Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

The common stock and yet to be issued preferred treasury stock (and there is probably some un-issued common treasury shares as well) have no value as Lehman owns nothing. So what can Lehman offer in value to debt holders for exchange? Common and preferred shares? More shares that own nothing and have no shareholder equity.

This is also going nowhere. You claim there is some value but can't show what it is. Common and preferred shares don't have value in themselves. They have to represent tangible value in something and there isn't anything.