Lehman Brothers Financial SA (LEHNQ)

[SwissCheeseAccount]

I wonder if once all payments to senior creditors are made (classes 3-9B) and they are deemed to be paid in full and final satisfaction, can classes 10A-11 receive the j shares and LBHI then discharges the the remaining debt of class 3-9B, and LBHI has no debt, and equity capital equal to the amount of debt owed in classes 10A-11 (which is about $15b? Not sure haven’t looked at it in a while) and can then perform some sort of spinoff or merger.