Lehman Brothers Financial SA (LEHNQ)

[linda1]

Classes 6 - 8 have more votes than Classes 3 - 4.


Votes are tallied in each Class and so yes the senior bondholders - Class 3 - could vote against the
POR.


I suppose almost any agreement is possible if there is agreement among the creditors.


In my review of some Chapter 11 bankruptcies there are compromises that have been made that do give more or less to certain unsecured creditors than other unsecured creditors.


The bankruptcy code sets guidelines to the treatment of claims in respect of priorities and it is my understanding that can be changed if there is agreement among the creditors.


I think I previously posted information about a bankruptcy in which the unsecured creditors were to receive nothing and yet there was a compromise by the secured creditors to the unsecured creditors of about $ 5 million to a trust - if my memory is correct.


And yet under the bankruptcy code the secured creditors did not have to compromise.