Bear Stearns sold for $ 2.00 per Share?

The Wall Street Journal is reporting that JP Morgan Chase is buying Bear Stearns for $2.00 per share. This must be a joke - the Headquarters alone is worth $1.2 billion, which is four times the reported deal value of around $226 million. Bear Stearns would be better off filing for Bankruptcy and then taking a chance that after it liquidates and sells its assets and settles its liabilities, it would return more than $226 million to shareholders. By the time Bear sold its assets the market for mortgage backed securities may even have unfrozen.