Lehman Brothers Financial SA (LEHNQ)

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Our CTs should have been redeemed when Neuberger Berman redeemed their preferred stocks from LBHI. Or when LBMB redeemed their preferred shares or any other affiliate redeemed their preferred shares as stated by the subordinated guarantee which is backed by bankruptcy code 510(a). That is 25 RV. Period.

Heck recently, ECAPS and LBIE. They paid off their preferreds and other affiliates did so too. There are violations everywhere of the subordinated guarantee.

Just with the subordinated guarantee alone and bankruptcy code 510(a), the CTs if not redeemed should have not been classed into 10B. A redemption or reclass is the right thing to do if this Lehman Brothers holdings bankruptcy DO NOT PLAN TO VIOLATE BANKRUPTCY CODE 510(A) intentionally.

The judge chapman, the plan administrator and LBHI are all aware of the CT's subordinated guarantee, the violations and bankruptcy code 510(A). That is why the Plan Admin is not recommending LBHI to file the Important Covenants of LBHI.