Author Topic: SHLDQ - Sears Holdings Corp  (Read 2813245 times)

rkbabang

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Re: SHLDQ - Sears Holdings Corp
« Reply #9270 on: January 08, 2019, 12:58:32 PM »
I guess this will end this thread:

https://www.cnbc.com/2019/01/06/sears-rejects-eddie-lamperts-bid-to-save-company-will-liquidate-.html

I'm sure there's a lot to learn by re-reading (or at least skimming) this thread from the start. It's a nice case study for a complex, controversial company that in the end didn't work out. Reminds me of the Buffett line about the reputation of the manager and the reputation of the business...


Wait, not yet.  Don't count your dead chickens until they die.


Sears Reaches 11th-Hour Deal To Stay In Business
https://boston.cbslocal.com/2019/01/08/sears-deal-bid-lampert-bankruptcy-stores/

"After two long delays at a morning hearing in bankruptcy court, attorneys for Sears announced it had accepted a revised bid from a hedge fund controlled by Eddie Lampert, the chairman and former CEO of Sears. The deal would keep 425 of the stores open. Lampertís $4.4 billion offer does not complete the sale, but rather starts an auction that is due to be completed on January 14. It is still possible that those wishing to shutdown the company will bid more for the assets than Lampert is offering."


JayGatsby

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Re: SHLDQ - Sears Holdings Corp
« Reply #9271 on: January 08, 2019, 07:59:55 PM »
I also don't see why shop your way points holders should  get par when the 2nd lien is going to take a big haircut...
Shop Your Way cracks me up. Everyone I talk to that uses it with the uber promotion gets free money and still can't find anything they want.

Sears: "Everything in our store is free!"
Consumers: "Nah, thanks anyway."

oddballstocks

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Re: SHLDQ - Sears Holdings Corp
« Reply #9272 on: January 08, 2019, 10:24:45 PM »
Well, after all of these years ESL's master plan finally comes to light.

He will have effectively shifted most of the assets from the public's pocket into his pocket at a discount to face value.

Won't be surprised when this is on VC or SumZero has some "residual value is left now that a decade of lawsuits are over and stock trades for a penny" pitch up in 2030.

Maybe Bruce and Eddie can get together and finally take that picture of the last two shares, one share in each hand with them smiling. They should do the photo-op on St Joe land..
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meiroy

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Re: SHLDQ - Sears Holdings Corp
« Reply #9273 on: January 09, 2019, 01:34:02 AM »
Well, after all of these years ESL's master plan finally comes to light.

He will have effectively shifted most of the assets from the public's pocket into his pocket at a discount to face value.

Won't be surprised when this is on VC or SumZero has some "residual value is left now that a decade of lawsuits are over and stock trades for a penny" pitch up in 2030.

Maybe Bruce and Eddie can get together and finally take that picture of the last two shares, one share in each hand with them smiling. They should do the photo-op on St Joe land..

That's how it seemed for a long time now, but I do wonder if that was his Plan B. That is, maybe he really thought he was going to make it work but even if he couldn't it would be tails he wins heads you lose sort of thing.

Spekulatius

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Re: SHLDQ - Sears Holdings Corp
« Reply #9274 on: January 09, 2019, 04:26:55 AM »
Well, after all of these years ESL's master plan finally comes to light.

He will have effectively shifted most of the assets from the public's pocket into his pocket at a discount to face value.

Won't be surprised when this is on VC or SumZero has some "residual value is left now that a decade of lawsuits are over and stock trades for a penny" pitch up in 2030.

Maybe Bruce and Eddie can get together and finally take that picture of the last two shares, one share in each hand with them smiling. They should do the photo-op on St Joe land..

If there is value, itís with the debt. I personally wouldnít play the debt either, since itís not clear if the bankruptcy judge wonít screw over outside debt holders with Eddy getting first dips.
To be a realist, one has to believe in miracles.

BeerBBQ

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Re: SHLDQ - Sears Holdings Corp
« Reply #9275 on: January 09, 2019, 07:17:44 AM »
seems to me that most of the value in Berkowitz NAV was from value of leases.  In order for the equity to be worth anything, it seems some of those leases need to be worth a significant amount....

Foreign Tuffett

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BTShine

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Re: SHLDQ - Sears Holdings Corp
« Reply #9277 on: February 07, 2019, 01:55:28 PM »
Saga is correct.  This has been a terrible investment for me. 

IanBezek

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Re: SHLDQ - Sears Holdings Corp
« Reply #9278 on: February 07, 2019, 06:23:38 PM »
If you buy the bonds at Interactive Brokers and it converts to equity, what does that look like logistically? Will they deliver the new equity there automatically? Do you have to pay a significant corporate action fee? I've not been through one of these before.

cmpnd15

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Re: SHLDQ - Sears Holdings Corp
« Reply #9279 on: February 12, 2019, 10:01:33 AM »
apologies, but any theories on the recent price action on this one, its nearly a 17 bagger from its low of $0.12, just the day traders or something else going on. And btw, does the below from Feb1st mean a strike price for Second Lien Term Loan is $5.05/shr ($222M/44M)? or is this voided by the purchase of the assets on Feb 11th by ESL https://www.sec.gov/Archives/edgar/data/860585/000089924319002680/xslF345X03/doc4.xml