Trups has its own prospectus to be followed.

But there is even no asset to be distributed on its level.

Not a loophole Swiss

Pursuant to the terms of the Amended Charter and the Amended By-Laws, LBHI is prohibited from issuing any non-voting capital stock except the one share of common stock to be held by the Plan Trust.
Specifically, the fourth provision of the Amended Charter provides that "[LBHI] shall not be authorized to issue any non-voting capital stock of any class, series or other designation to the extent prohibited by section 1123(a) (6) of the Bankruptcy Code....
138 See Amended Charter at 2.
Additionally, the Amended By-Laws provide that "nless otherwise required by law, no capital stock of the Corporation shall be issuable or transferable to any person other than the Plan Trust (as defined in the Plan)." See Amended By-Laws, Article VI, $ 1.“

Shortly after the end of the Reporting Period, the
loan notes issued by LBH to LP I, LP II and LP III in
2005 and 2006 were listed and admitted to trading
on the Vienna Stock Exchange, with the first trading
day being 12 October 2023.

And what was the stock worth?

Why should we debate "pari-passu".

It means on parity which is exactly what the prospectus says. On parity with what? The most senior preferreds. What are the most senior preferreds? The CTs. The CTS are the most senior preferred.

ECAPs said no thanks to that offer. They felt they would receive more under LBIE's subordinated position.

On January 20, 2009, the General Partner sent a letter to LBHI: (a) notifying LBHI that a Trigger Event occurred as of the Petition Date; (b) detailing the General Partner’s multiple previous oral and written requests to LBHI’s advisors to issue the Substituted Preferred Stock; (c) noting that the General Partner “must advise the holders of the Preferred Securities as soon as possible of the status of the Preferred Securities and whether Substituted Preferred Stock will be issued”; and (d) urgently requesting a response to the General Partner’s request for LBHI to issue Substituted Preferred Stock. See McKane Decl., Ex. 3. A month later, on February 24, 2009, LBHI sent a response letter to the General Partner, stating that “we cannot say at this time whether Lehman Brothers Holdings Inc. will be able to issue Substituted Preferred Stock, nor give you any indication as to when we will be in a position to determine the same.” See McKane Decl., Ex. 4.5

LBHI Subordinated Class 10A Notes
a. The Eighth Supplemental Indenture
The Indenture, dated as of February 1, 1996, as amended by the First
Supplemental Indenture, dated as of February 1, 1996 (together, the "Indenture") provides that:
The Company agrees, and each Holder of the Securities and related coupons by his acceptance thereof likewise agrees, that the payment of the principal of (and premium, if any) and interest, if any, on the Securities and related coupons is subordinated, to the extent and in the manner provided in this Article, to the prior payment in full when due of the principal of (and premium, if any) and interest, if any, on all Senior Debt.
See Indenture at §1401.
The Eighth Supplemental Indenture, dated as of August 19, 2005, provides that
"Senior Debt" means:
(1) the principal, premium, if any, and interest in respect of (A) indebtedness for money borrowed by the Company and (B) indebtedness evidenced by securities, notes, debentures, bonds or other similar instruments issued by the Company;
(2) all of the Company's capitalized lease obligations;
(3) all of the Company's obligations representing the deferred purchase price of property; and
(4) all deferrals, renewals, extensions and refundings of obligations of the type referred to in clauses (1) through (3);
but Senior Debt does not include:
(a) any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, subordinated debt securities; and
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(b) indebtedness for goods or materials purchased in the ordinary course of business or for services obtained in the ordinary course of business or indebtedness consisting of trade payables.
See Eighth Supplemental Indenture at §1.7 (amending §1401 of the Indenture by replacing only the second paragraph in its entirety).
b. Series 5065, Series 6222, Series EB 17 and Series EB 18
The (1) Fixed/Floating Rate Subordinated Notes due 2016 Series 5065, issued
pursuant to a final term sheet, dated as of September 26, 2006, under the EuroMedium-Term Note Program; (2) Floating Rate Subordinated Notes due 2037 Series EB 17, issued pursuant to a final term sheet, dated as of January 23, 2007, under the Euro Medium-Term Note Program;
(3) Fixed/Floating Rate Subordinated Notes due 2019 Series 6222, issued pursuant to the final term sheet, dated as of February 14, 2007, under the Euro Medium-Term Note Program; and (4) Fixed Rate Subordinated Notes Series EB 18, issued by LBHI on June 1, 2007, as described in the Lehman Brothers UK Capital Funding V LP Prospectus, dated as of May 30, 2007, are all subject to the provisions of the Amended and Restated Fiscal Agency Agreement, dated August 9, 2006 (the "Fiscal Agency Agreement"). The Fiscal Agency Agreement provides, in part, that:

