Why is Bear Stearns stock trading above the $5 per share range? The deal with JP Morgan Chase valued the company at $2 per share. MarketWatch floats one theory: Bond holders, desperate for the JP Morgan Chase deal to go through, are snapping up equity just so they can vote for the deal. Bankruptcy would be the worst-case for them. Of course, many shareholders are upset at what they see as a sweetheart deal. Joseph Lewis has been openly critical; he and ex-CEO Jimmy Cayne are said to be looking for a white knight. The stock movement may reflect the market's view that the deal for JP Morgan Chase was too good to be true and that a richer deal will somehow materialize.    

For more:
- here's the MarketWatch article
- here's a New York Post article on Lewis and Cayne's efforts

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