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Technology Stocks : ESLR - Evergreen Solar

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From: bob zagorin	9/18/2008 6:02:08 PM
	of 112

Evergreen Solar Details Lehman Exposure >ESLR DOW JONES NEWSWIRES Evergreen Solar Inc. (ESLR) on Thursday said it demanded the prompt return of 30.9 million shares from a Lehman Brothers Holdings Inc. (LEHMQ) unit. Marlboro, Mass.-based Evergreen said it loaned the shares to the Lehman unit, which then sold them and received all of the proceeds from the sales. Under an event of default, such as Lehman's Monday bankruptcy filing, the shares are required to be returned to the company, according to a filing with the Securities and Exchange Commission. In July, Lehman underwrote Evergreen's $374 million of 4% senior convertible notes due 2013. The alternative power company said it has a "capped call transaction" designed to reduce the potential dilution from the conversion of the notes into shares of common stock with a Lehman unit. The company said it might, among other things, terminate the capped call transaction and could seek to effect a similar arrangement with a new counterparty.

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