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Text size [+][-]  Saturday November 7 2009GLOBAL EDITION

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11 Sep 2008 16:27

Lehman legerdemain

By Hugo Dixon

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Lehman Brothers announced on September 10 that it will spin off to shareholders up to $30bn of its remaining commercial real estate assets. The deal is expected to close in the first quarter of next year.

Lehman shares were down 44% by mid-morning trading on September 11.

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It's not a bad idea in theory. But until the bank can actually complete a spin-off and raise external capital, the scheme to push $30bn of illiquid assets off its balance sheet is just accounting jiggery-pokery. The market has seen through that.

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