I'm not sure how management at Lehman Brothers Holdings Inc. (NYSE: LEH) has time to run the business. What's more, with all the turbulence, I'm wondering if many of the employees are working mostly on parsing rumors and fine-tuning resumes.

Of course, this week Lehman got rid of its CFO, Erin Callan and president, Joseph Gregory. The company also raised $6 billion, which was quite dilutive. So from Monday to Friday, the stock price plunged from $33 to $25.81.

Yet, by Friday, things were perking up. The stock price shot up 13.7%. Maurice "Hank" Greenberg, the, who is the former CEO of AIG (NYSE: AIG), said he bought shares. This was also the case with BlackRock (NYSE: BLK) and Putnam Investments.

But there was something else: Wall Street was abuzz with buyout rumors.

In fact, according to a report from CNBC, it looks like the senior management team of Lehman is meeting this weekend (which is a rare thing). Are they talking to possible suitors? Or, is it to review the figures for Q2? Both?

Despite all this, the fact remains that Lehman's potential suitors are also distressed. So, even if there is a deal, the valuation is likely to be muted.

But there is an interesting scenario: Blackstone Group LLP (NYSE: BX) as a buyer or major investor. The firm is well capitalized and may want an investment banking platform. Moreover, the firm's cofounders -- Stephen Schwarzman (CEO) and Peter Peterson (Senior Chairman) -- were formerly with Lehman (back in the 1980s).

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

According to reports, Erin Callan, the charismatic CFO of Lehman Brothers Holdings (NYSE: LEH) is out of a job. So is Lehman's chief operating officer, Joseph Gregory.

As Charlie Gasparino reported for CNBC, "Callan and Gregory are leaving the investment bank, which has been under fire from its weak earnings performance and speculation that it will need to raise billions in capital to stay afloat, has seen its shares under intense pressure." Reuters reports that Herbert McDade will succeed Gregory, and Ian Lowitt will take over for Callan -- will become a senior investment banker at Lehman. I will discuss this at noon on Fox Business.

The market seems to hate the news -- with Lehman shares down 7% in premarket trading. Will the people who replace Callan (Lowitt) and Gregory (McDade) be so much more talented that they can extricate Lehman from its short- and long-term problems? Who knows how deep its writedowns will be in its Level 3 assets or how it will make money in the future, given that its core business of asset-backed securities has dried up.

Maybe these ousters make it a more obvious acquisition target. But they just look like sacrificial lambs on CEO Dick Fuld's altar to me. And they signal very deep problems to investors.

[This post has been recently updated to add more information as it was reported]

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Lehman securities.