In recent decades, trading of distressed debt has become a well-developed market, with investors making or losing fortunes by betting on how much bondholders will get repaid once a company goes bankrupt.
In addition to the bondholders, there are often large numbers of other unsecured creditors, many of which could get paid as much as the bondholders when the bankruptcy process is eventually completed.
In recent months there have been moves to increase trading of these so-called bankruptcy claims, but activity is expected to grow rapidly as investors seek to make money on the more than $600bn of claims so far filed against Lehman.
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