Lehman's Solar Impact: Look Ma, No Hands

Evergreen Solar Inc (ESLR), JA Solar Holdings (JASO) and SunPower Corp (SPWR) are all feeling the Lehman bankruptcy pain due to their share loans they had with the 'Look Ma, No Hands' global finance innovator.

JA Solar and SunPower shares reversed early losses and borth up over 6% today.  Evergreen, not so lucky, how about a 25% decline in share price since Friday.

Evergreen Solar could face an earnings per share dilution of nearly 20 percent if the 30.9 million shares in lent to Lehman are not returned and take a $39.9 million non-cash charge it paid to the bank in fees.

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Its larger solar peer, SunPower, could see a 3.4 percent dilution in its share count, while JA Solar's dilution could be about 4 percent.

Under the deals, the three companies all lent shares to a Lehman subsidiary as part of stock issuances. If Lehman fails to return the shares as laid out under the agreements, they could be counted as part of their outstanding share counts, diluting the earnings per share of the companies.

Just to recap, here's how the deals were made:

Lehman Bros. - Look, we can pay you back, we're good for it, we can do it easier than riding a bike with no hands, whoaa, wait a minute...

Lehman Bros. - Are you telling me no one wants to bail us out, not the Fed, not BofA, what the hell!! CRASH!!!

Lehman Bros. - Ah, Snap!

Moral of the Story: Never loan money to people who can't pay it back and ride a bike with no hands.