Abraham’s bosom

I have a non-WELS, Christian friend who spoke to me about Abraham's Bosom as a holding place for the dead before Jesus' resurrection. I have not heard about this in my upbringing as a WELS member, and wasn't sure how to carry on the conversation with my friend. What does the WELS believe about Abraham's bosom? Thank you.

We believe that “Abraham’s bosom” (“Abraham’s side” in many Bible translations) is synonymous with “heaven.”  The account of the rich man and Lazarus (Luke 16:19-31) explains that the souls of two men went to two vastly different places upon their deaths:  heaven and hell.

“Abraham’s bosom” is a fitting term for heaven when one considers that followers of the Lord Jesus are called sons and children of Abraham (Luke 19:9; Galatians 3:7).  The idea of “Abraham’s bosom” being a holding place for the dead before Jesus’ resurrection is what the Roman Catholic Church has in mind with its teaching of limbus patrum (limbo of the fathers).  The teaching has no scriptural basis.