Lehman Brothers Financial SA (LEHNQ)

[toogoodfella]

You're making me confused on what or who is the liquidating trust you are referring to. In fact, I only see two identities; the POR that is being run by the plan administrator, and the Plan Trust that is being run by the trustees. The plan trust represents the equity holders or one big share and therefore can act as the business owner with certain obligations to the creditors.

Assuming if the plan trust is no longer restricted by the POR's existence, the plan trust can then be free to make any business decision whether if decided to liquidate more or preserve all the remaining asset to start a new business.

With that said, the ownership of asset does not change, hierarchy rule of ownership must still be preserve. All of the remaining asset is still owned by the creditors as mentioned in the POR. Residual asset and NOL still owned by the equity holders.. All of this can be done by issuing new relevant stocks.