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Sunday, September 26, 2021 9:08:13 AM
Doesn't work that way. The final distribution only reduces the debt subject to compromise by the amount of the distribution. A distribution final or not is not a settlement of debt. It is not paid in full. It is paid to satisfy debt as to the limitations of what the liquidated estate can pay towards that debt.
Paid in full means the creditors as been paid in full. Paid in satisfaction means the creditor as been paid to the extent of the estate and may claim funds still owed as a tax deduction which generates cancellation of debt income to Lehman which offsets any tax assets (NOLs) they may have.
Those taking the voluntary last distribution can now claim losses if they have them. Many don't as the debt was transferred to them, with the original holder taking the loss, and the buyer of the deby more than likely now having a profit.
Joe Stocks
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