I dont have a link but have read reports in the paper and seen things on CNBC to this effect.
Oct 23 is D-Day by all accounts. The Lehman CDS holders were looking down the barrel of paying out 92c in the dollar that they "insure"
In theory it should be a zero sum game with a winner and loser, but the risk is that the counterparty will not have enough cash to settle (a pretty significant risk in my view)
Especially once you consider that the hedge funds and other speculators/dubious investors have insured these.
On top of all that, there are $60 TRILLION in these floating around the system with parties relying on their cover but unsure of who the counter party is nor their ability to pay.
BRM Price at posting:
67.5¢ Sentiment: LT Buy Disclosure: Held
