Lehman Brothers Financial SA (LEHNQ)

[linda1]

Thanks very much.

I had forgotten about the 1 New Share in the
Plan Trust.

There appears to be a contradiction by LBHI. In
the Motion to extend the Term of the Plan Trust,
LBHI seems to be saying that it will only be utilizing
the NOLS - Tax Attributes - until LBHI 's Chapter 11
case is closed.

On the one hand it states - on Page 8 in the following
link -:

" It is not currently anticipated that any former
stockholder of LBHI will receive any distributions
as a result of its beneficial interests in the Plan Trust.

13. Unless otherwise determined by the Plan
Administrator, on the date that LBHI’s chapter 11 case
is closed in accordance with Section 6.6 of the Plan, the
New Common Stock will be deemed cancelled and
of no further force and effect. Plan at § 4.17(c). "


http://document.epiq11.com/document/getdocumentbycode/?docId=3102843&projectCode=LBH


And on the other hand it states in the above link
- on Page 5 - the Plan Trust's purpose:

" It also preserves important tax attributes of the
Chapter 11 Estates that ultimately benefit creditors,
fulfills certain securities laws obligations, and benefits
former stockholders of LBHI. ".

Just how much of the NOLS has LBHI been able to
utilize since it emerged from bankruptcy?