Lehman Brothers Financial SA (LEHNQ)

[uhlmant]

Sadly I am no longer in the Fatherland.

This is of course a very tricky and nuanced point. I am not certain that many folks within LEH ever understood the CTS to begin with.

I don't believe the CTs have intrinsic redemption value per se. I believe the value of CTs is derived from the trust claim in the BK. I think this claim will provide CT holders an avenue to own future assets/earnings/part of new LEH, or provide some type of direct settled recovery.

I know this doesn't answer your question. Sorry

Troy