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LP, How many Shares of Distribution per WAMPQ and WAMKQ will each of our Preferred Escrow Share Markers see?
LP, What is your Best Guesstimate on what each WAMPQ and WAMKQ Preferred Escrow Share Marker is going to get? How many of these 3 plus billion shares will be distributed to each marker?
$ORRV Time for another Bottom Buster Bounce? Looks like it.
$ORRV Reverse Merger and Ticker - Company Name Change is due!
Bottom Buster Chart!
Profitable Private Company! CEO a Veteran!
Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Time for another Bottom Buster Bounce? Looks like it.
$ORRV Time for another Bottom Buster Bounce? Looks like it.
$ORRV Reverse Merger and Ticker - Company Name Change is due at any moment!!!!! Bottom Buster Chart!!!!!
Reverse Merger News due any minute!!! Profitable Private Company!!! CEO a Veteran!!! Bottom Buster Chart Ready To Bounce!!! Copper then Silver!!!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter!!!!! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
BTS, I agree 100%! ...
W999, Thanks for your offer to be there! ...
OE800, I've done my part writing to various Reporters, Government Entities, Law Firms etc etc etc. Glad to see others are writing emails, letters and making calls and are also Fed Up with this Endless Charade and Total Lack of Respect for the Victims of The Biggest Bank Heist In History!
If Preferred Escrow Share Markers are paid in Shares, how many for each WAMPQ and WAMKQ? Opinions?
$ORRV Reverse Merger and Ticker - Company Name Change is due at any moment!!!!! Bottom Buster Chart!!!!!
Reverse Merger News due any minute!!! Profitable Private Company!!! CEO a Veteran!!! Bottom Buster Chart Ready To Bounce!!! Copper then Silver!!!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter!!!!! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Reverse Merger and Ticker - Company Name Change is due at any moment!!! Bottom Buster Chart!!!
Reverse Merger News due any minute!!! Profitable Private Company!!! CEO a Veteran!!! Bottom Buster Chart Ready To Bounce!!! Copper then Silver!!!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter!!! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
Tweet and Write and Call this person and tell her how you feel! ...
https://twitter.com/KirstenGrind
kirsten.grind@wsj.com
Ask her about ...
Withdrawal Pains: Former Workers Still Love Their Failed, Disgraced Banks.
NOTE: OMG! How much money are they paying this chick to be an apologist for JPM! Disgraceful and disgusting!
Years after the financial crisis, nostalgia grips ex-employees of IndyMac and Washington Mutual, who attend reunions, plan picnics, hoard memorabilia and ignore the bitter end.
https://www.wsj.com/articles/withdrawal-pains-former-workers-still-love-their-failed-disgraced-banks-1493051056
By Kirsten Grind
April 24, 2017 12:24 p.m. ET
Thousands of employees lost their jobs when IndyMac Bank collapsed almost nine years ago under the weight of mortgages derided as “liar loans.” Some of those ex-employees are still yearning for the good old days.
“The bank may have failed, but its employees were winners,” says Bonnie Ensor, 48 years old, who was laid off from IndyMac’s underwriting department a few months before regulators seized the Pasadena, Calif., mortgage lender.
Its demise only deepened the fondness she felt for her co-workers. “I have wonderful, lifelong friends because of that,” says Ms. Ensor, who now works at another lender.
More than 400 banks and savings institutions in the U.S. failed from 2007 to 2011 as a fall in housing prices and surge in loan defaults mushroomed into the financial crisis. Some of their employees are still having trouble letting go.
Former bankers lovingly keep alive their memories of long-gone through Facebook pages, reunions and never-ending email chains. They reminisce about the teller uniforms they wore, recall the heartwarming comment that nice janitor made one time and share faded photos from the 1990s.
Former IndyMac employees meet annually for dinner and drinks at El Torito, a Mexican restaurant in Pasadena near where customers lined up in July 2008 to withdraw deposits from IndyMac. At the time, IndyMac was the third-largest bank failure in U.S. history.
Customers line up to withdraw money from an IndyMac branch in Santa Monica, Calif., after the bank failed in July 2008.
Customers line up to withdraw money from an IndyMac branch in Santa
The ex-colleagues dwell on the good times they enjoyed together, including baseball games, picnics with root-beer floats and hamburgers, and trips with IndyMac executives to Six Flags Magic Mountain amusement park.
Yvette Hadloc, 43, who worked in the securitization department, says friends and family members sometimes needle her about why she still loves a company that imploded in epic fashion. IndyMac specialized in a type of mortgage often extended to people who had no proof of income.
