Goober, you are hitting on what I think is the most logical outcome based on what has happened in this crisis with all the major BKs and what the regulators and management all observed as a good outcome. The whole storyline is pointing to a spinoff of LAMCO to the reaffirmed debt holders. LAMCO is setup that way. The original intent was to break-out LAMCO and at the time, the creditors objected. After the POR is paid off, the creditors are satisfied in full. The spin-off can then happen.
As I said all along, the OBS will stay with the old Lehman with whatever NOLs ( I don't think there will be any) and LAMCO will be given to all the reaffirmed debt. Think about it, selected debt is being shuffled around and positioned lately in lawsuit and through settlements.
The most successful BK thus far is GM and they are the good bank/ bad bank model. GM had huge paper movement just like what Lehman is doing now coming out of BK. The two most high profile BKs in this era are Lehman and GM....go figure...devil
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