WEST PALM BEACH, Fla., Jan. 7, 2009 (GLOBE NEWSWIRE) -- The law offices of McCabe Rabin, P.A., Neil B. Solomon, P.A. and Stein, Stein & Pinsky, P.A. have been retained by Florida investors to bring claims arising from alleged misrepresentations and omissions regarding the nature and safety of Main Street Natural Gas, Inc.'s Series 2008A Gas Project Revenue Bonds guaranteed by Lehman Brothers ("Main Street Natural Gas 2008A Bonds").
The law firms have learned that investors may have been told by their stock brokers at various firms that Main Street Natural Gas 2008A Bonds were "municipal bonds" and therefore "safe." In reality, these securities were not traditional municipal bonds guaranteed by the full faith and credit of a municipality. Instead, they were only guaranteed by Lehman Brothers, which is now bankrupt. Since the Lehman bankruptcy, Main Street Natural Gas 2008A Bonds have become virtually worthless. In selling these investments, certain brokers and brokerage firms may have misrepresented the true nature and risks associated with these investments.
A lead attorney investigating the sales of these securities, Neil Solomon, said, "Whether or not Lehman's bankruptcy was foreseeable is not the issue in these cases. If the investor was told that these securities were 'municipal bonds' or that they were 'safe,' then that investor may have a claim against the brokerage firm that sold the investment."
The law firms are available to speak with investors who purchased Main Street Natural Gas 2008A Bonds.