The bonds still exist and trade. In the case of LEH thay trade flat which means no coupon payment. LEH senior unsecured paper is trading around 15 cents on the dollar last i checked. It is a play on recovery value at this point. Distressed investors buy these bonds becuase they believe ultimate recovery will be greater than 15 cents - i've seen estimates of up to 30 cents but analysts are all over the place on this. Or they are betting on receiving equity in new spun off companies that hold lehman assets, like their real estate holdings. I'd stay away from these unless you really know what you are doing. BSC to my knowledge never defaulted. They are JPM risk at this point and paying their coupons. I'm not sure if JPM has guaranteed the bonds of BSC yet or not. BSC still trades cheap to JPM and some guys have that spread compression trade on.Hope this helps --
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