IndyMac’s history resurfaced earlier this year during the confirmation process of Treasury Secretary Steven Mnuchin, who acquired IndyMac with his investment partners about six months after it was seized by regulators.
More on Financial Regulation
WSJ In Depth: Pro Financial Regulation (separate subscription)
At reunions, the failure is avoided altogether, say former employees. “Whatever happened, happened,” Ms. Hadloc says.
When banks fail, federal and state regulators march in, usually after closing time Friday, seize the assets and turn them over to the Federal Deposit Insurance Corp. The FDIC tries to sell the assets to another bank. Bank employees are kept in the dark, and the surprise of that experience is a bond, according to some people who worked at financial institutions that failed during the crisis.
Psychologists say that forging such connections is a natural way for humans to respond to high-stress situations such as combat or being held hostage. But a bank failure? “It’s surprising,” says Frank Ochberg, a psychiatry professor at Michigan State University and expert on post-traumatic stress disorder.
Janette Lewis created a WaMu Action Teller doll that looks like her—and put her company-issued employee ‘trading card’ inside the box. She still adores WaMu even though she lost half her retirement savings when it failed.
Janette Lewis created a WaMu Action Teller doll that looks like her—and put her company-issued employee ‘trading card’ inside the box. She still adores WaMu even though she lost half her retirement savings when it failed. Photo: Janette Lewis
Failed-bank devotees say outsiders wouldn’t understand. “There’s a very strong loyalty because of that,” says Ms. Ensor.
Former employees of Washington Mutual, the largest bank collapse of the crisis, have a Facebook page called “WaMulians.” That’s the internal nickname they were given while working at the Seattle thrift, where reckless lending practices led to thousands of foreclosures and huge investor losses. WaMu failed in September 2008.
WaMulians post photos of WaMu-branded memorabilia that they have saved for years: nametags, shirts featuring its last big marketing campaign (with the slogan “Whoo-Hoo!”), pens and piggy banks.
The Facebook page also includes WaMu Action Teller dolls, Barbie-style figurines outfitted in blue and khaki that the bank sold for $19.95 in the early 2000s. (They currently go for roughly $15 to $30 on eBay.)
Former WaMu employee Reggie Russell with a WaMu hat. In a Facebook post, he called WaMu the ‘Best Employer Ever!!!!’
Former WaMu employee Reggie Russell with a WaMu hat. In a Facebook post, he called WaMu the ‘Best Employer Ever!!!!’ Photo: Reggie Russell
“Best Employer Ever!!!!” former employee Reggie Russell posted recently, next to a picture of himself wearing a WaMu hat.
Janette Lewis, 54, worked for more than 20 years at a WaMu branch in Oregon. She says she lost half her retirement savings when WaMu failed, but she still adores it.
When she couldn’t find a WaMu Action Teller Doll that looked like her, Ms. Lewis bought a Barbie instead—and dressed it in WaMu garb. The doll is on display in her house, along with certificates showing ownership of 60 shares of WaMu stock, which WaMu gave her to mark work anniversaries. The shares are worthless. “I love the people,” she says of her former colleagues.
Former WaMu employee Janette Lewis's worthless WaMu shares. She keeps them in her house.
Former WaMu employee Janette Lewis's worthless WaMu shares. She keeps them in her house. Photo: Janette Lewis
In October 2009, regulators shut down San Diego National Bank after its capital was depleted by securities losses. In 2014, more than 100 former employees gathered at Rock Bottom Restaurant & Brewery to commemorate “five years since we were taken over by U.S. Bank,” says Linda Falconer, who helped plan the reunion.
Ms. Falconer and other ex-employees printed fliers that said “banks will come and go, friendships last a lifetime!” So many former employees wanted to attend that she had to turn some away, she says. Ms. Falconer has begun planning a 10th anniversary event for 2019.
Nostalgia sometimes veers into the obscure as failed-bank casualties reminisce about their old business cards and customer-service phone numbers they are unable to forget.
Former employees say they are still haunted by some of their experiences. On a Facebook page where ex-IndyMac employees were organizing a gathering, one of them implored: “Please do not invite that crazy ass temp who ate my food at her desk with my fork.”
Write to Kirsten Grind at kirsten.grind@wsj.com
My Schwab Account used to say 7.75%, now it says 6.895% for the WAMPQ Escrow Share Markers. Something has changed just recently. Anyone else notice this about Schwab?!
Schwab lists the Symbol as 3894357 ...
$ORRV Up 28.57% at .0009! Reverse Merger and Ticker - Company Name Change is due at any moment! Bottom Buster Chart!
Reverse Merger News due any minute! Profitable Private Company! CEO a Veteran! Bottom Buster Chart Ready To Bounce! Copper then Silver!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Up 28.57% at .0009! Reverse Merger and Ticker - Company Name Change is due at any moment! Bottom Buster Chart!
