Bear Stearns(BSC Quote) shareholders are up in arms over the $2-a-share price tag the firm is fetching in its federally funded bailout by JPMorgan Chase(JPM Quote).
Expectations are that a raft of lawsuits will be filed by angry shareholders, employees and other market participants, who are witnessing a $236 million buyout deal that values the 85-year-old firm's shares at a 90% discount to its closing price on Friday. The offer includes a $30 billion financing package by the Federal Reserve.
Billionaire investor Joe Lewis, a large Bear shareholder who has plowed money into the New York-based investment bank amid its trouble the past few months, referred to JPMorgan's buyout offer as "derisory" to CNBC on Monday. Lewis could look to lose about $1 billion in Bear Stearns since investing in the company over the past several months for prices as high as $177 a share in January. ...
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