The Capital Trusts are Capital Trusts that Hold Assets.
By definition!
Lehman’s doesn’t own the Trusts, the investors in the trust owns the revenue stream from the trust that Lehman’s securitized as bonds or preferred shares as covered notes and Lehman’s invested in 15% minimum as required.
Back in 2008 and before,
I have documented on the WMI discussion boards regarding the Series R made three payments a year two different ways. Two interest payments and one performance payment. The same rules applies to LBHI's Capital Trust securities, some Lehman’s preferred stock.
Our claim is covered by the performance payments. My basic math is ~2.1X face value.
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