Mephistopheles Posted April 7, 2014 Share Posted April 7, 2014 I still don't see LE shares in my account. Should I expect to see them tomorrow morning? Me neither. This is annoying. Link to comment Share on other sites More sharing options...
Luke 532 Posted April 7, 2014 Share Posted April 7, 2014 I still don't see LE shares in my account. Should I expect to see them tomorrow morning? Me neither. This is annoying. SHLDV aren't tradeable either and my broker doesn't know when they will be converted to tradeable shares. I believe it's after close tonight but wanted to verify with IB. Messy spin-off from the shares/when issued standpoint. Link to comment Share on other sites More sharing options...
krazeenyc Posted April 7, 2014 Share Posted April 7, 2014 http://finance.yahoo.com/news/sears-shares-getting-incinerated-135800468.html LOL. Link to comment Share on other sites More sharing options...
Luke 532 Posted April 7, 2014 Share Posted April 7, 2014 http://finance.yahoo.com/news/sears-shares-getting-incinerated-135800468.html LOL. I'm actually surprised there aren't more articles like this today or bears claiming victory. It must be so confusing to be short SHLD, see that it's "down 19%", yet their account is flat :) Link to comment Share on other sites More sharing options...
CorpRaider Posted April 7, 2014 Share Posted April 7, 2014 http://finance.yahoo.com/news/sears-shares-getting-incinerated-135800468.html LOL. Wow. That's some Henry Blodget style analytical rigor. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 7, 2014 Share Posted April 7, 2014 Sears CEO Slices Off Assets, Leaves Less for Bondholders Spinoff of Lands' End Is Latest Move in a Pattern That Could Affect Bondholders http://online.wsj.com/news/articles/SB10001424052702303847804579479761163361186?mod=WSJ_hp_LEFTWhatsNewsCollection&mg=reno64-wsj Link to comment Share on other sites More sharing options...
zarley Posted April 7, 2014 Share Posted April 7, 2014 Cost basis post-spinoff Sears: Previous Basis * ~0.8 Land's End: Previous Basis *.2 * (1/.300795) Not understanding the math here. PB x .2 x (1/.300795) = PB x .665 <== seems too high Given the spin-off ratios wouldn't the math work out something like this: SHLD + LE = BASIS LE = .3 x SHLD SHLD + (.3 x SHLD) = BASIS 1.3 x SHLD = BASIS SHLD = BASIS / 1.3 SHLD = BASIS x .769 LE = .3 x (BASIS x .769) LE = BASIS x .231 Conceptually this makes sense to me, but I have no idea if I'm missing some convention of spin-off accounting that makes my math all wrong. For example, is the sharing of cost basis to each piece (SHLD + LE) done based on something other than the ratio of shares held/spun? Link to comment Share on other sites More sharing options...
phil_Buffett Posted April 7, 2014 Share Posted April 7, 2014 lands end share Price is sinking i cant not sell because i dont have the Shares in my Portfolio right now >:( Link to comment Share on other sites More sharing options...
Luke 532 Posted April 7, 2014 Share Posted April 7, 2014 lands end share Price is sinking i cant not sell because i dont have the Shares in my Portfolio right now >:( Couldn't you just short it? You'd immediately get the cash to use at your discretion. Your short position in LE would later automatically cover when the shares are placed in your account. Link to comment Share on other sites More sharing options...
phil_Buffett Posted April 7, 2014 Share Posted April 7, 2014 lands end share Price is sinking i cant not sell because i dont have the Shares in my Portfolio right now >:( Couldn't you just short it? You'd immediately get the cash to use at your discretion. Your short position in LE would later automatically cover when the shares are placed in your account. no this doesnt work at my german Broker :( i hope today evening i get the Shares Link to comment Share on other sites More sharing options...
LongTerm Posted April 7, 2014 Share Posted April 7, 2014 The ratio of shares issued in the spin-off is irrelevant. The number of Land's End shares was determined by Sears and its investment banker to produce an approximate range of prices at which they wanted Land's End shares to trade after the spin. There are a number of methods of calculating the apportionment of the pre-spin cost basis, and, yes, the total cost basis of Sears pre-spin and the sum of the cost bases of Sears post-spin plus Land's End have to be equal. If you bought the Sears shares in the past couple of years your brokerage will perform the allocation for you (whether you want them to or not). One method is to use the closing price of the shares on the day the distribution is effected (today). So per share Cost Basis of Sears pre-spin x closing price of Sears shares on distribution date/(closing price of Sears shares on distribution date + .300795 x closing price of Land's End shares on distribution date) gives you the per share cost basis of your Sears holdings post spin. Link to comment Share on other sites More sharing options...
Mephistopheles Posted April 7, 2014 Share Posted April 7, 2014 lands end share Price is sinking i cant not sell because i dont have the Shares in my Portfolio right now >:( Argh. I patiently waited for the day of the spinoff, turns out we don't have our shares in the account, and now the stock is tanking. Really pisses me off. Link to comment Share on other sites More sharing options...
Studesy Posted April 7, 2014 Share Posted April 7, 2014 lands end share Price is sinking i cant not sell because i dont have the Shares in my Portfolio right now >:( Argh. I patiently waited for the day of the spinoff, turns out we don't have our shares in the account, and now the stock is tanking. Really pisses me off. If you contact your brokerage there is a good chance they will sell your LE shares even if they haven't shown up in your account, I know mine will. I usually see a few days delay between the spin-off date and the date the shares show up in my account. I believe it is just a processing delay on the brokerages part. Link to comment Share on other sites More sharing options...
heth247 Posted April 7, 2014 Share Posted April 7, 2014 Is this a concern? "Equity One names David Lukes as next CEO Equity One (EQY) announced that David R. Lukes will join the company no later than May 31 as an Executive Vice President and will become its CEO upon the departure of Jeffrey S. Olson later this year. Lukes most recently served as President and CEO of Sears Holdings Corporation (SHLD) affiliate Seritage Realty Trust." This is really unfortunate. Wish EOY would announce a deal to buy a big chunk of the Seritage portfolio later...but I guess that's just a pipe dream of me... Link to comment Share on other sites More sharing options...
