- Rights for Seritage Growth Properties are priced 20% above their exercise price in an indication that is where investors see the value in a plan by Sears Holdings (SHLD) to capitalize real estate.
- Shares of Sears Holdings are down 33% over the last month as worries over the department store chain burning through its newfound cash mount.
- Sears also has an underfunded pension plan to worry about and will be more leveraged as operating lease costs rise.
- Trading on the rights for Seritage Growth Properties closes on June 26 unless the offering period is extended. The Nasdaq symbol is SRGRT.