Dear Mr. Tan,
The Minibond series is regarded as toxic product, so if we have somebody willing to take over as swap guarantor, will be toxic be removed ? I do not think so!
I bought the Minibond because I do not know so many things, eg. if one entites fail, all the capital gone !! If I had known it I will not buy. So even there is white knight is willing to take over Lehman Brother's role as swap partner, I would vote against it because the product is still toxic.
Please be reminded that the fact of the toxic had been known, and if we still vote for the white knight to take over, if there is any of the listed entities fail, there is no more recourse/protest for ignorance as is the situation now because all the risk had been made known.
If you vote for the new swap counterparty, there is a chance that the structured product can continue until the maturity date, and a higher value can be obtained from the underlying assets. During this time, there is still the risk that a reference entity may fail, or the underlying assets may fail. But, this is a risk worth taking.
If the underlying assets are redeemed now, the value will be extremely low.
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