Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

HESTHEMAN: I think that LBHI will only pay back dividends on TRuPS to keep them active for a going concern business.

LBHI and the BNYM signed that particular propsectus at the VP level. It looks like the BNYM added the "subrogation part" before signing off on the document (last few paragraphs). The document has a conflict by the authors. I think this is why the BNYM will not comment on TRuPS.