Sears Holdings Corp. (fka SHLDQ)

[MattWyl]

He can merge companies and issue shares to remaining creditors and shareholders. If the NOLs are valued at 5 billion (I don't know what the actual figure is, and just didn't feel like looking it up), then it is a very real possibility that this value could be used as a basis for what SHLDQ shareholders and creditors get in regards to percentage of the NEWCO.

I personally think this is a real possibility, but am also aware that shares could get cancelled as well. It is not clearly defined as of yet.

I also wouldn't be surprised if Seritage was used for a merger as Lampert's large holdings of SHLDQ would give him majority shares in Seritage when merged.

Lampert's large holding of SHLDQ and other unsecured debt, leads me to think there is another shoe to drop here, but this isn't for the faint of heart. Invest what you can afford to lose.