Lehman Preferred Series "J" Preferred (fka LEHJQ)

[pinda]

i've spent the weekend reading over this stuff. my belief is that they are going to a "private" ownership in LAMCO. Their "shareholders" are the current LEH share holders. You are correct that we can not trade LAMCO.

Where I think the classes are retained are in the event that Assets > Liabilities. ONLY then does this existing structure come into play. Thats where that statement in the original plan is VERY IMPORTANT. It's the definition of these two statemetns that holds the future of LEH shareholder's fates. Of course that is just my opinion.

Look at the two underlined statements below.

one new share of LBHI’s common stock shall be issued to the Plan Administrator which will hold such share for the benefit of the holders of such former Equity Interests consistent with their former economic entitlements;


each holder of an Equity Interest in LBHI may receive its Pro Rata Equity Share of any remaining assets of LBHI consistent with such holder’s rights of priority of payment existing immediately prior to the Commencement Date.