Fabian R Lischka bio photo

Fabian R Lischka

Buenos Aires, Moers, Karlsruhe, Warwick, London, Palo Alto, Hong Kong; Goldman, Credit Suisse, HackerSchool, metric system, The Economist.

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Mike Cavanagh - JPMorgan Chase - CFO:
Okay, I think we're going to take just one or two more, operator.
Unidentified Participant:
Hi, this is (inaudible). I'm an individual investor. I was just wondering how this valuation helps the Bear Stearns shareholders rather than go through a Chapter 11 and an orderly liquidation of the assets of the company?
Mike Cavanagh - JPMorgan Chase - CFO:
I'm afraid you have to ask that question to Bear Stearns.
Unidentified Participant:
Well, I vote not to approve the sale.
Mike Cavanagh - JPMorgan Chase - CFO:
Okay. Next question, operator?

and, close to the end:

Susan Katzke - Credit Suisse - Analyst:
Okay. And just to clarify, does Bear Stearns own its building?

Bear Stearns shares traded at $170 a year ago, now they're bought by JPM for $2 a share because of (mostly) mortgage write-downs, and analysts worry whether that price at least includes the building...