Lehman Brothers Financial SA (LEHNQ)

[marayatano]

Find the Guarantee that has to do with principal, NOT payments. Bankruptcy trumps this guarantee.

What you have posted today is in relation to payments. This guarantee is not enforceable.

As I have said before, what you have posted (prior) is in relation to subordinate guarantees. Worthless.

Any recovery is dependent upon the recovery for subordinate bonds. If they recover, then the Cap Trusts recovers, just not as much as bonds. The Cap Trustee cannot do anything. The bond trustee takes the lead role, not the Cap Trustee.

You are looking at the areas.

Two people looking at the same thing see different have two different interpretations.

You need to consult an attorney.

imo

" Lehman Brothers Holdings acknowledges that the guarantee trustee shall enforce the guarantee on

behalf of the holders of the preferred securities. If Lehman Brothers Holdings fails to make payments

under the guarantee, the guarantee allows the holders of the preferred securities to direct the

guarantee trustee to enforce its rights thereunder. If the guarantee trustee fails to enforce the

guarantee, any holder of preferred securities may directly sue Lehman Brothers Holdings to enforce

the guarantee trustee's rights under the guarantee. Such holder need not first sue the trust, the

guarantee trustee, or any other person or entity. A holder of preferred securities may also directly

sue Lehman Brothers Holdings to enforce such holder' right to receive payment under the

guarantee. Such holder need not first (1) direct the guarantee trustee to enforce the terms of the

guarantee or (2) sue the trust or any other person or entity."