Lehman Brothers Financial SA (LEHNQ)

[linda1]

I think I found out in the "State of the Estate" document what Mr. Marshal meant by "Direct Claims"


Classes 1 - 5 of LBHI - which includes us - is listed collectively as "Direct Claims" in the State of the Estate.


Mr.Marsal's comment that they are going to attack the direct claims of LBHI to bring the 210 billion in filed claims down to 112 billion is really not going to change creditors' positions on substantive consolidation.


In fact - the 14.7 % recovery shown in the Disclosure Statement is based on estimated allowed claims of $ 103,986,000,000 for "Direct Claims" - Classes 1 - 5 of LBHI - and so the adjustment to 112 billion that Mr. Marsal is making is actually increasing the estimated allowed claims which means an even lower recovery than stated on the Disclosure Statement.


I don't think the Creditors are going to fall for that.