Right - securities listed on an exchange are not subject to state securities regulation, but that would only relate to LC shares that are traded after the IPO. The debt offering through which we buy notes is separate, and would have to have its own basis for exemption from state regulation no?
I know that you get blue sky preemption for securities that are senior to securities traded on an exchange, but I dont know that that would apply here - the notes should be senior to LC common stock, but stranger things have happened at sea. But then the notes would have to stay on LCs books no? If they did an spv for bankruptcy remoteness, then the notes would need their own basis for exemption from state laws no? Excuse my typos!