Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Well, the POR told me to go and look at the "other financial Obligations" in the class 10B sub debt prospectus.

I wanted to know how "other financial obligations" were defined in your class 10B sub debt prospectus. LOL

Whatever the POR says do, I go and do it. The POR is the Bible.

I was just following the POR that was confirmed nine months ago on 12/6/2011.

Excluding below means that the other financial obligations are ahead of senior debt and your subrogated class 10B sub debt is riding in the back seat of the other financial obligations vehicle.

You should be happy knowing that you are going to get paid in full with interest.

This is not a normal POR. This POR is a hybrid POR. It is a mixture of liquidation (for IRS taxes) and a reorganization with the remaining assets.

Senior debt is excluded from having priority over "other financial obligations for classes 3,4A,4B,5. This is one of the reasons that it took so long to shuffle the classes around and get this POR approved. Like having The Paulson Group lay their cards on the table.

*********cut/paste from POR**********************

"Senior Affiliate Claim means any Claim asserted by an Affiliate of LBHI that is entitled to a contractual right of priority in payment to all Subordinated Claims (excluding an “Other Financial Obligation” as defined in the Class 10B Subordinated Notes or Class 10C Subordinated Notes), other than a Senior Affiliate Guarantee Claim."



***********cut/paste from class 10B sub debt prospectus

Subject to the payment in full of all Other Financial Obligations, the holders of the Subordinated Notes shall be subrogated to the rights of the holders of such Other Financial Obligations to receive payments or distributions of assets of the Corporation applicable to such Other Financial Obligations until the Subordinated Notes shall be paid in full

This means that we class 10B holders become "other Financial Obligations" listed in the POR definition of senior debt classes 3,4A,4B,5.

WOW LOL WOW
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