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.
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