As I see it, Sears Holdings (SHLD) is raising a total of $446.5M in the Sears Hometown (SHOS)rights offering. $346.5M is in the form of equity and $100M is in the form of debt. If SHLD shareholders exercise their rights they must pay $3.25 per share ($346.5 / 107m shares) to maintain their ownership in SHOS.
In the S-1 filed with the SEC, SHOS has projected "Adjusted EBITDA" of $100m for the fiscal period ended Jan 31, 2015. So it is being valued at 4.5 times EBITDA two years out. I am thinking that since Eddie & Bruce are putting up 77% of the money the projections are quite conservative. Housing is bottoming out.
As Eddie said in his letter and at this years annual meeting as a shareholder can own shares in both companies or one or the other.