Sears Holdings Corp. (fka SHLDQ)

[howaboot]

This is what I think happens here, IMO only.

1. ESL (holdco) buys the better performing Sears assets. Those stores are repurposed into Sears/Whole Foods combo stores. With that repurposing the rents are renegotiated and Seritage scores.

2. SHLDQ now has $5B from the sale AND $5B offsets from the NOL. Current owners of SHLDQ stock stay here with SHLDQ, including Lampert's shares.

3. SHLDQ sells off the remaining properties and collects funds from those sales. The NOL offset those proceeds and other things. Seritage scores again from this because they can now charge more for rent from those formers sears stores.

4. At some point in the future. Holdco and SHLD "merge" thus "transferring" the NOL to Holdco.

Where am I out in left field here?