Why is Lehman still paying a dividend?

Shares of Lehman Brothers Holdings Inc. (NYSE: LEH) are up today after the company announced "strategic initiatives", including a "plan" to sell 55% of its Neuberger Berman, spin off its $30 billion commercial real estate division into a public company, and sell $4 billion of its UK residential real estate.

The company is also slashing it dividend by 93%, which is a good start. But here's what I don't understand: why not just eliminate it?

The company is looking to raise capital at an extremely weak valuation and while Neuberger Berman is a prized asset, this probably isn't the ideal time to sell it. Given that its stock is currently trading under $9 per share, shouldn't any excess cash be put to use buying back stock? Or is CEO Dick Fuld really that bearish on the company?

Maybe the idea of paying a dividend is psychological: an effort to convince people that things aren't really that dire, but I don't think anyone is fooled.

I'd love to hear someone provide a rational argument for why it makes sense for Lehman to continue paying a dividend.