Lehman Brothers Holdings Inc. (fka LEHCQ)

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LEHKQ- Lehman Brothers Holdings Capital Trust III 6 3/8%
LEHLQ- Lehman Brothers Holdings Capital Trust IV 6 3/8%
LHHMQ-Lehman Brothers Holdings Capital Trust V 6%
LEHNQ--Lehman Brothers Holdings Capital Trust VI 6.24%

These trusts hold Subordinated Deferrable Interest Debentures. This means that this stock is ahead in recovery of all preferred and common stocks as it is a debt. However, it is the most junior form of all debts. Given that asset and liability filings, this stock has the greatest chance for recovery. Typically, in Chapter 11 preferred and common stocks are canceled and the debt holders become the new stock holders. Since this a debt, if this bankruptcy goes the typical route, all of the debtors will agree upon a division of the assets and new stock will be issued to them with the old stock being canceled. Given that assets approximately equal liabilities currently, this stock has the highest probability to see some sort of value returned.
The reason these are called "trust" preferred shares is because they are issued by a trust that has been formed to purchase subordinated debt from the company. The trust then sells the preferred trust shares.
Thus the interest the company pays the trust on the debt becomes tax deductible to the company & holders avoid a 15% dividend tax.
When the trust pays annual interest to the shareholders they pays income tax on the interest income. Shareholders do not pay the 15% dividend tax rate as it is interest not dividends.

Not many of these shares issued (48 million):
6.375% Preferred Securities, Series K: up to 12.0 million
6.375% Preferred Securities, Series L: up to 12.0 million
6.00% Preferred Securities, Series M: up to 16 million
6.24% Preferred Securities, Series N: up to 8 million

Someone correct me if I am wrong, but I believe the trustee for the above securities are represented in this chapter 11 case. I cannot say the same for the commons. IMHO