Assets 8.62 cents on the dollar...Lehman Credit-Swap Auction

[lrm21]

So this talk of buying assets at 22 cents to prop up the banks is crazy talk or a huge transfer back to the banks and overpayment.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aLkOZnNcDmSQ&refer=home

Oct. 10 (Bloomberg) -- Sellers of credit-default protection on bankrupt Lehman Brothers Holdings Inc. will have to pay holders 91.375 cents on the dollar, setting up the biggest-ever payout in the $55 trillion market.

An auction to determine the size of the settlement on Lehman credit-default swaps set a value of 8.625 cents on the dollar for the debt, according to Creditfixings.com, a Web site run by auction administrators Creditex Group Inc. and Markit Group Ltd. The auction may lead to payments of more than $270 billion, BNP Paribas SA strategist Andrea Cicione in London said.

The good thing this maybe starts to set a floor.