Tony Lomas says March 5, 2014 at 4:38 pm
There’s something about doubly bisyllabic names. Jackie Wilson. Tony Lomas. They draw you in. Anyway, Tony has a corker re the liquidation of LBIE, the Lehman London broker/dealer: it turns out that it wasn’t a balance sheet insolvency that collapsed this entity, but [rather] a problem of liquidity, and Lomas expects there will be a £5B surplus at the end of the liquidation. LBIE started with £15B of capital, so that isn’t bad. The markets are discounting a distribution of this surplus, with LBIE receivables trading at 140. Honey chilli, you make my day indeed.