Lehman Brothers Financial SA (LEHNQ)

[highwaymap]

ECAPS' is like the CTs correct? They have Trust preferred shares which are being held by ECAPs holders. So, if ECAPs settled, the cash went to their preferred shares. Our CTs are in parity with ECAPs preferreds because they are equity as LBHI or its affiliate from my understanding owns 100% of the ECAPS commons which makes them a wholly owned entity. Whatever the ECAPs Preferred gets, we should be in parity with.

NB and that bank both redeemed THEIR preferreds and commons. They are affiliates and we are in parity with the most senior preferred stock of LBHI or ANY OF ITS AFFILIATES.

that means the guarantee is only subordinate to all LBHI debt BUT NOT SUBORDINATED TO THE EQUITY OF LBHI OR ITS AFFILIATES.

They also brought up the Covenant. That is another beast.