Lehman Brothers Holdings Capital Trust III (LEHKQ)

[The Godfather]

We don't want to be in the equity group. The equity will not get anything unless all the debt is paid first and that includes all the cap trusts. So, there is no way that the commons/equity group can do anything to the cap trusts because whether they like it or not, cap trusts are debt (junior unsecured bond debt) and needs to be paid before they get any value. So, sometime in the future... cap trusts will get paid IMO but the real question is.. when?