Source: The Deal Newsweekly

Big questions will forever hang over the spectacular demise of Lehman Brothers Holdings Inc. The collapse of America's fourth-largest investment bank easily ranks as the single largest bankruptcy in history and one filled with staggering superlatives. Assets at the time of filing on Sept. 15 were $639 billion. Liabilities were $613 billion, or nearly 20 times the previous bankruptcy record set by WorldCom Inc. Lehman owed $150 billion in bond debt alone, more than the entire Russian debt default a decade earlier. Credit default swaps underlying Lehman's debt reached up to $400 billion.

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Rodman & Renshaw Capital Group, Inc. will hosts a conference call discussing it's investor presentation regarding the proposed combination with Cowen Group, Inc. The call is hosted by Michael Lacovara and David Horin, Rodman’s Chief Executive Officer and Chief Financial Officer, respectively.

to Discuss the Proposed Combination with Cowen Group, Inc. Today at 10:00 AM Eastern

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News) (“Rodman”), today announced that it has released an investor presentation regarding its proposed combination with Cowen Group, Inc. The presentation is available through the investor relations page of Rodman’s website (www.rodm.com) and includes additional details of the proposed combination. The presentation, which has been filed with the Securities and Exchange Commission (“SEC”) under Rule 425 of the Securities Act of 1933, is also available on the SEC website at www.sec.gov.

Summary: Helsinn Healthcare SA and Zealand Pharma A/S today announced that it has signed a partnering agreement, for the development and worldwide commercialization of Zealand’s ZP1846, a GLP-2 (glucagon-like peptide-2) receptor agonist which provides a novel way to treat chemotherapy-induced diarrhea (CID), a debilitating condition affecting patients undergoing cancer treatment with a range of chemotherapies.

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Rodman & Renshaw Capital Group, Inc (NASDAQ: RODM - News) (“Rodman”), today announced that it sent a letter to the Board of Directors of Cowen Group, Inc. (NASDAQ: COWN - News) (“Cowen”) proposing a merger transaction in which Cowen shareholders would receive $7.00 per share consisting of 50% cash and 50% Rodman common stock.

... in Letter to Cowen Group, Inc. Board of Directors

Rodman & Renshaw Capital Group, Inc (NASDAQ: RODM - News):

• Combination would create premier investment bank with a broad franchise uniquely positioned to capitalize on near and long-term opportunities;

• Compelling strategic fit due to shared sector focus and complementary strengths across products and services;
• Generates opportunities for significant operational efficiencies and revenue synergies;
• $7.00 per share offer represents approximately a 20% premium over the closing price of Cowen’s common stock of $5.60 on December 1, 2008, the day before Rodman & Renshaw Capital Group, Inc. made its proposal to Cowen Group, Inc.’s CEO, and a comparable premium over the stock’s average closing price over the preceding 30 days;
• Investor conference call to discuss the proposal will be held at 10:00 AM Eastern on Monday, December 8, 2008.

AHA Highlights Day 4: i-PRESERVE Spoils

We are in attendance at The Annual Scientific Sessions of the American Heart Association (AHA) in New Orleans from Saturday, November 8th - Wednesday, November 12th, 2008.

We draw your attention to an AHA-sponsored “Best of 2008 sessions” webcast on Thursday, November 13th.

The purpose is to review key presentations from AHA. For more information and to register, go to the website at http://scientificsessions.americanheart.org/portal/scientificsessions/ss...

SEAS panel discusses Merck (MRK, Not Rated) and Schering Plough’s (SGP, Not Rated) Vytorin’s potential cancer hazard in trial Today, a panel of expert cardiologists met to discuss the SEAS trial, which showed the unexpected finding of a significant increase in cancers (105 vs. 70, p = 0.01) and cancer deaths (HR 1.67, NNT ~62) in patients taking the drug Vytorin versus those taking a placebo.

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News) today announced its results for the third quarter ended September 30, 2008.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News), today announced the appointment of Joe Giamichael as Director of Equity Research.

