Time to drop the 🔨
$1.276B is nowhere near the scale needed to bring Lehman back as a going-concern.
When Lehman filed in 2008, the asset–liability gap was massive:
Liabilities were on the order of hundreds of billions.
The “par value” of the Capital Trusts (~$1.2B) is just one small sliver of the creditor stack.
Even after years of liquidation, there are still tens of billions in senior claims ahead of CT holders in priority.
In bankruptcy terms, your $1.276B claim pool is like finding a glass of water when you need an ocean — it might fully cover the CT par value, but it’s nowhere close to recapitalizing an entire bank holding company to the point of emerging from Chapter 11 as an operating bank.
Go figure…
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