Actually, Lehman and Barclays are still disputing in court what assets/liabilities were assumed. Lehman has accused Barclays of trying to "cherry pick" while refusing some of the liabilities that may have come along with those assets assumed. Despite that, another reason I have thought about concerning the time lapse of assuming CTs....I believe they are waiting for POR closeout. Remember, CTs were and still can be, reported as tier 1 capital. Tax advantages/NOLs may be affected if the change in ownership, or assumption/assignment takes place before POR closeout. Remember, Lehman asked the IRS to delay the reporting of cancellation of debt, or COD because the debt forgiveness would diminish NOLs.....the delay provides them with those tax advantages throughout the liquidation thereby maximizing recovery to creditors. After the POR closeout, the grandfathered TruPS are a benefit to any financial company who wanted to assume them, whether it be the emerged debtor, Barclays or US Bancorp.
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