June Special Situations Research Forum (Members Only, Limited Space) (Ended)
Topic: Sears Holdings Corporation (SHLD)
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting. Please let us know if you know of anybody who is an expert on Sears Holdings Corporation or any of its competitors. It would be great to have an industry expert in this meeting.
We will discuss Sears Holdings Corporation (SHLD) at our first Special Situation Research Forum meeting. Sears Holdings led by Eddie Lampert has executed a series of corporate actions which include spinning off Orchard Supply Hardware Stores, Sears Hometown and Outlet Stores, Sears Canada and Lands' End. The most recent corporate action is to spinoff some of its real estate assets into a Real Estate Investment Trust (REIT) before Q2. Bulls say that the value of its real estate and brands less all liabilities significantly exceeds SHLD's market cap. Following the spinoff of real estate assets into a REIT, SHLD will have more than half of its market cap in cash. Bear arguments include cash burn from operations, under funded pension plan and inability to unlock real estate or any other values.
This meeting is a collaborative effort so please be sure to research the topic before the meeting and be prepared to contribute to the discussion.
(Note: Space is limited; you must register to participate)
Attendance will be limited to 15 members - first-come, first-served.
Vishal Mishra; Mishra Capital Management
Nick Redmond; Oculus Asset Management
Members - Free
Attire: Business Casual
Registration: Limited to 15 members
3:30pm - 5:00pm - Discussion
Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.