Evaluate the four stated purposes that Lehman hopes to achieve with SpinCo. In particular, explain how these objectives will be met in a Modigliani-Miller world. What do the MM propositions say about the claim that the idea "requires too much equity beneath it"? 1. relieve Lehman's balance sheet of its "outsized" commercial real estate exposure that had become a source of increasing market concern and pressure. 2. by moving those assets to a separate entity, Lehman hoped to avoid the necessity of having to continue marking down those assets as the market continued to deteriorate. 3. by spinning off those assets, Lehman would avoid a "fire sale for the vultures" that would have locked in its paper losses. 4. once Lehman had purged its balance sheet of "toxic" commercial real estate assets, it hoped that the post-spin "clean" or "core" Lehman could achieve returns on equity in the low teens, twelve times net leverage, and maintain an A rating