Replies to post #108422 on Lehman Brothers Financial SA (LEHNQ)

[Jimzin]

Cotton it looks like you’re getting your crown back as King for all these great posts lately!

Git r Done!

[cottonisking]

CTs' Important Covenant:

make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities of Lehman Brothers Holdings that rank on a parity with or junior in interest to the junior subordinated debt securities or make any guarantee payments with respect to any guarantee by Lehman Brothers Holdings of the debt securities of any $$$subsidiary of Lehman Brothers Holdings if such guarantee ranks on a parity with or junior in interest to such junior subordinated debt securities, other than

•
dividends or distributions in common stock of Lehman Brothers Holdings,

•
payments under the guarantee made by Lehman Brothers Holdings in respect of the trust securities of the trust,

LBH PLC's subordinate Subnote (ECAPS' interest) rank higher than LBH PLC's subordinate subdebt (held by LBHI). The CTs' Subnotes are parity with the ECAPS' Subnotes. See prospectuses

PWC, as Joint Administrators in the UK, are on the hook to pay the correct Creditors.