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I can't help but wonder if Eddie Lampert is learning that lesson with Kmart and Sears.

According to Bruce Berkowitz, the story is about the real estate. He's been saying the same thing for years now. There was an OID issue many years ago where he refers to a bottom-up valuation of the real estate (but this was before the crash).

This recording of his presentation at Columbia a few days ago is worth listening to in general. He talks about Sears toward the end of the Q&A.
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