Replies to post #48219 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Deferred interest payments are far less than these totals.

This is what I like about payments being made now beyond classes 1 through 9

Classes 10 a,b,c
What gives

During any deferral period, neither Holdings or any of its subsidiaries will be permitted to make any guarantee payment with respect to any guarantee by Holdings of debt securities of any of its subsidiaries, if the guarantee ranks equal to or junior to the subordinated debentures.

The JPMCB corresponding Guarantee claim (66462) against LBHI ranks equal to the CTs subordinated debentures Guarantee. It is the CTs exact same JPMCB Guarantee against LBHI, according to the JPMCB September 9, 2008 Security Agreement.

This clause in the CTs prospectus prevents the Debtors from paying the LBSF and LBCC allowed claims with corresponding Guarantee claims against LBHI, unless they pay our CTs total deferred interest on October 2, 2014.


***Docket 46237***

8. JPMCB also filed claim number 66462 against LBHI asserting that LBHI is a
guarantor of, among other claims, the LBSF Claim and the LBCC Claim, and that such guarantee
obligations are secured by collateral pursuant to a Security Agreement dated September 9, 2008.On or about October 29, 2008, JPMCB applied certain LBHI cash purportedly pledged as
collateral based on a purported guaranty by LBHI against, among other claims, the LBSF Claim
and the LBCC Claim. Additional LBHI cash was later provisionally applied against the LBSF
Claim and the LBCC Claim pursuant to the CDA. As of today, a total of approximately $1.745
billion of LBHI’s cash purportedly pledged as collateral has been applied against the LBSF
Claim and the LBCC Claim.2 As a result, LBHI is subrogated with respect to $1.745 billion in
the aggregate of the LBSF Claim and the LBCC Claim.