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Lehman Auction Yields Little Guidance for Bondholders

"An auction of insurance on Lehman Brothers Holdings Inc.'s debt doesn't indicate what bondholders will recover in its bankruptcy, even as its bonds traded as low as 8 cents on the dollar, two analysts said.

While Lehman's CDS auction may not affect its bankruptcy, it has drawn unprecedented attention from those involved in the case, said Jonathan Henes, a partner at Kirkland & Ellis." 

This article appeared in its entirety in the October 10, 2008 edition of Bloomberg.