So yesterday Lehman filed a motion, asking for permission to buy stakes in the CDOs that have been the subject of dueling opinions in New York and London. The plan is to buy the stakes and force an unwind in Lehman's favor.

But now that Lehman has filed the motion, don't the hedge funds buy up the notes, knowing that there will soon be an eager buyer?  (The motion will be heard on April 20, by which time it may become pointless if the price goes up too much — so the funds need to be careful not to overplay this.)