>>I guess you missed FRI. TRADING <<
Guess I did on LEHMQ, but LEHLQ was up 1400% for the day, LEHNQ up 180%, LEHKQ up 200%, and LHHPQ down 80%, I had about as much excitement as I could stand.
As I mentioned earlier, it is highly unusual for the preferreds to trade lower than the common. Once more traders discover the preferreds comparitive value we could see a nice move in them. Historically in similer situations I would say the preferreds sell for bout 3 x the common. Makes sense as they have a much better chance of seeing distribution at the end of the bk.
I don't know why LEH's preferred shares are so cheap. I saw them trade as high as 60 cents last week, and as low as a penny just Friday. I got some at 2 cents and I have no idea why I got a fill like that.
One problem may be the lack of volume. Of the four series I have listed, volume was just 626,000 total. It appears there is a real lack of not only sellers, but buyers too. Maybe those holding large positions are holding out for higher prices. Good to see they are not dumping. That is a good sign.
For now I think I will just stick with my play and leave the "no brainer's" to you others.
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