Wall Street Manna

An irreverent look at Wall Street

Wednesday, September 19, 2007

LEND has a deal

Lonestar offers $11.75. First it was $15.10, and then the stock went to $5. Then an $8.75 offer. Now Accredited (LEND 9.78) shareholders get $11.75 cash, and a done deal. Wall Street screamed bankruptcy when the stock was six. Cramer said that the deal was iron-clad. It was a great trade down at six, when the cassandras were screaming sell. Now 10 million shorts find out the hard way what happens when you short first, and do your due diligence later. Chalk one up for the good guys, and chalk another one up for this blog.

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