Lehman Brothers Financial SA (LEHNQ)

[SwissCheeseAccount]

It’s not that they are the favorite, it’s just that ECAPS 1-3 were next in line for cash payment from LBIE. LBHI tried to exercise the prospectus contract in the ECAPS and issue them their preferred stock thus satisfying the claim and moving the leftover cash from LBIE to LBHI. It didn’t work. However, LBHI still by law has to issue ECAP holders all 1-5 their substituted preferred securities as per contract law. Ecap holders tried to exercise their rights early in the bankruptcy but Lehman declined. I believe that is wrong doing on Lehman’s end which is why they are tangled up