Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Thanks Rex Wu [W4] and LBHI and LBIE and "too the moon" with (20-cv-05823):




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BASIS


CTs' parity clause sinks LBIE's preference shares dividends in Rex/W4's 12/03/2021 motion:

"will rank pari passu with the most senior preferred stock issued from time to time by us and with any guarantee now or hereafter entered into by us in respect of such preferred stock or preference stock of any affiliate of ours "

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Quote:
"Our Company
Lehman Brothers Holdings Inc. ("we," "us," "our" or "Lehman Brothers Holdings") and subsidiaries (collectively, "Lehman Brothers"),
.
.
.

E-CAPITAL TRUST I
OFFER TO EXCHANGE ITS FLOATING RATE
ENHANCED CAPITAL ADVANTAGED PREFERRED SECURITIES ("ECAPSSM")"

"Subordination
The old trust guarantee constitutes, and the new trust guarantee will constitute, an unsecured obligation of ours. The new trust guarantee will rank subordinate and junior to all other liabilities of ours and will rank pari passu with the most senior preferred stock issued from time to time by us and with any guarantee now or hereafter entered into by us in respect of such preferred stock or preference stock of any affiliate of ours and senior to our common stock. The terms of the trust preferred securities provide that each holder of trust preferred securities by acceptance thereof agrees to the subordination provisions and other terms of the trust guarantee."


https://sec.report/Document/0001047469-06-007275/#toc_dg3146_7