Lehman Brothers Holdings Inc., facing a sharp decline in its stock that will make it more difficult to raise fresh capital, may look to a foreign land for a strategic partner. The Wall Street firm has managed to raise capital from a rich base of existing U.S. shareholders, but this week reached out to overseas investors, including at least one in South Korea. The firm has a long history in South Korea, an effort led by the firm’s well-connected vice chairman Kunho Cho. The options for Lehman include the Korea Development Bank and Woori Financial Group. One person familiar with the situation said it is unlikely Korean Investment Corp., an investor in Merrill Lynch & Co., would be an investor. The news comes during a rough week for Lehman, whose stock topped the New York Stock Exchange’s most-active list Tuesday and closed down 9.5%, or $3.22, at $30.61 on the New York Stock Exchange. Tuesday’s trading wiped $1.72 billion off of Lehman’s market value and the closing price was Lehman’s lowest since August 2003. Tuesday, The Wall Street Journal reported that Lehman, which is set to post one of the biggest quarterly losses in its […]