And they performed a "WIGGLE" test. (I know you will find this hard to believe, but that is NOT an acronym for Wire Integration Gross Gyration Looseness Exam -- it's just a plain old wiggle test.) In any case, the wires all checked out -- and on went the flow toward a January 19 launch.
Although there are ISDA rules to cover such events, the sheer size of Lehman in the market (its gross derivatives positions will be hundreds of billions of dollars) makes this default a severe test.