Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

You have asked this before, and I have replied before.

I have contacted the SEC on this matter several years ago.

The reason they continue to trade is because they represent a claim against the estate. The underlying debenture bond for the Cts with Lehman has been cancelled and replaced with a claim against the estate. When that happened they changed cusip numbers for the CTs. If you notice in docket filings they don't address transfers of debt, but transfer of claims. The exit plan called for the claims to remain transferable until the liquidation is complete. If you were to sell your shares technically you would not be selling the CTs but the claim against the estate they represent. As the judge noted in court, Lehman no longer operates.

Of course after the OTC quits making the shares available to trade, you will only be able to transfer your shares in a private transaction.