Bruce Berkowitz's Fairholme Capital has filed an amended 13D with the SEC regarding their position in Sears Holdings (SHLD). Per the filing, Fairholme now owns 23.1% of the company with 24.64 million shares.
Berkowitz has now bought an additional 49,200 shares since his last amended 13D disclosure recently.
More importantly though, the filing notes that Berkowitz has participated in Sears' short-term loan. The 13D indicates that:
"On September 30, 2014, The Fairholme Partnership, LP (the "Partnership"), a private fund affiliated with the Reporting Persons, purchased a 6.25% participation interest in the Short-Term Loan from entities affiliated with ESL Investments, Inc. pursuant to that certain Amended and Restated Participation Agreement, dated September 30, 2014, by and among PYOF 2014 Loans, LLC, the Partnership and affiliates of the ESL Investments, Inc. (the "A&R Participation Agreement")."
Friday, October 3, 2014
Fairholme Capital Purchases Participation Interest in Sears Short-Term Loan
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