This is a question I posted on SE, and I have been advised to post it here.

https://math.stackexchange.com/questions/146427/subspaces-of-l-p-and-banach-mazur-distance

It is well-known that every subspace of $l_2$ is *isometric* to $l_2$. When $p\neq 2$, $l_p$ has subspaces that are not even isomorphic, let alone isometric, to $l_p$. Suppose $X$ is a subspace of $l_p$ with $p\neq 2$ such that $X$ *is* isomorphic to $l_p$. What can one say about the Banach-Mazur distance between $X$ and $l_p$? More precisely, which one of the following mutually exclusive options holds true:

1) Given $K$, there exists a subspace $X$ of $l_p$, isomorphic to $l_p$, such that for any isomorphism $T:X\to l_p$ one has $||T||\cdot||T^{-1}||>K$.

OR

2) There exist a constant $K$ (possibly depending on $p$), such that for any subspace $X$ of $l_p$, isomorphic to $l_p$, there exist an isomorphism $T:X\to l_p$ such that $||T||\cdot||T^{-1}||\leq K$.

Intuitively, I very strongly suspect it is 1) but I do not have an argument to exclude 2) and, if it is indeed 1), I would like to see a concrete example of a subspace having that property.