I can not really say that there is any preference on payment for the CT's. Other than no one ever getting a claim form for LHHMQ, yet receiving them for the other 3?
The indenture trustee filed for all 4 CT's and failed to mention the guarantee on all of them, yet filed under the guarantee on behalf of the senior subordinated.
We still have a long way to go before there is any end to the story here. In fact someone posted a news story about a legal precident that was just established in the Enron BK, after all these years. LOL
The Lehman zombies are still worthy of dancing IMO.
All the above is my opinion, after all who would believe me anyway since I drive a 1975 Vega!