Lehman Brothers Financial SA (LEHNQ)

[keyownknee]

Thanks for your message, Joe.

Let's leave aside the whole COD question and focus on change of ownership. In bankruptcy, 382 seems to be slightly different. I could be wrong but it does not seem to guarantee shareholders any particular % of the company. Instead, it is the shareholders and the creditors together who must retain 51% in any merger after exiting BK.

I am surely missing something but I do not see where it says that the creditors can't own 100% of the new company. This would not count as "change of ownership" in a BK. Later, the new company might give up no more than 49% in post-BK mergers to take advantage of NOLs. That's where the change of ownership rule would come into play.

What am I missing?