Lehman Brothers Financial SA (LEHNQ)

[MoneyRobot]

Our CTs are subordinated to all senior debts and not subordinated to any subordinated debt securities or its equivalents of LBHI per the subordinated debenture description.

Per our Prospectus, we are subordinated to all LBHI liabilities but not subordinated to any equity of LBHI or its affiliates. We are with the most senior preference shares of LBHI and its affiliates.

In summary:

No one disputes we are subordinated to senior debt. We are not subordinated to any subordinated debt securities per the subordinated debenture. We are on parity with LBHI and its affiliates most senior preference shares per the guarantee. The covenants covers the subsidiaries.

A Strategy of the plan admin is to confuse senior preference shares with liabilities.

Its all moot since they expunge the guarantee but the sub debt debtbenture remains