Lehman Deleveraging Smoke-and-Mirrors?

Readers may recall that this humble blog, thanks to the information provided by a former senior person at Lehman, reported that some of the investment bank's wondrous deleveraging (it was well distributed across products, geographies, and credit quality) was due to asset sales to newly formed hedge funds, R3 Capital Partner and One Williams Street, which had former Lehman MDs at the helm and in which the firm was a significant investor.

That of course begged many questions: were the sales really arm's length? Were there any financed? And if either of these funds got into difficulty, would Lehman wind up rescuing them?