5 ms·

How is it a fiasco? He wanted to gut the place and get the real estate. He gutted the place and got the real estate. It's a heist, not a fiasco

nostromo 8y ago
Maybe he intended it to be a heist, but it surely ended up being a costly fiasco. His fund is in the tank, and his personal fortune most certainly took a huge hit.
- stephengillie 8y ago
  A fiasco of a heist? Also, is it schadenfreude to hate hubris?
  - aj7 8y ago
    Only if you’re very spiritual.
- cascom 8y ago
  its not super clear who is making and losing money in this saga
  - badloginagain 8y ago
    Somehow both for Lampert
    - dv_dt 8y ago
      I suspect Lampert the Sears CEO is losing money, Lampert the hedge fund manager is making it via a slo-mo takeover of Sears assets from other Sears shareholders.
      - HenryBemis 8y ago
        I would like to believe that someone is checking that he doesn't short his own stock ;)
        behringer 8y ago
        Who's going to get caught when you can just split the profits with a trusted friend?
- aj7 8y ago
  “Surely?” Well, we can always hope. Beware of the interpretation “he” might want you to have.
dopamean 8y ago
If he wanted to gut the place to get the real estate he wouldn't have taken nearly 15 years to do it.
- aj7 8y ago
  15 years is a long time to pull “modest” amounts of money, fees, self-deals to keep himself net-whole, while pushing all the risk and loss to the hedge fund outside investors.
stale2002 8y ago
I wouldn't call that a heist. If a company can't make money from it's valuable real estate, then maybe it doesn't deserve to be a company, and should stop wasting everyone's time and money pursue goals that will fail. Eventually you have to learn not to throw good money after bad. If anything, the people who are trying to keep zombie corporations around are the thieves.
- mulmen 8y ago
  Then why systematically dismantle the company in a way that directly benefits your other business(hedge fund) instead of pivoting to a less real-estate focused business model?

nostromo 8y ago

Maybe he intended it to be a heist, but it surely ended up being a costly fiasco. His fund is in the tank, and his personal fortune most certainly took a huge hit.

stephengillie 8y ago
A fiasco of a heist? Also, is it schadenfreude to hate hubris?
- aj7 8y ago
  Only if you’re very spiritual.
cascom 8y ago
its not super clear who is making and losing money in this saga
- badloginagain 8y ago
  Somehow both for Lampert
  - dv_dt 8y ago
    I suspect Lampert the Sears CEO is losing money, Lampert the hedge fund manager is making it via a slo-mo takeover of Sears assets from other Sears shareholders.
    - HenryBemis 8y ago
      I would like to believe that someone is checking that he doesn't short his own stock ;)
      - behringer 8y ago
        Who's going to get caught when you can just split the profits with a trusted friend?
aj7 8y ago
“Surely?” Well, we can always hope. Beware of the interpretation “he” might want you to have.

dopamean 8y ago

If he wanted to gut the place to get the real estate he wouldn't have taken nearly 15 years to do it.

aj7 8y ago
15 years is a long time to pull “modest” amounts of money, fees, self-deals to keep himself net-whole, while pushing all the risk and loss to the hedge fund outside investors.

stale2002 8y ago

I wouldn't call that a heist. If a company can't make money from it's valuable real estate, then maybe it doesn't deserve to be a company, and should stop wasting everyone's time and money pursue goals that will fail. Eventually you have to learn not to throw good money after bad. If anything, the people who are trying to keep zombie corporations around are the thieves.

mulmen 8y ago
Then why systematically dismantle the company in a way that directly benefits your other business(hedge fund) instead of pivoting to a less real-estate focused business model?