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Let's establish a property fund as a foreign investment fund (FIF) which is 100-per-cent owned by Thai people. Let's call it Global Lehman Property Fund.

This fund will mainly invest in Lehman assets whose prices are plummeting. Those who are interested in equity may separately set up another FIF called Global Lehman Equity Fund investing only in Lehman shares, which have fallen from more than US$100 (Bt3,425) a share to about $3 recently.

Interesting deal, right?

Many have foreseen the consequences of Lehman's bankruptcy as less credit liq¬uidity, lower US house prices and further bank and multinational corporation writedowns.

This is not taking account of Bank of America's takeover of Merrill Lynch and American International Group's struggle to find capital.

Former US Federal Reserve chairman Alan Greenspan has said: "This is a once-in-a-half-century, probably onceinacentury, type of event."

Thus, our new funds could be the right strategy, as we would buy cheap assets and wait until the right time before selling for profits.

This idea came after the US crisis reminded us of what happened to Thailand before and after the 1997 financial crisis.

Lehman, the fourthlargest investment bank in the US, has shocked the market with its collapse following the subprime spiral.

It also had a great role in the Thai market in the wake of the 1997 crisis. In August 1998, Lehman won bids for Bt11.52 billion out of a total of Bt24.62 billion worth of corporate loans, with property as collateral, put up for auction by the Financial Sector Restructuring Authority (FRA). It then transferred the rights to the Global Thai Property Fund.

This led to a scandal and to charges against Lehman and the FRA's former chairman Amaret Sila-on.

Now, the situation has reversed. Thailand's economic and financial status is far better than it was a decade ago. Our international reserves have skyrocketed to more than $100 billion, up from a net position of $800 million.

So, this is not revenge - let's take the opportunity.

Jiwamol@nationgroup.com