Stocjock, LP UK Iv and the Lehman CTs is like apple and oranges. Completely different Lehman bankruptcy in Europe with a different pool of assets. Lehman US guaranteed the CTs, Lehman UK guaranteed the LPs in the UK. No legal link.

Joester??

LBHI Subordinated Class 10A Notes
a. The Eighth Supplemental Indenture
The Indenture, dated as of February 1, 1996, as amended by the First
Supplemental Indenture, dated as of February 1, 1996 (together, the "Indenture") provides that:
The Company agrees, and each Holder of the Securities and related coupons by his acceptance thereof likewise agrees, that the payment of the principal of (and premium, if any) and interest, if any, on the Securities and related coupons is subordinated, to the extent and in the manner provided in this Article, to the prior payment in full when due of the principal of (and premium, if any) and interest, if any, on all Senior Debt.
See Indenture at §1401.
The Eighth Supplemental Indenture, dated as of August 19, 2005, provides that
"Senior Debt" means:
(1) the principal, premium, if any, and interest in respect of (A) indebtedness for money borrowed by the Company and (B) indebtedness evidenced by securities, notes, debentures, bonds or other similar instruments issued by the Company;
(2) all of the Company's capitalized lease obligations;
(3) all of the Company's obligations representing the deferred purchase price of property; and
(4) all deferrals, renewals, extensions and refundings of obligations of the type referred to in clauses (1) through (3);
but Senior Debt does not include:
(a) any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, subordinated debt securities; and
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(b) indebtedness for goods or materials purchased in the ordinary course of business or for services obtained in the ordinary course of business or indebtedness consisting of trade payables.
See Eighth Supplemental Indenture at §1.7 (amending §1401 of the Indenture by replacing only the second paragraph in its entirety).
b. Series 5065, Series 6222, Series EB 17 and Series EB 18
The (1) Fixed/Floating Rate Subordinated Notes due 2016 Series 5065, issued
pursuant to a final term sheet, dated as of September 26, 2006, under the EuroMedium-Term Note Program; (2) Floating Rate Subordinated Notes due 2037 Series EB 17, issued pursuant to a final term sheet, dated as of January 23, 2007, under the Euro Medium-Term Note Program;
(3) Fixed/Floating Rate Subordinated Notes due 2019 Series 6222, issued pursuant to the final term sheet, dated as of February 14, 2007, under the Euro Medium-Term Note Program; and (4) Fixed Rate Subordinated Notes Series EB 18, issued by LBHI on June 1, 2007, as described in the Lehman Brothers UK Capital Funding V LP Prospectus, dated as of May 30, 2007, are all subject to the provisions of the Amended and Restated Fiscal Agency Agreement, dated August 9, 2006 (the "Fiscal Agency Agreement"). The Fiscal Agency Agreement provides, in part, that:

to an entity designated by the LBT Trustees to be incorporated under Dutch law (the "Entity"). The Entity shall not own any interest, directly or indirectly, in any Debtor or Lehman Tax Affiliate (other than LBT), nor shall any Debtor or Lehman Tax Affiliate be a direct or indirect beneficiary or owner of the Entity. The LBT Trustees shall cause the Entity to be formed prior to
the date of the transfer of the LBT shares“

Although LBHI has undertaken that, in the event that the Preferred Securities are substituted by depositary shares representing Substituted Preferred Stock, LBHI will apply for a listing for the Substituted Preferred Stock outside of the United States,

The LBT Trustees shall cause the Entity to be formed prior to
the date of the transfer of the LBT shares“