CT's are debt..Owed a few billion on redemption.. One way to redeem is a debt to equity swap into a new company...The swap the CT Debt for senior peferred of the new company..Now with that said..Lehman's would not need to pay to redeem the CT's..JUst swap them for shares of the new company ..No how his that..for wonder where the cash comes from to redeem...WOW!!!!!!!!!!
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