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Today may well be the day that Lehman (LEH) fails. No one should be surprised if the company goes into Chapter 11 today or if the government steps in to sell off pieces and guarantee the firm’s real estate portfolio to find a buyer.
It may only take one really big client walking out the door.
Before the market open, LEH is off 42% to $4.15 which makes its market cap a mere $3 billion. By many estimates, Neuberger Berman, the firm’s money management is worth three times that. Lehman also has valuable trading and investment banking operations.
Wall St. is giving the "bad bank" part of Lehman a value of negative $10 billion. And, that may be the best case.
Douglas A. McIntyre
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