The Massachusetts Turnpike Authority will not take immediate action on five swaptions involving a Lehman Brothers Holdings Inc. subsidiary while, at the same time, officials continue to evaluate underwriting proposals on an $800 million refunding deal.

The authority's executive director, Alan LeBovidge, said officials will monitor the situation to determine the fallout of Lehman's bankruptcy filing on the five swaptions with Lehman Brothers Special Financing Inc. as counterparty. Ending the swaptions would cost the authority approximately $30 million, a move that LeBovidge does not favor. Instead, MassPike will wait and see if the bankruptcy filing will at some point force the swaptions to unwind.

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