Lehman Brothers Financial SA (LEHNQ)

[Vincentius]

according to the ad hoc's group plans,

"Class 5 – Subordinated Unsecured Claims.
(a) Impairment and Voting. Class 5 is impaired by the Plan. Each holder of an
Allowed Subordinated Unsecured Claim in Class 5 is not entitled to vote to accept or reject the
Plan and is conclusively deemed to have rejected the Plan.
(b) Distributions. Holders of Allowed Subordinated Unsecured Claims in Class 5
shall not receive any Distributions on account of such Allowed Subordinated Unsecured Claims
and instead such Distributions shall be allocated to the holders of Allowed Senior Unsecured Claims in accordance with Section 9.2 until all holders of Allowed Senior Unsecured Claims are fully satisfied in the Allowed amount of such Senior Unsecured Claims, in which case each holder of an Allowed Subordinated Unsecured Claim shall receive its (i) Pro Rata Share of Plan
Consideration and (ii) Pro Rata LBT Reallocation Share of Reallocated LBT Distributions, if any."

I'm not sure if the above statement is saying that class 3 must be paid in full before class 5 begins to receive distributions. If that were the case, why not cleary state that class 3's claims must be satisfied in full first?
Instead it states "Allowed amount of such Senior Unsecured Claims"

I guess my question is, what is considered the allowed amount? is it 100% of class 3's claims? or the plans ~25% distribution?
It makes think that once class 3 receives ~25% of their claims, then class 5 will begin to receive distributions along with everyone else.

vinny