marayatano: good stuff but can i rewrite your post. Just a few corrections and you let me know what you think...
the ownership in lehman is the same because there is a no change of ownership in effect. Creditors are taking advantage of re-allocation from lower creditors to higher creditor or tax attributes until you are done liquidating or the debt is discharged.
In other BKs, provided there is a viable business, a new entity emerges with new shares trading owned by debt holder, old equity or a combination thereof. These holders can see the new securities in their stock accounts. They can buy more, sell or trade on the pink/otcbb/NYSE/NAsdaq, etc. These new holders are also getting interst/dividends, etc. depending on what security type they have.
Lehman:
In Lehman, same holders, same entity, same debt, same everything = a way to re-organization. The holders see the same security with the same "Q" at the end of their security trading in the greys (or their shares are lock up). Lehman = no divies, no interst payments, just recovery payments until there is a discharge and the bankruptcy is completely closed out after paying the default amount agreed upon in the POR.
There is a big difference here.
imo
You bet. Words are key and have meanings....go figure...devil
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