Reverse Merger News due any minute! Profitable Private Company! CEO a Veteran! Bottom Buster Chart Ready To Bounce! Copper then Silver!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Up 28.57% at .0009!!! Reverse Merger and Ticker - Company Name Change is due at any moment!!! Bottom Buster Chart!!!
Reverse Merger News due any minute!!! Profitable Private Company!!! CEO a Veteran!!! Bottom Buster Chart Ready To Bounce!!! Copper then Silver!!!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter!!! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
Email I received today from our Law Firm ...
Mr. Xxxxxxxx:
Thank you for your email.
Attached please find a link to the press release (and related disclosure on Form 8-K) issued by WMI Liquidating Trust (the “Trust”) with respect to the Escrow Markers referenced in your email as well as link to the Form 10K recently filed by the Trust for the period ended December 31, 2016. https://www.sec.gov/Archives/edgar/data/1545078/000119312517086099/d316437dex991.htm; www.wmitrust.com/wmitrust/document/list/2921. In addition, I direct your attention to the various QSRs that are timely filed with the United States Bankruptcy Court for the District of Delaware and the U.S. Securities and Exchange Commission under cover of Form 8-K (here is a link: http://www.wmitrust.com/wmitrust/document/list/2897).
In particular, I draw your attention to the statement from the Trust’s press release which reads, in pertinent part, that “…the Escrow CUSIPS were established solely to facilitate potential distributions, if any, of shares of WMIHC common stock. The only source of common stock available for any such a distribution would be from the 1.5 million of shares remaining on deposit in the Disputed Equity Escrow. Specifically, the Escrow CUSIPS do not, in and of themselves, represent an entitlement to any possible future cash distributions from the Trust, WMIHC or the Federal Deposit Insurance Corporation (either in its corporate capacity or as the receiver for Washington Mutual Bank), as the case may be.” (emphasis added).
Thank you, again, for your inquiry.
Brian Rosen
Email I sent ...
Dear Sirs,
You have a Fiduciary Duty to answer the Shareholders who employ you. Please answer my simple question ...
“When and How Much can we see some compensation for the WMIH Litigation Trust Markers in our Brokerage Accounts?”
Sincerely,
Xxxx Xxxxxxx
From: Xxxxxxxx
Sent: Wednesday, March 8, 2017 2:08 PM
To: 'brian.rosen@weil.com' <brian.rosen@weil.com>; 'marcia.goldstein@weil.com' <marcia.goldstein@weil.com>; 'gary.holtzer@weil.com' <gary.holtzer@weil.com>
Subject: WaMu - WMIH - WMILT Litigation Trust Preferred Escrow Shares Question.
Dear Sirs,
WaMu - WMIH - WMILT Litigation Trust Preferred Escrow Shares Question …
I'm a WAMPQ and WAMKQ Preferred Escrow Shareholder and would like to know when we can see some compensation for the WMIH Litigation Trust Markers in our Brokerage Accounts? ...
It has been eight long years and I feel we are due, at the minimum, some forward looking guidance and timeframe as to the value and potential future compensation for these Markers. For all we have been put through, it’s time for some clarity here …
I’ve written the FDIC, WMIH Holding Company, WMIH Litigation Trust and various media outlets etc etc etc and have never been able to glean any meaningful help or guidance to this question.
The Markers are listed as either the following CUSIPs or Security Tracking Numbers ...
CUSIP #9393ESC84 and #939ESC992 ...
Security Tracking Numbers #3894357 and #3892830 ...
Please help with any and all information regarding our Fair and Just Compensation …
Sincerely,
Xxxx Xxxxxxx
Weil Law Firm ...
brian.rosen@weil.com
marcia.goldstein@weil.com
gary.holtzer@weil.com
WSJ ...
peg.brickley@wsj.com
kirsten.grind@wsj.com
Dan.Fitzpatrick@wsj.com
Russell.Adams@wsj.com
James.Sterngold@wsj.com
WMIHLT KCC LLC Inc ...
WMITrust@kccllc.com
Lewis Nelson - FDIC Claims Agent - Washington Mutual Bank -
in Receivership ...
DalNelson@FDIC.gov
And,
ERaines@FDIC.gov
And,
OCMgmtGrp@FDIC.gov
MC, When do you see Compensation for our Escrow Share Markers? TIA! ...
When will this end? Summer, Fall 2017? Winter, Spring 2018?
AE, I like this DD Post! ...
Ok to Post this elsewhere? iHub and Twitter?
