Replies to post #100233 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

New Quote:
Lehman Brothers Holdings' obligations under the guarantee are subordinated to all of its other liabilities. This means that Lehman Brothers Holdings cannot make any payments on the guarantee if it defaults on a payment on any of its other liabilities. In addition, in the event of the bankruptcy, liquidation or dissolution of Lehman Brothers Holdings, its assets would be available to pay obligations under the guarantee only after Lehman Brothers Holdings made all payments on its other liabilities, ECAPs' 4 and 5 equity, affiliates' equity and subsidiaries' equity.
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In Texas poker, LBHI has completed all of its liabilities payments. Therefore, our guarantee is effective.

[MoneyRobot]

Our CTs are subordinated to all senior debts and not subordinated to any subordinated debt securities or its equivalents of LBHI per the subordinated debenture description.

Per our Prospectus, we are subordinated to all LBHI liabilities but not subordinated to any equity of LBHI or its affiliates. We are with the most senior preference shares of LBHI and its affiliates.

In summary:

No one disputes we are subordinated to senior debt. We are not subordinated to any subordinated debt securities per the subordinated debenture. We are on parity with LBHI and its affiliates most senior preference shares per the guarantee. The covenants covers the subsidiaries.

A Strategy of the plan admin is to confuse senior preference shares with liabilities.

Its all moot since they expunge the guarantee but the sub debt debtbenture remains