Why are you quoting the part of the prospectus the BK is not honoring? You have to find that language you posted in the POR. Its not there. Our CT Guarantee is not being recognized. That is an undisputed fact. Try again.
"YOU ARE NOT ENTITLED TO COLLECT ANY DEBT BECAUSE A PREFERRED SECURITY IS NOT A DEBT."
Technically, you are right BUT the CTs Prospectuses guaranteed that in the event of a Default of Payment of our Divvies, the Subordinated Debt 'underlying' the CTs should be 'turned over' to the CT holders as 'owners' by the Trustee. Either that or the CTs have to be 're-instated', IF and when LBHI emerges from BK as a "Going Concern".
This 'Going Concern' seems to be the Exact Reason that the ECAPS are getting paid their Divvies now.
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