Lehman Brothers Financial SA (LEHNQ)

[stockmojo9]

cotton,

"Subordinated unsecured to secured" would be a good sign.

I need to read more to understand the point of all your legalese in your posts.

However, I did find this from the new LP IV (200M UK) & V ($500M USD) prospectus:

"3.10 The majority of funds raised by the Partnerships from the issue of the Securities were applied in purchasing subordinated note investments as follows:

3.10.1 LP I, LP II, LP III purchased subordinated notes from LBH.

3.10.2 LP IV and LP V purchased subordinated notes from LBHI."

So, it looks like issues IV & V are for the purchase of unsubordinated LBHI notes.

And, I think half of the $1.2B CTs are unsubordinated, unsecured LBHI bonds that have a valid claim approved by the Courts.

Plus, there is an attractive exchange rate between the British pound & the $USD.

Why didn't they mention the CT issues outright? They might still be trying to accumulate as many shares as they can until it's converted into another ticker.

Still reading. There is a lot to read.

mojo