Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

A Member of the Law Professor Blogs Network

Tuesday, April 1, 2008

Lehman and UBS Announce More Write-Downs and Seek to Raise Capital

Lehman, the fourth largest securities firm that Wall St. has been watching nervously as the possibly the next Bear Stearns, plans to raise $3 billion through the sale of convertible preferred shares to unnamed American institutions.  NYTimes, Lehman Tries to Quash Talk by Raising $3 Billion; WSJ, Lehman Wants To Short-Circuit Short Sellers.

UBS announced it would write down another $19 billion because of U.S. real estate and structured credit positions and that its chairman Marcel Ospel would resign.  It also said it would seek shareholder approval to raise $15 billion of new capital in a rights offering.  NYTimes, UBS to Write Down $19 Billion; Chair Will Depart; WSJ, UBS Seeks Fresh Capital, Expects $19 Billion in Write-Downs.

http://lawprofessors.typepad.com/securities/2008/04/lehman-brothers.html

News Stories | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef00e551a1d6738834

Listed below are links to weblogs that reference Lehman and UBS Announce More Write-Downs and Seek to Raise Capital:

Comments

Post a comment