I'm just a common bystander in this LEH CT saga BUT the guarantee does say that it can not be discharged... Cotton, Toogood, LD and Hestheman can lend much more to the discussion.
I mentioned the situation that happened with ACDU a while back. I believe that Micmacpole reported on it when it first occured. ACDU held the subordinated bonds that we are connected to (the trust). ACDU sold at a loss because they felt BNYM was not representing the best interests of trust holders. The main thing ACDU was upset about was the "reallocation" clauses in the POR. ACDU investors were not able to think past that single issue so they sold at a loss. It was a bad move IMO. While yes, any monies that CT's might have gotten in liquidation will be redirected to senior debt holders....it is what happens AFTER liquidation that CT holders should be psyched about. ACDU either was not thinking that far ahead or was too impatient to wait for a return on investment. They themselves said it was a risk they were'nt willing to take. No risk = no reward. IMHO
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