Lehman Brothers Financial SA (LEHNQ)

[marayatano]

Here is the answer to your question in plain English:

This Guarantee will constitute an unsecured obligation of the Guarantor and will rank (i) subordinate and junior in right of payment to all other liabilities of the Guarantor, (ii) on a parity with the most senior preferred or preference stock now or hereafter issued by the Guarantor and with any guarantee now or hereafter entered into by the Guarantor in respect of any preferred securities of any Affiliate of the Guarantor and (iii) senior to the Guarantor’s common stock. In addition, at all times such obligations will be structurally subordinated to the liabilities and obligations of the Guarantor’s subsidiaries.

This link was provided by you:

http://www.sec.gov/Archives/edgar/data/806085/000110465905001706/a05-1499_1ex4d05.htm

What does that mean?????

With a guarantee or without a guarantee, the CTs are still in the same position because the guarantee covers ONLY AFTER ALL OTHER OBLIGATIONS ARE PAID, then CTs will be paid.

That is why I say the guarantee is worthless.

If you can produce another document with different wording on the guarantee, I would like to view it.

imo