Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Continue into 2021, response to highwaymap's post:

An insolvent LBHI always had the option to convey the CTs' debenture s to the CTs' holders, but, the BNYM proved to be the perfect player and buffer for LBHI. Who wants to wait to get value or cash for ten plus years?

"LBHI and the BNYM terminated the CTs' subordinated guarantee with bankruptcy code 510(a) [disabled the CTs' far reaching parity clause] and by filing our claims under the indenture and by expunging over 1700 claims that were filed under the CTs' subordinated guarantee.

"Termination Of The Guarantee

The guarantee will terminate as to the preferred securities upon full payment of the redemption price of all preferred securities, upon distribution of the junior subordinated debt securities to the holders of the preferred securities or upon full payment of the amounts payable upon liquidation of the trust. The guarantee will continue to be effective or will be reinstated, as the case may be, if at any time any holder of preferred securities must restore payment of any sums paid under the preferred securities or the guarantee."

Link To IPO Prospectus: https://www.sec.gov/Archives/edgar/data/806085/000104746905000357/a2149684z424b2.htm

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1) LBHI set aside assets for their Chapter 11 Plan. These assets have been monetized and paid to creditors. LBHI has billions more in cash to receive from the outcomes of their legal cases.

2) LBHI set aside other assets for their going concern UK businesses. These assets give LBHI the leverage to assume billions in existing financial contracts. LBHI must prove to a counter-party like the BNYM that they can meet the financial obligations of these contacts.

3) The CTs have 'dividend stopper' and 'parity' clauses in their subordinated guarantee contracts for a reason. If LBHI has cash flow, LBHI must pay the CTs' dividends, otherwise, the cash flow stops. LBIE's Class A preference shares have cash flow for the ECAPS and CTs.