Exactly jwnoble... that is from the CTs prospectus...this is why I referenced the ECAPS (European capital securities which are much like our CTs). European creditors stand to be paid 100 percent on the dollar, complete recovery. LBIE is LBHI's European subsidiary. Our CT securities would be ON PAR, or equal to, the recovery rights of those ECAPS holders. It is possible that the ECAPS holders will see payment in full for their securities. How does the debtor handle this situation? I believe there is no way around it....they must pay their U.S. counterpart, the CTs in full beforehand.
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