“I am delighted that Joe has agreed to take on this new role and am confident that he will continue to grow our industry leading research product,” said Michael Lacovara, Rodman’s Chief Executive Officer.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News), today announced it has hired Dr. Simos Simeonidis as a Director and Senior Biotechnology Analyst who will cover the small and mid-cap biotechnology and specialty pharmaceuticals sector.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News), today announced that former President Bill Clinton will present the keynote address at Rodman’s Annual Global Investment Conference. on Monday, November 10, 2008. The Conference will be held at the New York Palace Hotel on November 10-12. Following President Clinton’s address, more than 550 companies from across the globe will present to more than 1,000 registered institutional investors. The conference will feature tracks devoted to Healthcare; Steel, Metals & Mining; Energy; Asia and Global Growth; and special purpose acquisition companies.

Competitive Technologies, Inc. (NYSE Alternext US:CTT) (AMEX:CTT - News) today announced its outlook for fiscal 2009, and financial results for the fiscal fourth quarter and full year ended July 31, 2008. ``Sales and profit prospects for our innovative pain management therapy device are highly encouraging,'' said John B. Nano, CTT's Chairman, President and CEO. ``We believe revenues from the device will dramatically exceed those produced by any other technology in our 40-year history, and reach approximately $20 million per year, with limited related costs, as the device attains mature market levels. CTT has exclusive worldwide rights to this patented device.

By Felix Salmon, portfolio.com

Should Lehman Have Been Rescued?

I have to get on plane to Chicago, so don't expect much more here any time soon. In the meantime, here's an IM I just had with John Carney of Clusterstock about whether Treasury was right to let Lehman fail.

I thought it was the right decision at the time, but with hindsight I think it was clearly a mistake. Even Hank Paulson seems to think that it would have been a good idea to rescue Lehman, if only he'd been capable of doing so. But Carney still thinks that letting Lehman fail was the right thing to do.

By Gill Eapen, decisionoptions.blogspot.com

Predictions with power and magic
The number of experts who are able to predict the stock market’s every move has been puzzling. I have been watching the business news TV with great interest in a desperate attempt to learn how the experts are able to predict market moves. There appears to be some common themes in these predictions. For example consider the following predictions:

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News), today announced that its subsidiary, Rodman & Renshaw, LLC has maintained its leading position in PIPE transaction deal volume for the first three quarters of 2008, gaining the top position in PlacementTracker’s PIPE Market League Tables, published by Sagient Research Systems. During the first nine months of 2008 Rodman completed 38 transactions raising a total of $503 million. Rodman was also the number one ranked PIPE advisor by deal volume for all of 2007.

By Rob Margetta, CQ Staff

The roiling economy might leave few immediate scars on the larger homeland security market, but experts say the situation could have serious consequences for the small and midsized businesses that drive much of the innovation in the field. Homeland security firms developing new technology and other innovations do not rely on credit, so the recent freeze of business loans is not the problem, according to Scott L. Greiper, managing director at the investment firm Legend Merchant Group. Rather, the issue is that the investment capital those companies rely on is also disappearing. “It’s the most difficult financing environment I’ve ever seen,” said Greiper, who heads The Convergent Security Group, a division of LMG that provides financial and strategic assistance to homeland security-related business. “These companies in large part don’t have the stable revenue bases to drive cash from revenue into research and development.”

Rodman & Renshaw Continues To Be The Leading Placement Agent For PIPE Financings, A Position We Have Held Four out of the last Five Years

The global economy and financial markets are experiencing unprecedented turmoil originating with the credit crunch that began in the summer of 2007 and leading to a worldwide market contraction.  Even as many of our competitors have merged or ceased to exist, we continue to build our franchise through acquisitions and organic growth.  As one of the only profitable investment banks, and one with a strong balance sheet, clear strategy, and steadfast focus, we have consistently delivered corporate finance and advisory services to our clients.  

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM - News), today announced that it will release financial results for the quarter ended September 30, 2008 at 8:00 AM Eastern on Thursday, November 13, 2008. The Company will hold a conference call to discuss the results at 10:00 AM Eastern on Thursday, November 13, 2008, which will be hosted by Michael Lacovara and David Horin, Rodman & Renshaw Capital Group’s Chief Executive Officer and Chief Financial Officer, respectively.

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), today announced that Michael G. King, Jr. has been named Head of Healthcare, a newly created role at the firm. King was formerly Director of Research at Rodman. Rodman also announced that Christopher James, MD, formerly a Senior Associate Analyst working for King, has rejoined the firm and will assume research coverage of many of King’s stocks.