I will answer base on my understanding. If I were you, I would email Rex with that question. He normally responds with 24-48 hours.
1. LBHI does not own LBIE. LBHI2 owns under 50% interest of LBIE. LBHI owns majority of LBHI2, if not all.
2. LBIE going concern is good news for LBHI2/LBHI but LBHI2 is not the majority holder. We will see money but imo, we will eventually sell our lbhi2 shares and take the cash for distributions.
3. I am not sure how the NOL scenario plays into LBIE.
4. ECAPs have two payouts. One in the UK and one with LBHI. ECAPs was already in the money in the UK before the LBHI lawsuit. The US Bk payout is gravy to the ECAPs. ECAPs is compared to the CTs because of their Guarantee.
5. Both ECAPs and LBIE are relevent to the CTs, if our guarantee survives. Right now, its expunged. ECAPs is relevent because of the parity, covenants and their guarantee. LBIE is relevent because all the UK litigation stuff are subordinated debt waterfall and we are only subordinated to senior debts and senior debts do not include subordinated debt securities. LBIE is huge for us all around from guarantee/parity, covenants to subordination.
All these hinges on the guarantee.
I believe LBIE is also good for us in 10b. But, we have to fight for it. Or better yet, the 4 Ws are fighting for us while you folks trash them thinking there is an automatic pot of gold at the end of the rainbow.
Without the 4 Ws, we get discharged.
One more thing, the discharge provision that you guys quote currently is expunged
Without the guarantee being restated or Rex knocking out the order we are done.
LBIE is key. As Rex stated, "senior debt does not include subordinated debt securities". We needed to have the guarantee claim to be classed higher to get our dues but, its expunged.