We actually agree on two things: (1) financials matter, and (2) Expert Market quotes are mostly noise. Where we part ways is the leap from those truths to “there’s a big payday coming.”
Quick reality check (LEHNQ = LBHI Class 10B):
Priority waterfall wins. Class 10B is subordinated. Under the confirmed Plan, anything that would go to 10B is automatically diverted to senior classes (3/4/5, etc.) until they’re paid in full, including required interest and any outstanding reserves. Until that happens, 10B gets zero. That’s not a vibe; that’s the governing document.
This is a wind-down, not a turnaround. The Plan Trust isn’t building a business; it’s liquidating and litigating, then paying creditors by priority. There’s no “future price” catalyst for a trust preferred at the back of the line.
Seniors first… and they’re not done. Ongoing distributions keep flowing upstream. As long as there are unpaid senior claims, post-petition interest, fees, or disputed-claim reserves outstanding, 10B stays blocked.
Structure matters. LEHNQ traces to junior subordinated debentures—contractually behind a wall of senior indebtedness. There’s no clause that magically springs 10B ahead because the stock quote had a good week (or because someone “feels” a payoff is due).
The Expert Market. We agree price prints there don’t reflect intrinsic value—so they also don’t foretell hidden billions for a subordinated class that’s still out-of-the-money.
Bottom line: If you want a payday case, show where every senior class has been satisfied in full (interest and reserves included) and what cash remains after that. If you can’t, then the documents already answered the question: no distribution to 10B yet.
Think of 10B like dessert at a wedding—it’s served last. Right now, the other tables are still eating..and they're only about 47% full after all these years. Go figure...
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