Luke 532 Posted April 7, 2014 Share Posted April 7, 2014 Is this a concern? "Equity One names David Lukes as next CEO Equity One (EQY) announced that David R. Lukes will join the company no later than May 31 as an Executive Vice President and will become its CEO upon the departure of Jeffrey S. Olson later this year. Lukes most recently served as President and CEO of Sears Holdings Corporation (SHLD) affiliate Seritage Realty Trust." This is really unfortunate. Wish EOY would announce a deal to buy a big chunk of the Seritage portfolio later...but I guess that's just a pipe dream of me... Depends who SHLD hires for Seritage. A multi-billion dollar operation like Equity One must have been quite impressed by Lukes' progress at Seritage (his only CEO gig) to give him the reigns. Link to comment Share on other sites More sharing options...
heth247 Posted April 7, 2014 Share Posted April 7, 2014 Depends who SHLD hires for Seritage. A multi-billion dollar operation like Equity One must have been quite impressed by Lukes' progress at Seritage (his only CEO gig) to give him the reigns. Not sure about that. Base on the press release, the president of EQY knows David for 10 years. I think that's more likely the reason. Beside, what is the progress at Seritage that EQY see that we don't see? Link to comment Share on other sites More sharing options...
Luke 532 Posted April 7, 2014 Share Posted April 7, 2014 Depends who SHLD hires for Seritage. A multi-billion dollar operation like Equity One must have been quite impressed by Lukes' progress at Seritage (his only CEO gig) to give him the reigns. Not sure about that. Base on the press release, the president of EQY knows David for 10 years. I think that's more likely the reason. Beside, what is the progress at Seritage that EQY see that we don't see? Lukes could simply give a little more color during interviews. We don't know why Lukes is leaving, I was just giving one possible reason. With that said, I like Lukes and I wish he was staying. Link to comment Share on other sites More sharing options...
Luke 532 Posted April 7, 2014 Share Posted April 7, 2014 http://finance.yahoo.com/news/sears-shares-getting-incinerated-135800468.html LOL. Hah! Click on the link again and see how they've edited it. Might as well push out a knee-jerk reaction and then just change the content of the story entirely after you've made yourself look like a fool. Link to comment Share on other sites More sharing options...
moody202 Posted April 7, 2014 Share Posted April 7, 2014 lands end share Price is sinking i cant not sell because i dont have the Shares in my Portfolio right now >:( Argh. I patiently waited for the day of the spinoff, turns out we don't have our shares in the account, and now the stock is tanking. Really pisses me off. If you contact your brokerage there is a good chance they will sell your LE shares even if they haven't shown up in your account, I know mine will. I usually see a few days delay between the spin-off date and the date the shares show up in my account. I believe it is just a processing delay on the brokerages part. I see my shares on the TD account. Also -- I read the WSJ article, seems to focus on Sears unlocking value and that may not be good for the bondholders. Only in the last sentence they say that Sears will get 500M from LE spin-off......how is all of this bad for bondholders! Link to comment Share on other sites More sharing options...
Mephistopheles Posted April 7, 2014 Share Posted April 7, 2014 lands end share Price is sinking i cant not sell because i dont have the Shares in my Portfolio right now >:( Argh. I patiently waited for the day of the spinoff, turns out we don't have our shares in the account, and now the stock is tanking. Really pisses me off. If you contact your brokerage there is a good chance they will sell your LE shares even if they haven't shown up in your account, I know mine will. I usually see a few days delay between the spin-off date and the date the shares show up in my account. I believe it is just a processing delay on the brokerages part. I just talked to my broker (MerrillEdge), and they said they won't be getting the shares until Thursday, and won't show up in my account until Friday. This is ridiculous, since the shares are showing up for Scottrade and TD. Is this the broker's fault? Maybe I can talk them into giving me something special as a courtesy. Also, I might just short LEDMV now. I've never shorted a stock before. Anyone know how I can figure out the borrowing cost? I'll only be shorting it for this week, so hopefully it won't cost me too much. Link to comment Share on other sites More sharing options...
Guest wellmont Posted April 7, 2014 Share Posted April 7, 2014 ledmv is no longer trading. Link to comment Share on other sites More sharing options...
Mephistopheles Posted April 7, 2014 Share Posted April 7, 2014 ledmv is no longer trading. It is...I'm looking at the price right now in my account and it keeps changing. It's about 29.60 right now. Link to comment Share on other sites More sharing options...
Guest wellmont Posted April 7, 2014 Share Posted April 7, 2014 what's the volume? I see zero shares traded on tda... Link to comment Share on other sites More sharing options...
Mephistopheles Posted April 7, 2014 Share Posted April 7, 2014 what's the volume? I see zero shares traded on tda... Weird, just as we were having this conversation, LEDMV disappeared and now it's officially LE. I put in an order to short 100 shares, but it got rejected. No idea why. Link to comment Share on other sites More sharing options...
Guest wellmont Posted April 7, 2014 Share Posted April 7, 2014 LE is trading. the when issued is not. the ledmv was a placeholder that was tracking the price of LE until they appear in your account. Link to comment Share on other sites More sharing options...
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