Briefly:
The "Q" will stay on. Only the entity that actually emerges from BK will have no "Q".
Lehman will liquidate everything liquid up until the remaining assets/subsidiaries (or illiquid assets in no particular order). Projection is 3 years, with extensions, to liquidate.
Those remaining subsidiaries will either be sold to an acquirer or new shares issued to the remaining impaired allowed claims creditors (plus interest).
Example: The average creditor is expected to get 18 cents on the dollars. The balance of 82% is still impaired. The "value" of the subsidiary will be distributed to that creditor class OR proceeds from a sale of the subsidiary distributed to that creditor class.
If that creditor class decides have the entity trade publicly, that entity will NOT have the "Q".
All remaining impaired creditors will be discharged. Old Lehman debts do not follow the new entitiy after discharge.
End of "old" Lehman and beginning of "new" entity.
imo
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