Diaz...you didn't look at the encumbrances as I asked...page 39 says nothing...why linger onit...look at the filings every County has ownership filings with all UCC's etc...I looked at page 39...and knew immediately what you were missing...This is a controlled fall...of Sears...Yes sears is going to zero we all know that...
The Eroc redetermination is by Thursday, there will be a sizeable cut and they have 6 months to deal with it..1.4 of bank debt ahead of the bonds and a small second lien at 35 which looks enticing but not until we see what happens this week.
The more closings the better, the faster th better..cash is no object for these guys..Some of these buildings will become residential...the more closings the better...DID you figure out the ownership overlap yet? Not hard..
What about Moos? Gene owns 85% of the stock...Left to his own devices Danny would have this at $20, instead of 7. So what about Danny?
Well..I'm not even sure what you just said. Tell me what you think this is worth..?
Yes, Nick...they didn't break it down, until it closes..and what portion of the earn out is known,, which Nick can not be known yet...What brings you to this Gem?
The main issue with SRG is the fraudulent conveyance lawsuit that could be filed against them and Sears for undervaluing the properties. That will fall away soon. Other than that this will likely go the way of Alexanders of years past where the stock sat for 5 years at 50 and then as they released went to $400. Will take loads of time...
Actually Not true in the least, I was talking about the lien filed or the UCC-1 that was filed against the Sears box since SRG pledged it.
Nick the sale price was 75mm 132 acres held by IOT, 10 mm went to IOT to pay of the intercompany note. 50mm note held by TCI, subordinate to the financing of the buyer. The earn out on land use will be detrmined and allocated. The only reason to be in this, is for the ultimate demise of the 85% owner or a going private transaction, if your looking for a move to close the value gap, will never happen without my previous sentence