Lehman Brothers Financial SA (LEHNQ)

[highwaymap]

I originally thought on one of Wu's emails he made a mistake that LBHI's subs cannot issue new stock, redeem stocks, etc etc under the covenant because the subs can do whatever they like. But, if they are subs that means LBHI owns the stock therefore, Wu is right. The subs cannot issue new stock or redeem their stock as long as the CTs are outstanding. It also applies to the junior sub debt/debt securities of LHBI and its subs.

You guys agree? Am I reading it right? Thanks.