A city boy, Eddie, moved to the country and bought a donkey from an old farmer for $100. The farmer agreed to deliver the donkey the next day. The next day the farmer drove up and said: “Sorry son, but I have some bad news. The donkey died.” Eddie replied, “Well then, just give me my money back.” The farmer said, “Can’t do that. I went and spent it already.” Eddie said, “OK, then just unload the donkey.” The farmer asked, “What ya gonna do with him?” Eddie: “I’m going to raffle him off.” Farmer: “You can’t raffle off a dead donkey!” Eddie: “Sure I can. Watch me. I just won’t tell anybody he is dead.” A month later the farmer met up with Eddie and asked, “What happened with that dead donkey?” Eddie: “I raffled him off. I sold 500 tickets at $2 a piece and made a profit of $998.00.” Farmer: “Didn’t anyone complain?” Eddie: “Just the guy who won. So I gave him his $2 back.” Eddie grew up and eventually became the chairman of Sears
Rocket will you shut the #$%$ UP!How many thumbs up clicks can I get for that!
Sears reducing long term debt is a total Mirage! Eddie is a total criminal fraudster.
He payed down $430million long term debt buy borrowing "$551 million short term"
He is a total loser! He has wasted the last 15 years of his life and will waste the next 10 years of his life. What a total idiot! He doesnt just look like a creep, he is a creep.
Tomorrow's pre-recorded earnings report is best explained by these two bar patrons:
Two Enron auditors walk into a bar. The bartender asks them if capitalism failed Sears or Sears failed capitalism. First auditor says, "Capitalism is when you have two cows. You sell one cow and buy a bull. Your herd multiplies and the economy grows. You sell the herd and retire on the income." Second auditor says, "Sears capitalism is when you have two cows. You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank. You then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows. You then transfer the milk rights of six cows via an intermediary to a Cayman Island company secretly owned by the majority shareholder of your publicly listed company who sells the rights to all seven cows back to your publicly listed company. The Annual Report to Shareholders says the company owns eight cows, with an option on one more.
Contest for best SHLD theme song. My nomination: Knock Knock Knocking on Heaven's door.
They are not going to be able to borrow against their long term credit facility (only $70 mill available) with rapidly declining levels of inventory only way to keep this afloat is to sell everything remaining that is unencumbered. Need to sell around $700-800 million just to maintain current cash balance through the end of the quarter.
Sears Has less than 30 days of liquidity right now! Basically from reported results addback tax benefit and gain on sale: you get -569mm which is a burn of 189mm per month. they reported liquid of 306 million as of 4/29/17. Since its close to a month since 4/29/17 they should be around $116 million of liquidity. So basically SHLD based on reported results has 2 to 3 weeks of liquidity.
They need to sell some real estate soon!
Considering Sears owns most of the shares, I wouldn't be surprised if they are somehow manipulating the stock. Very sketchy company, with a slimeball for CEO. Not unlikely.
I think I'm going to write a book about Sears. I don't want to give away too much, but It's going to end in Chapter 7.
I think I lost the little respect I had for Seeking Alpha..and trust me I didn't have much. But I get a pop up on my screen saying "Sears beat by $.90
SERIOUSLY when a company sells a asset that isn't part of the quarterly earnings. It was a bad thing they had to sell that and they dress it up like it was a good thing?
Patience everyone. Just remember we surged on last pump and dump to 8.50 and we closed yesterday at 7.47...LOL
How is this a beat? Looks like sales are down double digits again. The income was from the asset sale. Without it another big quarterly loss. Nothing has changed except sales declines are accelerating.
If you exclude the Craftsman sale they lost over $ 2.00 per share so just some rough math Craftsman sale 525 mil so called profit 244 mil ok 525 minus 244 equals minus 281 mil so if they had actually made a real profit the number should be way over 525 mil. Oh and sales were down 20 percent
Same store sales -12% percent! Sorry but the media has nothing to do with it Eddie. Eddie face it, the shareholders don't own this company any more. The note holders own this company. Maybe you can buy the bonds at 40 cents on the dollar and do it all over again.
NEGATIVE $36 book value?? And ppl are paying over $9!! Give me a break!!!
Red Wings Fan
Has anybody noticed that "creating value" in today's business climate involves taking money from some and keeping it for yourself? The owners of Sears Holding will be wiped out in favor of Fast Eddie and his real estate trust due to some financial maneuvering and outright deception. Gone are the days when an entrepreneur actually created value that made shareholders, employees, local communities, and bondholders better off than they had been before.
I too can make a profit selling my arms and legs, but at some point I will become immobile.
I'm going to buy lots of popcorn for tomorrow's trading day.
how many of you bought at the days high? just curious.
After all these cuts admin and selling cost's were up. They sold 20% less goods and it cost them more to do it. Inventory is down by 1.2 bill . They had to sell 781 mill in assets to pickup 244 mill but only have 236 mill in cash left.
The problems at SHLD continue to accelerate despite the lip stick put on the pig. They still have not made money selling goods, despite longs hi fives selling assets and increasing debt interest by playing kick the can is not a turn around. The problems that plague SHLD continue . I have said before that I believe that Eddie will run this until there is not one asset left . He will continue to talk about transformation as he does it. He will get away with it simply because he owns to much of the company. The stock will continue to bounce up and down as he milks it dry through debt and asset sales.