Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

LBHI's TRuPS must receive back interest payments ahead of LP I thru LP V cash payments!

Why? Prospectus Enforceable Law

***

1) LEHMAN BROTHERS UK CAPITAL FUNDING LP I

"Such certificate will be issued, and the Preferred
Securities will be registered, in the name of Chase Nominees
Limited (the “Initial Limited Partner”) as nominee of the
Common Depositary."

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


2) LEHMAN BROTHERS UK CAPITAL FUNDING LP II

"Such certificate will be issued, and the Preferred
Securities will be registered, in the name of Chase Nominees
Limited (the “Initial Limited Partner”) as nominee of the
Common Depositary."


3) LEHMAN BROTHERS UK CAPITAL FUNDING LP III

"Such certificate will be issued, and the Preferred
Securities will be registered, in the name of Chase Nominees
Limited (the “Initial Limited Partner”) as nominee of the
Common Depositary."

4) LEHMAN BROTHERS UK CAPITAL FUNDING LP IV

"The Global Certificate
will be issued, and the Preferred Securities will be registered, in
the name of The Bank of New York Depository (Nominees)
Limited (the Initial Limited Partner) as nominee of the
Common Depositary."


5) LEHMAN BROTHERS UK CAPITAL FUNDING LP V


"The Global Certificate
will be issued, and the Preferred Securities will be registered, in
the name of The Bank of New York Depository (Nominees)
Limited (the Initial Limited Partner) as nominee of the
Common Depositary."

http://web3.cmvm.pt/sdi2004/emitentes/docs/fsd11800.pdf


**** Statement from LEHNQ 52520X208 Lehman Brothers Holdings Capital
Trust VI Prospectus"

"During any deferral period, neither Holdings or any of its
subsidiaries will be permitted to:

make an interest, principal or premium payment, or repay, repurchase
or redeem, any of Holdings' debt securities that rank equal with or
junior to the subordinated debentures; or
.
.
.
The guarantee will constitute an unsecured obligation of Lehman
Brothers Holdings and will rank:

on a parity with the most senior preferred or preference stock now or
hereafter issued by Lehman Brothers Holdings and with any guarantee
now or hereafter entered into by Lehman Brothers Holdings in respect
of any preferred securities of any affiliate of Lehman Brothers
Holdings, and
"

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