Lehman Brothers Financial SA (LEHNQ)

[toogoodfella]

disregard for the subordinated guarantee
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Absolutely yes due to no money is available to pay it.. the claim 10-B will be discharged from POR.

The trust can be discharged too if they want to. But the stock remains.

The subordinated debt is just a debt against the trust and not the CTs itself.

While the Preferred shares of CTs are true preferred, guaranteed by lbhi.

As a Cts holder, you are in fact holding a preferred stock that was issued by the trust but guaranteed by LBHI..

Without the guarantee, it will not be a Lehman stock at all because Lehman is not the issuer.

The problem of the three musketeers are the wrong interpretations of the guarantee.

CTS is a preferred stock guaranteed by the underlying fully paid common stock from Lehman.. And therefore equity.

Equity holders (without exceptions) are the true owners of Lehman company that have no money or asset left other than the NOL.

NOL is the only hope