Catching the falling knife. Let’s see what it feels like.
Joseph Lewis’ stakes in Bear Stearns went from $860 million down to $16.1 in about 6 months. $843.8 million of one person’s wealth just went poof! Just like that!!
With about 8.1 million shares, Mr. Lewis now has more equity in Bear Stearns than the firm’s chief executive, James Cayne. To buy the stake, Mr. Lewis’s Bahama-based funds, which have names such as Aquarian, Cambria and Mandarin, spent a total of $860 million.
