Bruce Berkowitz (Fairholme - 20% holder) ; in an SEC 13D Filing; reported selling 770,000 shares on Jan 8th and Jan 9th; and an additional 1.4 million SHLD shares (into a Short Squeeze) Jan 10th.
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More than one Fairholme associated fund swimming in red ink as a result of bag holding.
Fairholme has about 22 million shares now, meaning they sold around 10% of their holdings.
Berk didn't mail certificates out or do electronic transfers, he said here's what you got, hold it or liquidate it, let us know. he kept his, some people cashed out to go elsewhere, pretty normal and not exactly large volume. Sears typical shares bought and sold on a daily basis is 1.4 Million (thats average). There is about 250M shares outstanding. if Fairholme/Berkowitz holds 20% that would be 50 million shares. I would hardly call 700k shares a big move out. Even if you call it 2 million its less than 4% of Berk's SHLD holdings.
I think Berk gave all the investors shares to the investors and they could do what they wanted with them.
Looks like Riecker knew not to get IN.
Stock down to $3.00 the end is near ... get out now,
The transformation is almost complete!
Next stop--chapter 7.
Bruce didn’t sell sh--. Fairholme did because he’s liquidating the fund and every shareholder was free to keep or sell, some chose to sell.
More fake news
Remarkable Riecker has almost no position in SHLD, considering his compensation package grants very generous stock awards and options. But what starts a real stampede is when insiders and big investors liquidate their positions. A lot of upper level management will get quiet compensation make-goods or bonuses for agreeing to stay on that makes up for their commitment not to dump stock, and they consider their shares a lost cause. It sounds like Riecker didn't even exercise his options.
Looking at the Morningstar website, Rob Riecker, CFO, holds only 195 shares of SHLD Stock valued currently at $610.
That should tell us something. The CFO has limited his exposure to a small number ... hmmm ... wonder why?
My boy Bruce. When your best friend is betting against you, you know it's over.
There were excuses when he left the SHC board but even after all his support, he had to stop losing good money after bad.
Thank you for posting.