Several threads about the go private letter yesterday.
It referenced a valuable insurance business owned by SHLD does anyone know what that is?
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You are wrong. Third party here. I have had (regulatory) dealings with SearsRe in the past. There are hugely valuable assets in their books, including marketable debt and esuity securities.
Wish I had the capacity to buy SHLD shares. Alas, i can't.
@1rbl It's probably not what they're talking about since it's been long-gone from Sears already, but you are correct: https://en.wikipedia.org/wiki/Allstate
"Allstate was founded in 1931 as part of Sears, Roebuck and Co., and was spun off in 1993."
More former assets Sears has already lost: https://en.wikipedia.org/wiki/Sears#Former
"referenced a valuable insurance business owned by SHLD does anyone know what that is?"
Allstate Insurance was founded by Sears and was spun off in the 1990s, I think. Is that what they were talking about?
Is this the entity they are referring to?
Sears Reinsurance Company Ltd., known as Sears Re, which is the wholly-owned insurance subsidiary of Sears Holdings.
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=320042120
@pdl - No wonder why our registers have been crashing and none of the systems work right. The SHC data center servers are mining bitcoin.
"There is no insurance business with the public. Sears is self insured for the losses from it business. .It set aside assets , sold bonds on them. That stream of income satisfies insurance claims a=gainst the Co. Those assets are also pledged to fund the pension should Sears fail to make required contributions."
That's exactly right. The self insurance program is set up as a separate division in the holding company. For years now, some Lampert fans have been promoting the myth of a hidden empire in the self insurance mechanism. The story is totally without foundation.
Don’t forget the secret Bitcoin operation. You have to dig real deep to find that.
https://searsholdings.com/docs/investor/Sears_Re_Presentation_March_2014v2.pdf
There is no insurance business with the public. Sears is self insured for the losses from it business. .It set aside assets , sold bonds on them. That stream of income satisfies insurance claims a=gainst the Co. Those assets are also pledged to fund the pension should Sears fail to make required contributions. This article was a pump from a long wanting to get out
Protection agreements obviously.