Lehman Brothers Financial SA (LEHNQ)

[marayatano]

I will give you a hint:

CT/Subordinates are only needed for the enforcement of the reallocation clause to senior creditors.

Re: NOLs, you do not need CT/subordinates to retain NOLs/carry forwards/tax attributes. WHY? because there is a clause where there CAN BE A CHANGE IN OWNERSHIP and STILL RETAIN NOL/Tax attributes after 3 years.

Wonder why Lehman asked for 3 year for equity to be tied up as 1 share in a trust? Because after 3 years, every thing from seniors deficiency on down is discharged and they can still retain tax attributes.

Good luck.

imo