Lehman Brothers Financial SA (LEHNQ)

[linda1]

I noticed in the Response that the Debtors are wanting some of the Objections to be deferred to the Plan Confirmation Hearing.



And the reason for the Plan Trust is to preserve the NOLS -



For securities laws purposes, and in order to preserve NOLs and certain other

valuable tax attributes3 that will maximize assets and thereby recoveries to creditors, on the

Effective Date all existing Equity Interests in LBHI shall be cancelled and one new share of

LBHI’s common stock shall be issued to the Plan Trust which will hold such share for the

benefit of the holders of such former Equity Interests consistent with their former economic

entitlements. On the Effective Date all existing Equity Interests in each of the Debtors other

than LBHI shall be retained by such holder and only cancelled if and when such Debtor is

dissolved in accordance with the Plan.



In the event that all Allowed Claims against such

Debtor have been satisfied in full in accordance with the Plan, each holder of an Equity Interest

in such Debtor may receive its Pro Rata Equity Share of any remaining assets of such Debtor.

Holders of Equity Interests should consult their own advisors regarding any

securities law consequences of the treatment of their Equity Interest under the Plan.