"they knew that most of these asset are junk asset, so they initially estimated a recovery in the POR of about 60B to liquidate "
So you are saying % of Actual Value to Sated Value = 60/360 = 1/6 = 16.67% That is let's say an "Impossible' scenario.I know Lehman had CROOKs but it is Highly improbabable that they "Infalted" the Asset Values by 83.33%... These "Bankruptcies" of Lehman & WAMU Wre essentially "Takedowns" to make sure the "Winners" made off with HUge Profits - The "Selected Winners (Yes Selected by Hank Paulson, Shiela Bair & Jamie "Demon":) were JPMC, GoldMan Sachs... BUT JPMC, as we now know could NOT get the Assets of WAMU STOLEN using the "BK" Cover (even though Shiela Bair, tried it) becuase Bair was DUMB enough Not to realize that FDIC had no authority to STEAL from a Parent "Holding Company" (which Washinton Mutual Inc wwas) and that it was 'separate' from the Bank itself...Cnsequently ALL Assets of WMI were put in Safe Harbor, remote from BK... I am expecting there are similarly many Assets in Lehman Subsidiaries (NOT LBHI) that are BK Remote and will return to LBHI AFTER this BK is wrapped up with Creditors Paid off in 'satisfaction'...
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