Lehman Brothers Financial SA (LEHNQ)

[stoxjock]

Possible Exchange ratio:

Each new share issued par $1.00 but expected value $10.00.

1. CTs will be paid with Full FV.

Each share of CT = 2.5 of NewCo = 2.5 x10 = 25.

2. All Preferreds paid at 20% FV.

Each LEHPQ = 20 0f NewCo = 20 x10 = 200.


3. Each 25 FV Preferred => New Value = $2.5

Each preferred share = .25 of NewCo = .25 x10 = $2.5

4. Each Common of Lehman:

1 share of Old LEH = .025 of NewCo

==> 40 shares of Old LEH = 1 Share of NewCo.