Someone that is stock savvy please explain what all the new sec filings from seritage mean. Looks like they are raising capital to buyback more Sears stores.
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That’s not a lot of money either for SRG or if they’re going to use it to buy more stores.
Raising funds for redevelopment of properties their existing properties - nothing sinister about that
in the simplest of terms:
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Seritage is raising about 70MM via the issuance of preferred shares on the public markets.
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Eddie and Bruce have been transferring the ownership of shares and units in the operating partnership to their Hedge Fund Limited Partners pursuant to a redemption notice (e.g. their investors are pulling their money out because their lockup period likely expired).
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The Fairholme fund is also selling a bit of Seritage shares on the open market.
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Eddie also transferred some shares in AutoNation to his limited partners on the same day. Hasn't done that with Sears yet but it's not necessarily all at the same time.