Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

>>From the JS image of the what class 3 got in the first distribution:
Class 3_______Senior Unsecured______6.023822%

$2,938,657,746.90 / .06023822 = $48,783,940,594 <<

I think you may have a problem with your calculations. I know, why am I the bad guy that always finds these things. I could be wrong, but...

You are assuming that Wilmington trust is the sole trustee for all of the Senior Class 3 debt. I agree, what they wrote sounds like it, but remember that document is addressed to bondholders that they are the trustee.

I think that class 3 total is still closer to the $83 bil amount. Why? Because the first distribution amounted to $11.405 bil. Looking at your example showing $2.939 bil leaves $8.466 bil to the other classes. Assuming that all the claims shown in the disclosure statement were allowed (we know some were not) and using the percentage shown for each claim shown paid in the 1st distribution I show roughly $11.965 bil compared to the $11.405 bil shown as paid in the 1st distribution. If I use the $2.938...you show above, I can't account for about $2 bil that was paid out. You have to use the $83 bil in class 3 claims to reconcile the total 1st distribution.

I think...ran my numbers real quick but close enough that i think i am right. I just couldn't see total class 3 claims taking that big of a haircut from the disclosure statement. I think Wilmington trust does not represent all class 3 claims.