I posted what I believe will happen within the last 2 days I believe, so i rather not retype it or look for it (because I am at work and have to get stuff done).
Very briefly, I agree that a debt for equity swap will be the ultimate path, but I disagree as to whom the new equity will be distributed to. (this is where other have their opinions that goes on to differing paths).
IMO, any and all distributions will be for the benefit of senior creditors because the change of ownership would have been persevered for 3 years in which it will benefit the seniors to take everything without losing any tax attributes.
Now, not wanting to start a debate with anyone/everyone, there are others who have their opinions as well.
I just happen to be more conservative when I play BKs, as opposed others who are more optimistic.
No comment on COD but I don't think it is going to make a difference in the end because Lehman is Chapter 11 liquidation worded as a reorganization plan.
I must get back to work.
have a nice day.
imo
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