Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

>>This whole 'Hierarchy/Ranking' that is driving the 'Recovery' for the various Asset Classes, is in fact structured based on the Underlying Prospectuses of those Asset Classes.<<

Exactly. And the various assets were assigned classes and given a claim against the estate based on those classes. That "claim" is the debtholders new "debt" holding, replacing the old debt represented under the old prospectus agreements.

Again, read the dockets. You don't see old debt being transferred. You see claims being transferred. A CT share is a claim on a claim against the estate to be paid as to priority. It is no longer debt, per se. The debt itself has been adjudicated. It is a claim on assets. Unfortunately for the Ct holders, Lehman will run out of asets to be liquidated before those claims can be paid.