RE: Why are the words "Plan of Reorganization" wonderful? I looked them up here and I don't see much to hang one's hat on:
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DIDN’T YOU GET THE CLUES?
I will only show two clues but there are some more.
THE FIRST EXCERPT, LBHI Motion is to put a protection of NOL against COD INCOME TAX. (Why protect it if you don’t need it)
1) Docket No. 6699] (the “Motion”), pursuant to sections 105(a) and 362 of title 11 of the United
States Code, 11 U.S.C. §§ 101-1532 (as amended, the “Bankruptcy Code”), seeking entry of an
order authorizing the Debtors to establish certain restrictions and procedures applicable to trading in Securities1 (collectively, the “Procedures”) in order to protect the potential value of
Lehman’s consolidated net operating tax loss carryforwards (“NOLs”) ….
THIS SECOND EXERPT, LBHI TRIED TO EXCHANGE ECAPS WITH EQUITY SHARES. (What’s the use of equity shares if they don’t plan to stay in business)
2) The Proposed Substitution
By the Motion, the Plan Administrator requests authority to issue Substituted Preferred Stock under LBHI's Pre-Effective Date Charter as if such stock had been issued on the Petition Date. If the Plan Administrator is authorized to issue Substituted Preferred Stock, LBHI states that it will then seek authority to instruct the General Partner to deliver such Substituted Preferred Stock to ECAPS holders to effectuate a Preferred Securities Substitution, after which (i) ECAPS holders would be entitled to a portion of the distributions for holders of LBHI Class 12 Equity Interests under the Plan; and (ii) the net value of the Partnerships…
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