Lets be clear here that ODP does not have any of the Lehman exposure that OMX has, nor does ODP have any where close to the same amount of debt that OMX has. Currently OMX has around 2 Billion in outstanding ST and LT debt, while ODP has less than 1 Billion in outstanding debt and a couple hundred million in cash on hand. Also office depot has been approached to sell a section of their Latin American division for approximately $500 million.
Clearly the economy is not doing well, but the irrational sell off of OMX, which is subsequently affecting ODP, I believe is an excellent buying opportunity for the lower risk and overall better company ODP. Remember, that ODP actually has access to new capital (per the PR on the newly announced 1.25 Billion revolver), while OMX's capital choices may be impaired due to Lehman exposure and heavy amount of overall debt.
I think if you have a long-term view point on ODP, that things will get significantly better in the next 12-18 months.
ODP has ZERO talent in management. Odland needs to go but that would not really help much because he has no talent behind him. IMO when a company is morally bankrupt with no management then why invest? Of course why invest in this market at all might be a better question.