business news in context, analysis with attitude

The Chicago Sun-Times reports that the New York-based Vornado Realty Trust said that it might make a bid for Sears, which would through a money wrench – though not necessarily one made by Craftsman – into the proposed Sears-Kmart merger.

Vornado already owns more than four percent of Sears. There is speculation that it could team up with another private equity partner or a retailer if it were to make a bid.

Furthermore, there are suggestions by an analyst that even if Vornado doesn’t make such a move, another retailer could step in to make a play for Sears.

Vornado owns and operates office, retail and showroom properties in, among other places, New York, Washington and northern Virginia, as well as the Merchandise Mart and Apparel Center in Chicago.

Sears released a statement saying that its management believes that the merger with Kmart offers investors the best value. Of course, Sears’ biggest shareholder is Edward Lampert Jr., who also is chairman of Kmart.
KC's View:
Is there a suggestion here that Fast Eddie Lampert may have his own best financial interests at heart, instead of those of investors?

Gee, y’think?

Remember the original Fast Eddie? And the movie in which he was the leading character?

That tells you everything you need to know about our opinion on the subject…