Lehman Files Status Update

Bankrupt Lehman Brothers posted a monthly operating report for January in which it disclosed a $1.8 billion increase in the cash of the bankrupt estate. At the end of January Lehman held total cash of $6.8 billion. The cash at LBHI alone is worth roughly 5 cents in recoveries to bondholders (assuming $150 billion in unsecured claims). The result does not seem to have impressed bondholders all that much, as LEH's bond are currently marketed 13-14, around the same place they were about a week ago.