The hedge funds that have been buying Lehman debt at a discount include some of the industry’s best-known operators – such as Elliott Associates, John Paulson’s Paulson & Co, King Street and Centerbridge Partners .

However, in spite of all the interest, buying Lehman debt is not an investment for the faint of heart. Sorting out the claims in the case could take years, and that means investors will have to pay big legal fees while waiting patiently for courts to rule.