Lehman Brothers Financial SA (LEHNQ)

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WHY do these still trade as Qs, when the bankruptcy ended many years ago?

LBHI owns all the commons of each of the 4 individual trusts. We along with others own the preferred shares. LBHI is in BK. LBHI emerged back in 2011. LBHI have not exited BK. THE four CTs are not in BK. They were delisted once by mistake during the BK and relisted.

Does it have to do with the liquidation preference on the managing trusts that collateralize these securities?

Yes, and the Trustee also failed to uplist us back up. The assets which makes up of the sub debt is a variety of assets ranging from my research notes to real estate. ALL IMO have been sold and taken by LBHI. The CTs are not dischargeable unless they reissue the sub debt back to our Trust with a major exchange or LBHI redeem us. LBHI can no longer reissue the sub debt back to our Trust.