stockjunky,
as i've posted a number of times, if the nols go to transform holdco my read is the current shldq stockholders (which includes lampert in a big way) need to survive in some fashion.
if transform holdco were not to get the nols, then there is no need for lampert to be concerned about any "shift in ownership" or equity structure preservation.
in that scenario, since lampert owns virtually 100% of transform holdco, he has no need to preserve or accommodate shldq common stockholders, including himself.
in this latter case, accommodating common stockholder would only serve to reduce his % ownership in transform holdco.
might be a public relations reasons for working out some accommodation with common shareholders especially if you think those who hold the other 30% of the common shares will be your customers for life. i'm not so sure about that logic holding up.
lampert is a billionaire. he didn't become one by giving up money he didn't need to.
