Lehman realized a benefit by using the cash received to pay down other liabilities for a temporary improvement in the leverage ratio.

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Additionally, although the 2003 settlement agreement indicates the amount of cash Tucson agreed to pay for the fill, it does not value the other benefits Boone received.

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In other words, if you have a 23% IRR, then the calculation assumes that all cash flows received will be reinvested at 23%.

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