Dr. "X" Name and Contact Info? Anyone have that? ...
The fellow who did the Estate Cash and Assets Research Study etc.
Said something like $86 Billion or so ...
TIA!
$ENIP Rumor is that ENIP will prevail in its Lawsuit against ELSTER SOLUTIONS for infringing on ENIP's Smart Meter Patents.
This could be why it has been so quiet while Smart Money buys up the Float.
Could be a real Game Changer and 10 Bagger here real soon.
$ENIP Rumor is that ENIP will prevail in its Lawsuit against ELSTER SOLUTIONS for infringing on ENIP's Smart Meter Patents.
This could be why it has been so quiet while Smart Money buys up the Float.
Could be a real Game Changer and 10 Bagger here real soon.
$ENIP Rumor is that ENIP will prevail in its Lawsuit against ELSTER SOLUTIONS for infringing on ENIP's Smart Meter Patents.
This could be why it has been so quiet while Smart Money buys up the Float.
Could be a real Game Changer and 10 Bagger here real soon.
Also, the Thrift Office Supervisor was destroyed and that authority went to the FDIC. The Beancounters won there.
ES1, Personally I think China being invested in WaMu had something to do with the FDIC and JPM heist of our bank. The big east coast banks would have done anything to keep them out of the USA. My Two Cents.
Escrow Share Markers 1st Payment Date Lottery! ...
Enter your Date and we'll award a Grand Prize to the Winner or Winners!
I pick July 22, 2017! My Birthday!
Happy Easter!!!
$ORRV Up 116.67% at .0013 during last Trading Day! ...
Reverse Merger News due any minute! Profitable Private Company! CEO a Veteran! Bottom Buster Chart Ready To Bounce! Copper then Silver!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Up 116.67% at .0013 during last Trading Day! ...
Reverse Merger News due any minute! Profitable Private Company! CEO a Veteran! Bottom Buster Chart Ready To Bounce! Copper then Silver!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV Up 116.67% at .0013 during last Trading Day! ...
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV OTC Short Volume Report ...
http://otcshortreport.com/?index=ORRV&action=view
Smart People know this is going Copper then Silver!
Cheers!
:)
HM, Your Guesstimate of when the Large Dollars, $10-20 Billion Plus etc., will flow into the Escrow Share Marker Accounts?
Why These Wall Street Titans May Be Tripping Over Themselves to Buy Shares of Dying Sears.
My Two Cents: Makes one wonder about the still hidden value in WaMu?
https://www.thestreet.com/story/14063324/1/why-these-titans-of-wall-street-may-be-tripping-over-themselves-to-buy-shares-of-dying-sears.html?puc=_htmlttt_pla8&cm_ven=EMAIL_htmlttt&tstmem=60522311&utm_source=newsletter&utm_medium=email&utm_campaign=TTEN&utm_term=Why+These+Wall+Street+Titans+May+Be+Tripping+Over+Themselves+to+Buy+Shares+of+Dying+Sears
It's only a matter of time before Sears Holdings Corp. (SHLD) goes bust.
Wall Street knows it. Sears knows it. But does Fairholme Capital Management and Sears' embattled CEO Eddie Lampert know it?
Fairholme bought 286,600 shares of the struggling retailer from March 23 to March 27 for between $8.05 and $8.46, according to a new filing. Bruce Berkowitz is the founder and chief investment officer of Fairholme Capital Management and president and director of Fairholme Funds. He also sits on Sears' board of directors and has been a staunch supporter of Lampert through the years.
Fairholme now owns 26.9% of Sears' outstanding shares, which are currently valued at $325 million. Berkowitz has taken a bath on his investment in Sears. Fairholme has been a Sears investor for more than a decade, having initially reported buying stock in the retailer during the third quarter of 2005, according to Bloomberg data. Fairholme's average cost on Sears, according to Bloomberg data, is $42.05 a share or 73% below current levels.
Meanwhile, Sears Chairman and CEO Eddie Lampert also purchased 526,000 shares of the company last week, according to a filing on Friday. Lampert is Sears' largest shareholder and has been atop the dying retailer as CEO since 2013. He now owns more than 53% of Sears. To be sure, Lampert -- who was the mastermind behind the 2005 combination of Sears and Kmart -- has also taken a drubbing on his investment in Sears.
Lampert's average cost on his Sears holdings is $43.43, according to Bloomberg data.
Sears stock has rallied to the tune of 32% to $11.30 during the last two trading sessions on the news of the increased stakes by Lampert and Berkowitz.
The big question right now is what each heavy-hitting financier is seeing in the badly struggling retailer.
Sears is simply a real estate play right now?
