Lehman Brothers Financial SA (LEHNQ)

[marayatano]

...because they are NOT hybrid equity/debt (change of ownership does NOT apply)... and

CT/Subordaintes: you NEED CT/Subs because it give seniors MORE money if they keep CT/Subs alive until there is NO MORE DISTRIBUTABLE assets/cash. WITHOUT CT/Subs, the seniors do NOT get an extra payment.

Once all of Lehman is liquidated, CT/Subs has served its purpose i.e. REALLOCATION of lower creditor distribution to HIGHER creditors, then senior claim DEFICIENCIES are Discharged as well as anyone lower in the food chain.

imo