It does not include any of Lehman's trading assets or liabilities, Nomura said.

BBC: Nomura seals Lehman Europe deal

Has good information on how to identify net-net stocks (trading for less than assets minus all conceivable liabilities).

FORBES: Pick Of The Stock

But the Financial Times reported that financial stocks are trading above the book value (assets, including cash, minus liabilities) of the companies for the first time since July.

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