Lehman Brothers Financial SA (LEHNQ)

[SwissCheeseAccount]

https://document.epiq11.com/document/getdocumentbycode?docId=1428329&projectCode=LBH&source=DM

In the alternative, even if liability for the Subordinated Guarantee Claims exists, the Subordinated Guarantee Claims should be subordinated in accordance with their terms, which rank LBHI’s obligations, if any, junior to LBHI’s obligations for LBHI’s subordinated debt and pari passu with LBHI’s preferred equity. Any liability for the Subordinated Guarantee Claims should therefore be reclassified as equity.

The Subordinated Guarantees provide that any claims arising from, in connection with, or in any way relating to, any failure of LBHI to pay under the Subordinated Guarantee shall have the same priority as, and no greater priority than, preferred stock interests in LBHI.

This further supports my theory of The 17,000,000 preferred equity being distributed to classes 10A-12 traditional preferred

thanks for the heads up on the docket highway