interesting tidbit...sheesh, Chou and Berkowitz reaklly took it on the chin by sticking with SHLD
Sears Holdings
In hindsight, our initial assessment of Sears Holdings being worth more than $50 per share a few
years ago was most likely too optimistic. This is taking into consideration that we received in
excess of $23 per share in distributions from various spin-offs and right offerings, which we later
sold in the market.
In 2017, we initiated a stock lending program where the Fund received interest on the shares lent.
For Sears Holdings, the total security lending interest we received for the year was about $7.25
million or about $6.41 per share, all in U.S. dollars. This shows how heavily shorted the common
shares of Sears Holdings have been. For the six-month period ending on June 30, 2018, the total
security lending interest received was $483,596 or about $0.43 per share, all in U.S. dollars. In
spite of the interest income earned from security lending, plus the approximately $23 per share
received in distributions from various spin-offs and rights offerings, it has not been a good
investment.