Lehman Brothers Financial SA (LEHNQ)

[highwaymap]

My take on each of the guarantee routes.

1. Subordinates claims - because of the covenant and dividend stopper, transactions in the past and currently in the UK should have the subordinated claims reclassed.

2. Parity- under parity - because NB, Lehman Bank and other affiliates who redeemed their preferreds, the CTs should be redeemed or should get the highest dollar value of all the affiliate redemptions.