If not $48.45/share, CTs would have to be given the NEWly minted Common shares / New Preferreds/Re-instated as they are in the Emergent Lehman. There is no way that lehman BK case was so carefully crafted to preserve all the NOLs and the Old Equity put in OBS, IF they intended to just close down shop, without emerging as a new Company, after BKs are closed...Just IMO...