Lehman Brothers Financial SA (LEHNQ)

[real777mellon]

Tell you what if the ASK is a nickel and they're actually filling orders again I would pay that at this point. I think we're gonna see 2025 domino effects of the end of the conservatorship of Fannie and Freddie and the whole saga of paying all the creditors (ourselves included) as I do believe those Fannie and Freddie shares used for LBHI in REPO 105 were never sold. If they have them anywhere they are not required to report them in filings because they are on OTC Markets Group "OTCQB" and not a stock exchange and SEC doesn't mandatory require reporting. Voluntary disclosure is sometimes done Bill Ackman Pershing Square discloses position in $FNMA and $FMCC (Fannie Mae and Freddie Mac common shs) at 9.8% of the total outstanding shares for each since 2014 when they bought them. BlackRock's UK affiliate disclosed 1.1% holdings in $FNMA (and I think $FMCC) as of August 2024. Capital Group also has disclosed since mid-2024 a holding of 3+M Fannie Mae Common Shs ($FNMA) + Jr PFD shares of Fannie Mae in it's signature fund that it's had since 1973 (The Growth Fund of America® ($AGTHX)).

Thinking the domino effect that lead to the folding and filing of LBHI into CH 11 plus knowing from the Jenner and Block "Lehman Brothers Holdings Inc. Chapter 11 Proceedings Examiner's Report" that Repo 105 involved posting Fannie Mae, Freddie Mac, and FHLBank securities and bonds as collateral for their $50B in operating cash/daily cash repos between LBIE/LBHI (LBI) that the dive in prices in August 7, 2008 conservatorship to the Sep 15, 2008 CH 11 filing leaves one thinking the possible revaluation of the AUM and qualifications they Trump admin promised priv sales of Fannie and Freddie for a second term leaves us with at least $50B + inflation adjusted value under LBHI's consolidated balance sheet (includes LBIE inside of it) to pay off Class 10(B) claims for our PFD shares as well as the full suspended cash distributions since 9/17/08 for each quarter since until the day of payout + a min value of $25 per share and a likely relisting on the NYSE. That is because CH 11 makes LBHI a clean slate company at some point. I imagine after even the common share creditors at Class 12 claims are paid in full we will see either:

1. Our shares become part of a some new Lehman Brothers operation that is either taken over in a merger and acquisition by another institution. So we get paid thru maturity with these assets being operational under DST structure thru 2052-2054.

OR

2. The clean slate company has enough $ to offer to buy out the remaining years of cash quarterly distributions and our min liq value of $25 per share owned so as to close operations and pay us a value we would accept for that event.

Win-Win. Time is ticking but we don't lose our rights and surely this is still open and not closed (CH11) for a reason.