According to Lehman's complaint, AIG is trying to take advantage of the former firm's bankruptcy filing to avoid paying out its debts under the terms of the credit default swaps. AIG wants to "enjoy the benefits of the swap agreement, but avoid having to 'pay to play,'" according to Lehman. The insurance issuer reportedly owes Lehman $9.1 million from four deals.

AIG is so far keeping mum on Lehman's accusations. A hearing on the matter is scheduled for October 14 in U.S. Bankruptcy Court in Manhattan.

On the charts, the recently volatile shares of AIG are up more than 4% at last check. The equity is no doubt being buoyed by today's news of the AIG Finance sale, along with word that MphasiS is set to acquire AIG's India-based IT services and solutions business for an undisclosed sum.

Technically, the shares have retreated after peaking near $30 on Monday. AIG is hovering about six points north of support at its 10-day moving average, leaving ample opportunity for a continued pullback once today's M&A-related enthusiasm fades. Additionally, the stock is struggling to maintain a foothold above its 10-month moving average, which hasn't been conquered on a monthly closing basis since June 2007. This resistant trendline could prove a difficult hurdle for the security to surmount.

Many analysts are attributing AIG's recent surge higher to a short-squeeze rally, and the sharp gains have successfully lured in a new crop of buyers. However, the stock's newfound fans will want to take note that this potential source of buying pressure is quickly drying up. While a respectable 18.8% of the equity's float remains dedicated to short interest, it would take just half of one trading day, at AIG's average daily volume, for all of these bearish bets to be covered.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.