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Thursday, August 08, 2013 5:06:55 PM
The obligation of LBHI was to make payments of dividends/redemption of face value to the Trust and then the Trustee would make the payments of dividends/redemption of face value to the CTS Holders.
When the BNY Mellon Trustee John Guiliano filed Claims on behalf of the CTS Holders he did state in the Claims that the SUB NOTES were linked to a corresponding CTS.
Each CTS cannot be separated from its corresponding SUB NOTE - and both share the same face value, interest rate, issuance and expiry date. The term " CAPITAL TRUST " means the CAPITAL is in the TRUST. The CTS are worthless alone and their value is in each of its corresponding SUB NOTE - held in the BNY Mellon Trust.
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