Bankrupt and Distressed (BAD) Research and Due Diligence

[Enterprising Investor]

My answer is "zero".

Holders of bonds of the Lehman parent company would receive slightly less—about 21.1 cents on the dollar—compared with 21.4 cents in a prior plan. A group including hedge-fund manager Paulson & Co., which represents about $20 billion mostly in those bonds, had filed its own proposal late last year that pushes for a 24% recovery for senior unsecured creditors of the parent company at the expense of creditors of the subsidiaries.

CT's are not funded with senior unsecured bonds but subordinated debt.