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Tuesday, October 02, 2012 11:36:16 AM
"Remember when I said the Lehman cap trust preferred securities were the cream of the crop in trust preferred stock issues? The Lehman TRUPS were designed to qualify with the federal reserve to be reported as tier 1 capital. One interesting note I found in the federal reserve guidelines was that it stated market value conversion features are generally prohibited. In order to redeem CT's they must actually pay cold hard cash in principal and interest. That is why I said don't be surprised if the reorganized company ask trust preferred shareholders for a vote to convert CT's in to common shares in the new company. I for one will vote NO"
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