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Does Bruce Berkowitz's Sears Math Add Up? Do Your Own Diligence
tax rec can be inaccurate, I agree. I even agree with some uncertainties you point out, which each investors should decide for themselves. But then, if there weren't uncertainties, confusion, risk, taboo, or complexity, there wouldn't be a bargain.
IMO, it's unlikely the RE is worthless or even very little, whether it's owned or leased. I personally sold my business to my landlord bc I had a LT lease and the landlord wanted do demolish the space and do something else with it. Of course, this d/n mean this situation applies to all Sears properties.
I think the other assets like KCD and inventory make it unlikely that you will lose money and you have some potential upside on RE. There's nothing wrong with being skeptical on valuations, even on Berkowitz. That's what investors are supposed to do.
Jan 31 06:12 AM
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