Replies to post #28844 on Lehman Brothers Financial SA (LEHNQ)

[wayne49]

I think because of the chapter 11 cancellation of equity the only rights the commons and preferreds have going into the OBS is the right to have claims to the remaining assets after the POR is satisfied in full and all reaffirmed debts are made whole. After that, everything else belongs to the OBS.

[cottonisking]

Hmmm! I wonder why it did not mention bankruptcy or insolvency? I have read this text in another prospectus. I think the text is still valid, however, the text may not apply because LBHI is in bankruptcy and insolvent.

For the purposes hereof, neither a consolidation nor a merger of the Company with one or more
other corporations, nor a sale, lease, exchange or transfer of all or
substantially all of the assets of the Company, shall be deemed to be a liquidation, dissolution or winding up of the Company.