Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

It is very clear in the prospectus that you have ownership in a trust. In the prospectus it also states clearly that if trust is not paid interest on the debenture that the trust will not have funds to pay a dividend.

You may say "well what about the guarantee?" The limitations to the guarantee are also well stated. Lehman filling bankruptcy stayed all demands for payment, guaranteed or not. BNYM was stayed from demanding payment. Their only recourse was to file a claim against the estate. That claim would have included the stated subordinate guarantee. BNYM followed the process by law. Keep in kind there are many more debtholders in class 10b other than the CTs. No one has raised an objection because there are no grounds to do so. The prospectus lays out very clearly where the CTs stand as to ranking in a bankruptcy. The creditor's put the CTs in to class 10b. If there was an objection it was suppose to be made by the bar date.

This has been discussed in court with Wu's case.