Eddie Lampert Wins Sears Auction, Loses More Generally
ByHe realizes this means he still owns Sears, right?
For a while, we thought that there might be an actual method to Eddie Lampert’s Sears madness, a reason for persisting in a hopeless case beyond sheer love for the august retailer he’d spent most of this century starving and/or poisoning and/or bleeding to death. He’d already hived off all sorts of valuable bits of Sears, like its real estate, and had plans to take some more. And, of course, as long as he kept Sears afloat and technically solvent, he was earning a fat 8%-11% coupon on the loans he made to it to keep it afloat.
Now, we’re not so sure. For not only is Lampert preparing to throw good money after bad in a bid to revive a company he ran into bankruptcy, he’s even giving up those loans…
Eddie Lampert Wins Sears Auction, Loses More Generally
