Lehman Brothers Financial SA (LEHNQ)

[guster0]

I think that is what Mar, Has been trying to point out on this board..IMHO

But ACDU suffered a setback on March 15 when Lehman Bros., in its bankruptcy reorganization plan, proposed to treat holders of subordinate notes as unsecured creditors but transfer the funds to holders of senior unsecured notes and bonds. Under the circumstances, ACDU said, the only way for a Capital Trust stakeholder to receive any money would be for the senior notes to be paid at 100 percent of their face value during the liquidation process. ACDU believed it could claim payment guarantees if bankruptcy liquidation fell short of reimbursement to Capital Trust noteholders. However, the trustee, Bank of New York Mellon, contended that "the guarantee would only provide rights in the event a recovery is realized."