What has occurred at Sears over the past decade, at the hands of asshole hedge fund manager Eddie Lampert, is a travesty.
Now that it’s end game for the company and it is no longer able to continue as a viable business, Lampert and friends are swooping in to provide “loans” to the company, in exchange for first lien on its most prized properties.
Cascade Investment has funded $125 million of a $500 million loan that Sears raised by using about 20 of its mortgaged properties as collateral, the retailer said Friday in a statement. Another $125 million for the loan maturing in July 2017 was provided by ESL Investments, which is controlled by Lampert.
Sears said it already drew the $250 million that was financed by Cascade and ESL. The two investment firms will provide some or all of the next $250 million available on the loan facility that isn’t syndicated to other loan investors, according to the statement.
The company should be liquidated and that asshole Lampert should be broken by what he’s done to this once proud retailer. Instead, I get the feeling he’s gonna walk away from this ahead.
FYI: Cascade handles investments for Bill Gates.
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What are the top Sears Jr type going to zero candidates out there now?
Crap, by candidates I meant companies. I realized using the words candidates and zeros, in combination, might cause some to infer I’m asking about politicians.
Lampert is probably going to build multiplex cinemas on the prime real estate holdings of Sears—or some stupid shit like that. The guy is a loser.
Trump 2016 or prepare for the grandchildren to lamp post your ass. This fuckery has consequences. Lets pray at least 5 years out. Or so.
Sears, as a retailer, was definitely vulnerable. It’s the sad nature of business. Some ppl hate to see founding business models come under this pressure. I do. I’m sentimental.
I will say that the Sears Hardware, Home and Garden store near me seems to do OK.
I used to fantasize about hiding in our Sears store, when I was kid, and getting locked in overnight. They had it all: Comfy Beds. Furniture. Televisions. Stereos. ALL THE TOYS YOU COULD WANT!!!! and a Big Candy counter that smelled of chocolate and roasted nuts.
+1
lots of roasted nuts in sears
As a child of the 70’s and 80’s, Sears and the Sears’ Catalogue was a big part of my life. I remember Crammer stating this Lampert guy was a new warren Buffet and I felt a shiver and knew Sears was no more.
Same here skulduggery. We loved getting the Sears Wish Book at the holiday and we had a Sears pick-up about a 1/2 mile from where we lived. It was great.
I bought Sears brand jeans (they weren’t the cool kid jeans) for $10 and they lasted for 20 years the last 10 of those years being worn by my sister who was wearing them while doing home construction.
Sears is a big fat fail. Sears is where everyone paces to get a good handle of all the shit they stole from the mall.
Lampert always had the real estate as the prize. I am surprised this did not happen sooner.
What a scam. They “unlocked shareholder value” by basically busting the company’s real estate open like a piggy bank and robbing them.
And now it looks like Macy’s may go down the same path…they just hired another “real estate expert” aka crook a few weeks ago.
It’s sad. I used to buy Levis, Craftsman tools, Die Hard batteries and white goods there all the time. But it lost its way under Lamprey and you can get the same shit anywhere. I know bricks and mortar retail is a tough business but that’s no reason to blow yourself up.
Sears is such a sad story. Talking about Sad Stories, I was reading about how Japan handled the Great Depression in 1929. Their Yen had been at super high levels so they went with a massive devaluation of the their currency. They issued Bonds that only the BoJ bought to fund Spending to try to stimulate the economy. They supported this action on the belief that once the economy got better private industry would buy the bonds. They also built up their army (but that was only about 7% of the monetary stimulus). They got stronger earlier then ROW. Now 2016, High Yen..but BoJ really is tapped out and can’t go buy any more imho. Conclusion, Government can’t stop a stronger yen,which gives the Japanese savers a lot more reason to spend in the global economy…but exporters better switch to something else? Just random thoughts.
Ran it like a penny stock shell. Very 1st move upon his entrance, pulled $350-$450MN in his pocket. Further raping expected until its demise. Fucking Douchebag.
New SAT question:
Eddie Lampert: Sears as William Albert Ackman: ___.
1. PAH
2. VRX
3. HLF
4. All of the above.
Congratulations. You passed!
Not true. Ackman has not loaned to the companies listed multiple times while using their most valuable assets (real estate) as collateral.
I’m surprised that there isn’t a Class Action suit from other SHLD shareholders against Lampert
Given that the loan is due June 2017, is that the presuedm bankruptcy date?
He’ll walk away ahead indeed, in Donald Trump fashion … at everyone else’s expense!