Replies to post #51331 on Lehman Brothers Financial SA (LEHNQ)

[MikeJones8]

If you've been following the WMI (Wamu) saga, we were left with substantial NOL's as well. It's been close to 3 years and still not even one acquisition to offset the NOL's and generate value. Having NOL's are one thing, knowing how to make use of them is another and it is all about having a knowledgeable, well connected, equity friendly, BOD to create opportunities. Unfortunately, WMI has a loser BOD.

[keyownknee]

Stoxjock,

Could you explain why you believe that Section 382 entitles shareholders to any particular percentage, indeed, any shares at all?

Is not the rule in BK slightly different, with "ownership" meaning shareholders and/or "qualified" creditors of the corporation within a certain testing period? In other words, is it not the shareholders and/or creditors that must maintain the 50.1% control? Could not that entire 50.1% go to the creditors?

I do not see where in 382 shareholders are required to retain any percentage of the new company or that they must be awarded shares to preserve NOLs.

Thanks and best wishes!