NEW YORK Oct 10 Sellers of protection on
bankrupt Lehman Brothers LEH.N LEHMQ.PK are facing losses
in the area of 91.25 percent of the insurance they sold, based
on the initial results of an auction on Friday to determine the
value of the credit default swaps.
The net open interest was $4.92 billion to sell the debt,
indicating the final price may be lower than the initial
recovery levels of 9.75 percent, according to results published
by auction administrators Creditex and Markit.
(Reporting by Karen Brettell; Editing by James Dalgleish)