Sears has drained its cash position to $286 million in 2016 from a high point of $1.7 billion in 2009. The retailer is fresh off another disastrous holiday season, and it hasn't generated cash flow from its operations or seen revenue growth since 2006. All of this suggest Sears has one foot in the grave.
Last week, Sears admitted that it may not be able to stay in business. "Substantial doubt exists related to the company's ability to continue as a going concern," the struggling retailer said in an annual report filed with the Securities and Exchange Commission.
It's likely Berkowitz and Lampert are looking at Sears as a long-term real estate play instead of a retailer that could rise from the ashes. By inking deals for real estate that it still owns, Sears could raise cash and crush those short its stock on fear of a bankruptcy filing. Lampert and Berkowitz could at least recoup some of their losses.
"If Sears does go under, they do have tens of thousands of square feet of real estate they could sell and brands they could sell to e-commerce companies," points out Stefan Weitz, chief product and strategy officer at Radial Inc.
Sears managed to pull off a sweet property deal back in 2015, when it formed real estate investment trust (REIT) Seritage Growth Properties (SRG) by selling the entity 266 properties for $2.7 billion in cash. Seritage could very well ink another deal for more of Sears' best real estate -- in fact, Lampert, Berkowitz and one famous investor could be banking on Sears' demise as a retailer and Seritage emerging as an owner of lucrative commercial real estate.
"Seritage could get to cherry pick the best properties -- that's why Warren Buffett [and Berkowitz] are involved with Seritage," says money manager and retail expert Jeff Macke. Berkowitz' Fairholme owns 12.98% of Seritage's outstanding shares, while Buffett owns a 7.12% stake. Lampert clocks in with a 1.89% stake in the REIT.
Anthony Sabino, professor at St. John's University's Peter J. Tobin College of Business, told TheStreet that the "most probable reason" is that Lampert and Berkowitz are pulling a media stunt to make the company look better and ease the mind of other investors.
Sabino said "it's more than a coincidence" that the transactions follow Sears' recent suggestion that it won't be able to continue doing business plus its "horrendous" recent fourth quarter that saw a 10.3% plunge in same-store sales.
"It's like the old fable of the Dutch boy who stuck his finger in the dike," Sabino said. "It overflooded anyway."
Whatever the case, one shouldn't get too optimistic the surge in Sears' stock price signals it's on the comeback trail as a retailer.
Says Macke, "I'm always amazed how bad finance types [like hedge fund manager] Lampert are at retail, but Sears has been a lost cause for quite a while."
Sears spokesman Howard Riefs nor Mr. Berkowitz returned an email request for comment.
So, do we get Warrants or not? Seems to me Walrath was saying no?
$ORRV OTC Short Volume Report ...
http://otcshortreport.com/?index=ORRV&action=view
HM, Outstanding Post! ...
I agree 100%! How in the world can any BK be pushed thru the Court System without a detailed Asset List?! ...
If anyone here were to declare personal BK, you would have to sign under oath and with a penalty of perjury, a detailed Asset List including your Real Estate, Personal Property, Assets and Cash etc to get the Judge to sign off on it and give you a BK "Discharge" as they call it.
Here in the WaMu BK, one cannot find almost ANYTHING AT ALL REGARDING ANY KIND OF ASSET LIST! This is appalling and goes to show the deep systemic corruption of the Delaware BK System!
$ORRV Up 11.11% at .004!!! Reverse Merger News due any minute!!! Profitable Private Company!!! CEO a Veteran! Chart Fantastic!!! Copper then Silver!!!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Up 11.11% at .004! Reverse Merger News due any minute! Profitable Private Company! CEO a Veteran! Chart Fantastic! Copper then Silver!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag
$ORRV Up 11.11% at .004! Reverse Merger News due any minute! Profitable Private Company! CEO a Veteran! Chart Fantastic! Copper then Silver!
$ORRV Company Name and Ticker Symbol Change due any minute! Well known Brand-name Companies as Customers for their Products and Services!
$ORRV Short Sellers thought this was going to be another Tracy Shell "Easy Mark Short Sell" and now it has turned into something much more. There are many Facts here to support this. From the High Revenue of the M/A Company, the many well known Business Partners, the quality of the many Products provided, the ease with which the Price Per Share goes up on relatively low volume and the dedicated following of Shareholders. Just look at the PPS move, it is obvious that the vast majority of Shares must be held by the owners and\or major investors for this to move up like it does. Also, there might be a large incorrectly assessed Short Position that needs to be Covered and now cannot easily be done so. Short Squeeze time should be coming soon.
$ORRV on Twitter! ...
https://twitter.com/search?f=tweets&vertical=default&q=%24ORRV&src=ctag