I did a good bit of research on what BBY has - just as K-mart had terrible stores but owned the land the stores were built on (and a LOT of land at that) in large part and owned huge shopping mall type land free and clear. That is why Sears bought them - for the land and that was a smart move. BBY has SOME land under it's belt that it owns but MOST of what they own (small part of the overall) has been mortgaged to the hilt to sustain the operations over the years. This has been disclosed in all the financials reported over the years. Most of what BBY has now (newer stores) is all leased and the stores that have been closed were mostly on leased land as well. Real Estate - while rebounding - will still take a long time to be of value on the BBY books - so while it is prudent to explore this area - the timing is not on their favor, K-mart was lucky - they had a LOT of land without leverge and Sears bought the company just as the real estate boom took place - it was the only thing going for K-mart. But again - that value was disclosed on the balance sheet. Again - the way financial reporting is done - it is not always that clear of what is owned and how it is valued. So it takes a lot more work to dig into it and see what is really behind the "intangibles and goodwill" but if that is the bet folks are making - that BBY is real estate rich - you might want to consider that is might not be the case. Good luck to all long and shorts as well.