Lehman are buying their own shares in the open market for the last few days. They are pushing the price up, so they can get a better price with the $5B common stock offering. So they are actually raising money to buy their own shares. They are paying $34, and the offering will be $20 - $25.
Lehman have raised $4 Billion few months ago (When raising the capital they have said "we don't need the money"). Since that they have been using the window the FED gave the financial sector to borrow money. Raising cash around the world like Israel. In the Israeli news paper yesterday they were criticizing the mutual fund from Israel for giving Lehman the money for a high interest rate. Now they want to raise $5 Billion more and sell common shares.
In the last conference call back in March the CEO said that is goal in to hurt the short. Instead of focusing on the business.
David Einhorn fined differences between the last quarter report and the 10K. Like CDO the have hind (credit cards, etc)
Earlier today, short-seller David Einhorn of Greenlight Capital was back on CNBC to (re)state his bearish case.
If some will buy Lehman it's not going to be $44 nor $35. It is now worth $33. After raising $5 Billion in common shares and raising $4 Billion in prefer stock few moths ago. Borrowing who knows how much from the FED window. Someone has to pay the money back some day and pay interest as well, that is the company.
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