Lehman last I check did not issue any new bonds. The ones trading is still old debt. If A holds bonds going into BK. A por got accepted and judge approved it. It then "exits" and executes the plan but the company is not quite out of BK they just dont need court approval for operations. The A sells bond which is still trading and B buys the bond. That bond is still OLD COLD DEBT. Am I right? I could be wrong..LOL...I am not sure to be honest but what little business law I have in me tells me its just changing ownership.
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