Lehman Brothers Financial SA (LEHNQ)

[linda1]

I have tried phoning the Trustee too and I always reach his answering machine.


If Class 3 is higher in priority than Class 4 then Class 3 should also be receiving Class 4's distributions until paid in full.


I have looked under Priorities in the Chapter 11 Bankruptcy Code and there is a list but I can't see any Claims in the list that applies to Classes 3 - 8 and so I am wondering if they are equal in priority.


I think they are - and that explains why each Class is receiving equal recoveries of 14.7 %.



Class 3 - is 100% senior bonds


Class 5 - is 100 % subordinated bonds


In their respective contracts the senior bonds are entitled to be paid in full before subordinated bonds in the event of a bankruptcy.



Our Trustee is on the Unsecured Creditors Committee and may represent some of the Senior Bonds in Class 3 as well.



I will have to check the Claims filed by the Bank of New York Mellon to know for sure.