Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

>> LBHI is arbitrary in disbursements if they are paying ECAPS and not CTs.<<

The ECAPs are a product and were sold by the Lehman UK European unit, LBIE. They were paid out of that estate through the UK BK process. The CTs were sold by LBHI. They can only look to payment from LBHI. There is nothing arbitrary about the payments. Some Lehman affiliates had enough assets to pay their debtholders in full. Others, most, not able.

The disclosure statement shows estimated recoveries for all Lehman BK US affiliates on page 6.

https://www.sec.gov/Archives/edgar/data/806085/000119312511239866/dex991.htm