There's been a whole lot of chatter about whether Lehman Brothers is actively pursuing a white knight to bail it out. Barclays has been the focus of the most recent spate of rumors. The AP reports that Morgan Stanley analyst Patrick Pinschmidt has issued a research note that found Lehman Brothers vulnerable, but points out that "near-term concerns appear overdone." He added: "We see a forced fire sale at a distressed discount to book value as highly improbable, and thus see little reason for the firm to explore a sale at this juncture." He also concludes that the firm has adequate capital to cover additional writedowns. Pinschmidt sees the stock at $31 a share. Book value of late has been about $33 a share.  

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