"We expect the shares of Lands’ End common stock to be distributed by Sears Holdings to you on April 4, 2014 (the “distribution date”). As discussed under “The Spin-Off—Trading Between the Record Date and Distribution Date,” if you sell your shares of Sears Holdings common stock in the “regular-way” market after the record date but before the distribution, you also will be selling your right to receive shares of Lands’ End common stock pursuant to the spin-off."
So, I believe the lands end shares will go to who ever is holding on April 4. (And yes, as sprinkles hinted, likely SHLD shares will drop by some amount at the same time.)
I certainly hope I've got the dates right because I didn't start buying until march 31 and I want my LE shares.
bettimngoneddie and rocket don't know the ex-spinoff date.....LOL
as soon as it trades ex-spinoff, you will see the answer to #2...LOL
you may want to read ex-dividend date on Sec site , last 2 paragraphs refer to spinoffs