That is why I said a while back, don't be surprised if a tender offer is made (at a discounted rate). With your numbers, CT's would be offered FV or close to it, but their would be no accrued dividends paid. CT holders would have to make a decision possibly. Under these circumstances, i'd have to say yes to that offer (risky business otherwise).
I would be very surprised to see Lehmans let the CTS default after 4 years of trying to clean up the mess and just getting started in paying off debt - it would send a horrific message to anyone looking at the Archstone IPO and the public in general - is Lehmans moving forward or are they going to take a step back ? I have to believe they are moving forward and the decisions concerning the CTS were made before March we just don't know what those decisions entail - the default will bring on accelerated payment in full anyway - seems some dividends will suffice all invovled for the time being - I will say Lehmans has kept the lid very tight on our outcome, which to me bodes in our favor - but some will see just the opposite - waiting
Market Data 
Markets 
AI
