Just to see if investors were buying Lehman bonds in anticipation of a deal this weekend - with some anticipation that the debt holders would be made whole - I checked some of the bond pricing in the secondary market (offered for resale, not by Lehman).
The 6 month Lehman Brothers notes due March 13, 2009 are being offered at a yield to maturity (annualized) of 34%.
The one year senior notes due August 15, 2009 are being offered at a yield to maturity of 36%.
I'd say debt investors are not sanguine.