Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

Swiss, You still have not shown anything that proves that there will be remaining NOLs versus LBHI saying they will all be utilized. You have not shown anything to show that any assets will remain after all distributions have been made after the ordered total liquidation contrary to the modified plan saying all assets will be liquidated. Without any remaining assets your debt for equity scheme is dead.

The ECAPs are not in parity with the Cts because they were not issued by LBHI. They were only guaranteed by LBHI. And the ECAPs were given a subordinated claim against the estate due to that subordinated guarantee. And nothing says the Cts have class 12 equity rights. And, why would that matter anyways? Class 12 is subordinate to the CTs class 10b.

You have shown nothing that shows the equity will have any remaining assets.

I am a distressed debt specialist. Bought some distressed bonds today. So, technically I was wrong about post bk estate's name. And, wrong that I thought that Lehman filed and individual tax return along with their affiliates versus a consolidated return. Both immaterial facts when it comes to trading distressed issues.

My last word. I have left the building and now gone for the weekend.