Lehman Brothers Financial SA (LEHNQ)

[etzetrade]

it seems to me that debtors' economic solution is based on the merits of substantive consolidation but benefiting class 6. In other words, debtors couldn't use the terms "substantive consolidation" otherwise classes 6-8 are gone, and class 5 is survival.

On the other hands, substantive consolidation(i.e. same payout) is simple to not waste estate's money.

Maybe that is the reason that class 3 doesn't like it. Class 3 doesn't want to have a mixed way. The more important is that DS is giving more to debtors because intercompanies and LBHI are basically in the same group.

IMO