taken from the letter you posted...
Does this lend any new insight into the tired question/arguments of "satisfied in full"?
It appears BNYM is taking the term "not satisfied in full" as meaning "not paid in full"...am I wrong about that?
The Debtors have proposed a treatment of the claims of the holders of the Subordinated Debt Instruments that are held by the Trust, including the Trustee Claim, which are classified under the Plan as members of LBHI Class | 0B under the Plan. As proposed in the Plan, the holders of the Subordinated Debt Instruments, as members of LBHI Class l0B, will not be entitled to
receive any distributions on account of their allowed claims unless and until the holders of senior unsecured claims against LBHI (LBHI Class 3), senior affiliate claims against LBHI (LBHI Class 4A), senior affiliate guarantee claims against LBHI (LBHI Class 4B), and senior third-party guarantee claims
against LBHI (Class 5) are satisfied in full. Assuming the Plan is confirmed as currently proposed, it is not anticipated that the Debtors will have sufficient assets to satisfy in full the claims of those senior classes, and as such, the Subordinated Debt Trustee, as holder of the Subordinated Debt Instruments, is not expected to receive any distribution under the Plan on account of the Trustee Claim. In addition, the Subordinated Debt Trustee, as a member of LBHI Class l0B under the Plan is not entitled to vote to accept or reject the Plan on behalf of the trust, and is treated by the Debtors as having conclusively
rejected the Plan.
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