happen is this...at some point after bankruptcy assets are liquidated and POR is finalized, the old Lehman books will be closed. We will most likely see more assets being transferred between entities and more signs of "merger" activity. Right now, the company is working on finalizing "liabilities subject to compromise" as well as working on those claims that are disputed or contingent. That tells me an end to this bankruptcy is near in sight because normally those claims are resolved near the end of the chapter 11 process. With the POR being finalized and old books being closed out, a merged entity or successor can emerge (this is in the POR! see the parts of the POR that talk about REITs and stock distributions). The emerged successor will then have a "Fresh Start" accounting and "Re-evaluation" that will be applied to the acquired or merged business (AKA the "successor") which includes the entire new corporation including subsidiaries that were not part of the bankruptcy filing) The company will have a newly valued balance sheet with less debt....in essence a leaner, meaner Lehman Brothers (although technically no longer Lehman Brothers Holding). Remember when the creditors were reported as "being against" a reorganization and Lehman execs replied that "Once out of bankruptcy, we can do whatever we want"...they are laying the groundwork for it now.
