Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

ECAPS dividend? Play it again Sam!


LBHI's TRuPS get paid all of their back dividends or back interest first!

"from the immediately preceding Distribution Payment Date "

An ECAPS dividend is a dividend, even if it only covers one year! WLOLW

"Each share of Substituted Preferred Stock allotted will rank for any dividend from the immediately preceding Distribution Payment Date but otherwise will have no entitlement to any accrued
Distributions or any other payment in respect of the Preferred Securities."

How will the FCA react to the motion? I do not know!

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"OFFERING CIRCULAR
LEHMAN BROTHERS UK CAPITAL FUNDING LP
(a limited partnership organised under the laws of England and Wales)
¤225,000,000 Fixed Rate to CMS-Linked Guaranteed Non-voting
Non-cumulative Perpetual Preferred Securities
having the benefit of a subordinated guarantee of
LEHMAN BROTHERS HOLDINGS PLC
(incorporated with limited liability in England and Wales with registered number 1854685)
Issue Price: ¤1,000 Per Preferred Security

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5. Substitution for Preferred Stock

5.1
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Each share of Substituted Preferred Stock allotted will rank for any dividend from the immediately preceding Distribution Payment Date but otherwise will have no entitlement to any accrued
Distributions or any other payment in respect of the Preferred Securities.

Upon a Preferred Securities Substitution, each Holder (or, as the case may be, accountholder) shall
receive in respect of each A 1,000 Liquidation Preference of Preferred Securities, one depositary share representing Substituted Preferred Stock with a nominal amount of A1,000.

No Preferred Securities Substitution will take place and the Holders will continue to hold their
Preferred Securities and all their rights thereunder if prior to the Substitution Date, a winding-up of LBHI occurs."

https://www.bancobest.pt/ptg/bestsite/best_docs/lehman_xs0215349357.pdf

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"LEHMAN BROTHERS HOLDINGS CAPITAL TRUST VI

6.24% Preferred Securities, Series N

(Liquidation amount $25 per preferred security)

fully and unconditionally guaranteed, to the extent set forth herein, by

LEHMAN BROTHERS HOLDINGS INC.

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Important Covenants Of Lehman Brothers Holdings

In the guarantee, Lehman Brothers Holdings will covenant that, so long as any trust securities remain outstanding, if:

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there shall have occurred any event of default under the indenture,


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Lehman Brothers Holdings shall be in default with respect to its payment of any obligations under the guarantee, or


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Lehman Brothers Holdings shall have given notice of its election to defer interest payments and shall not have rescinded such notice, and while such interest is deferred,
then Lehman Brothers Holdings will not, and will not permit any subsidiary to:

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declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of Lehman Brothers Holdings' capital stock, or


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make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities of Lehman Brothers Holdings that rank on a parity with or junior in interest to the junior subordinated debt securities or make any guarantee payments with respect to any guarantee by Lehman Brothers Holdings of the debt securities of any subsidiary of Lehman Brothers Holdings if such guarantee ranks on a parity with or junior in interest to such junior subordinated debt securities, other than


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dividends or distributions in common stock of Lehman Brothers Holdings,


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payments under the guarantee made by Lehman Brothers Holdings in respect of the trust securities of the trust,


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any declaration of a dividend in connection with the implementation of a shareholders' rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, and


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purchases of common stock related to the issuance of common stock or rights under any of Lehman Brothers Holdings' benefit plans. "



https://www.sec.gov/Archives/edgar/data/806085/000104746905000357/a2149684z424b2.htm