i will be maxed out after this post so am done for the day.
shaz, you asked:
"Yes but at what price would he buy the rest of the shares out?"
if you mean his conversion price, then for a lot of the debt he holds, he could obtain 200 shares of stock for each $1000 of face value of debt he surrendered. that's about 5 times the current price. for the warrants, i believe the strike price was well above $40/share.
if you are talking about getting his % of outstanding shares above the 50% mark then why wouldn't he just buy shldq like we are?
as previously discussed, even though eddie resigned from the board and no longer holds any position within sears, he is still considered an insider because he owns more than 10% of the shares.
since any purchase/conversion eddie might make to actually take ownership of shares would have to be reported, if you are just talking about getting above the 50% mark, why not go the cheapest route?
makes no sense to convert debt which is either secured in some fashion or may even have a superprioroty to get shares which would be priced well above the market.
