◆ Contrarian Corpus
Campaigns / Greenlight Capital → Lehman Brothers
Greenlight Capital vs. Lehman Brothers

Lehman Brothers · LEH

2 decks published between 2008-05-21 and 2008-05-21 — 18 pages, 9 analysed slides total. Outcome: won.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2008-05-21 initial thesis

    2008 05 Greenlight Sohn Conference Speech Transcript May 2008

    9pp · speech

    Lehman is using fair-value accounting tricks to hide CDO losses and inflate Level 3 marks; the firm is over-levered, opaque, and needs to recapitalize before the Fed has to step in.

    N 5 V 2 C 1
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  2. 2008-05-21 initial thesis

    2008 05 21 Einhorn Accounting Ingenuity Speech

    9pp · speech

    Lehman's $489M 1Q08 profit is accounting ingenuity — hidden CDOs, an unexplained $1.1bn Level 3 swing, and a fabricated KSK mark-up; it must recapitalize now.