Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

There is no NOL play here. You read the balance sheet correctly. As I recall there is about $120+billion short fall of paying off creditor claims. As to creditors, the CTs are last in line. It was obvious there would be no recovery going back to 2011 when the disclosure statement was issued showing zero recovery for the CTs class 10b.

And the company every quarter says the NOLs will be fully used to offset cancellation of debt.

Docket 60877 - Quarterly Financial Report as of June 30, 2020 (Unaudited)

"In January 2020, the Company received a supplemental IRS ruling extending the original ruling relating to the Company’s liquidation. All remaining Debtor NOLs not previously utilized to absorb taxable income of the LBHI Tax Group are expected to be fully utilized to offset income resulting from the discharge of debt on the final date of liquidation of the Debtors."

Thee is zero chance that the CTs will see a recovery. If there was any chance at all the shares would be trading higher. They can't even demand the cost of option with no expiration.

You don't have to take my word, just read what the liquidators are telling you.

(1)Are the holders of the following securities (the “Trust Preferred Securities”) likely to receive any recoveries?

Response: The Trust Preferred Securities were issued by the non-Debtor entities identified above (the “Trusts”). Based on relevant prospectuses, the sole assets of the Trusts were certain subordinated debt securities (the “Subordinated Securities”) issued by Lehman Brothers Holdings Inc. (“LBHI”). Under the Plan, claims against LBHI on account of the Subordinated Securities have been classified in LBHI Class 10B. Based on the 2013+ Cash Flow Estimates filed on July 23, 2013 [ECF No. 38954], it is unlikely that the Trusts will receive any Distributions from LBHI on account of their class 10B claims. LBHI is not aware of any other assets currently owned or expected to be realized by the Trusts.

Other than myself, I don't think there is anyone knowledgeable here that understands the BK process and the CTs standing in that process.