Trading of the rights on the NYSE expired Friday -- unless extended by Seritage. The rights themselves are set to expire Thursday July 2 at 5 p.m -- again, unless extended by Seritage. Good luck trying to sort all this out by Thursday. I just finished going over the 215 page Registration Statement for the fourth time. What a bunch of smoke-and-mirrors malarkey. I'm not wasting another dime of goos money on Eddie Lampert's money-losing scams.
The Seritage REIT spinoff is like Sears running to a pawnbroker to desperately raise some cash to tide the poor sap over until payday. Unfortunately, now Sears has to pay rent every month instead of living in Mom's basement for free. This practice doesn't work for individuals and it won't work any better for corporate basket cases. Let's hope that Sears doesn't go out and buy corporate crack with that REIT money.