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It Doesn’t End: Lehman Defrauded/Forgery

March 28, 2008

Lehman (LEH) now seems to have problems of another kind. Just when you thought it was going to get better, we hear of a new kind of ugliness. What next?

If nothing else, it is keeping us on our toes as the “good news” just keeps on pouring in!

Briefing:

13:32 LEH Lehman Brothers may lose *Y35 bln yen due to fake Marubeni documents, according to Nikkei – DJ (39.21 +0.50) -Update- DJ reports the co now stands to lose some *Y35 bln as a result of a investment deal in Japan that involved forged documents said to be from Marubeni, The Nikkei reported in its Saturday morning edition. Senior officials at Asclepius, a wholly owned unit of LTT Bio-Pharma, solicited funds from investors, according to sources familiar with the matter.

OH, by the way, that is $352 million converted, give or take a million.*

* Corrected 3/30/08

The Disciplined Investor

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Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.

Written by Andrew Horowitz · Filed Under Short Ideas, Stocks 

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3 Responses to “It Doesn’t End: Lehman Defrauded/Forgery”

  1. Steve on March 28th, 2008 7:43 pm

    What about MER? Take a look at the April 130 put volume today. Does someone know something?

  2. Steve on March 28th, 2008 7:43 pm

    sorry *30, not 130

  3. Andrew Horowitz on March 28th, 2008 10:41 pm

    Handicapping that someone is going to see some action early on next week…

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