Lehman Brothers Financial SA (LEHNQ)

[stockmojo9]

Barclays states in Court they did not buy or assume debt. But they have assumed Liabilities connected with the transaction.

From Barclays Lehman Acquisition Clarification Letter:

"3. Assumed and Excluded Liabilities. Clause (a) of the definition of "Assumed Liabilities" consists solely of all Liabilities incurred by Purchaser and arising after the Closing in connection with the Business. Clause (d) of the definition of "Assumed Liabilities" in the Original Agreement is understood as though it read as follows: "accounts payable incurred in the Ordinary Course of Business of Seller after, with respect to each entity comprising Seller, the date on which such entity commenced a voluntary case or cases under Chapter 11 or Chapter 7, as the case may be, of the Bankruptcy Code, associated with the Business (other than accounts payable arising out of or in connection with any Excluded Contract), including, for the avoidance of doubt, to the extent arising after such date (i) invoiced accounts payable and (ii) accrued but uninvoiced accounts payable)." Consistent with the other provisions of this Letter, no Liabilities described in clause (i) of the definition of Assumed Liabilities shall be "Assumed Liabilities." For the avoidance of doubt, any Liabilities of Seller or its Subsidiaries under the $15.8B tri-party repurchase facilitiy dated on or about September 18, 2008 funded by JP Morgan Chase shall be "Excluded Liabilities.""

Has anyone a compelling reason that the Liabilities Barclays has assumed do not in fact include the CTs that are not a part of the BK and simply not paid by former-Lehmanites who want to accumulate them on the cheap during a 20 quarterly payment period when no coupons are paid?