yes wayne lbhi is holding 20 bill in Claims and there is a reason. In August 2008 Fuld wanted to create a newco (Name spin real estate or so) with 20 bill "to save equity" was his statement. It was not allowed. In September Lehman was official insolvent. But in reality Lehman was not insolvent; Lehman was illiquide (cause of the morgan satan). The 200 pages study of Prof. Ball shows that Lehman had between -2 bill to +25 bill equity; take the median 11 bill.
Again. I think the 20 bill is for newco and equity will see 10 bill (50.1%). nols market value is 10 bill too
this 10 bill equity we have to split into the equity classes satisfied in full or not satisfied in full.
Lehman was never insolvent. We have a snowball system and Lehman is on the top of this Luzifer-system. Lehman is a member of the FED.
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