meiroy Posted January 9, 2019 Share Posted January 9, 2019 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. Link to comment Share on other sites More sharing options...
Spekulatius Posted January 9, 2019 Share Posted January 9, 2019 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, it’s with the debt. I personally wouldn’t play the debt either, since it’s not clear if the bankruptcy judge won’t screw over outside debt holders with Eddy getting first dips. Link to comment Share on other sites More sharing options...
BeerBBQ Posted January 9, 2019 Share Posted January 9, 2019 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.... Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted February 7, 2019 Share Posted February 7, 2019 The saga continues. This is good news for SRG. https://www.reuters.com/article/us-sears-bankruptcy-lampert/u-s-bankruptcy-judge-approves-sale-of-sears-to-chairman-lampert-idUSKCN1PW2O7 Link to comment Share on other sites More sharing options...
BTShine Posted February 7, 2019 Share Posted February 7, 2019 Saga is correct. This has been a terrible investment for me. Link to comment Share on other sites More sharing options...
IanBezek Posted February 8, 2019 Share Posted February 8, 2019 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. Link to comment Share on other sites More sharing options...
cmpnd15 Posted February 12, 2019 Share Posted February 12, 2019 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 Link to comment Share on other sites More sharing options...
bizaro86 Posted February 12, 2019 Share Posted February 12, 2019 @Ianbezek IB is great about stuff like this. I've done probably 100 special situations, and the only time I've ever paid a fee was when I needed to switch a position from the US to the Australian exchange. A swap of debt to equity would almost certainly not attract any fees. They didn't charge me when my American Airlines debt converted to equity after their bankruptcy, as one example. Link to comment Share on other sites More sharing options...
Liberty Posted May 20, 2019 Share Posted May 20, 2019 http://fortune.com/longform/sears-self-destruction/ h/t R.V. Link to comment Share on other sites More sharing options...
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