Bill Ackman has finally persuaded his fellow hedgie Eddie Lampert to buy him out of Sears Canada for nearly double what he last offered. Bill has been calling Eddie a cheap SOB for over four years.
In 2006, Ackman successfully blocked Lampert’s attempt to buy his stake in Sears Canada on the cheap. At the time, Lampert, who controls the larger Sears Holdings, offered the measly sum of $18 a share (Canadian Dollars.)
Now, Lampert’s shelling out $30 a share (still in loonies,) or $560 million, for Ackman’s 17.3 percent stake.
I’ll bet you got a lot of hedgies from the older kids in grade school.
Canada sucks
I’m from Canada, and they think I’m slow, eh?
Shut the fuck up, Kouwe
How many loonies to buy out Kouwanus?
F*ck you….. at least we’re not all playing just the tip with Obama and we can keep our banking system afloat without the government having to rub our backs and tell us it’s all going to be okay . Additionally you guys should be thankful for us as we’re the only member of the G-20 that are pushing to not levy punitive taxes on the financial sector. The cold day in hell has arrived where the US is less economically conservative and capitalist then the liberal bastion that is Canada.
-guy who experienced a terrible lineup a tim hortons this morning and ran out of maple syrup halfway through breakfast
15 toonies a share, eh? That’s a lot of Molson 5.0
Labatts XXX rocks. Not so sure about the Moosehead, though.
Lines in Timmy’s can be tough. Stop by the packie on the way home and pick yerself up a two-four, eh?
@6. You realize that half of your economy exists solely because we can’t afford to let your bitch ass handle your own military security, right? I like Canada and all but you can’t even cover your own airspace without us breastfeeding you along.
You are the one who should be fucking thankful.
@4 did Monsieur Kouwe reject you once or something?
-Not Kouwe but somebody who appreciates the depths of his colon
No worries kids, looks like they’re opening a Tim Hortons on Union Square (yay?)
Also, Kouwe:
It took you until 10am to basically re-type exactly what Reuters wrote, except with less detail and no interesting commentary?
Dude, I really tried to give you a chance, but you are an absolute f*cking disaster. Get another job and save yourself the continued humiliation.
kouwe is as useful as genital warts on my elbow
13 = representative for ACE Bandages ($MMM).
@9 Yeah like thanks for all the jets, cuz, you know, everyone is clearly itchin’ to f*cking invade Canada, eh.
Have fun paying for them, and for our oil, for the next 1000 years.
Kuowe,
I liked where you were going with that first paragraph but then those last two lines are remedial at best. You tried to throw some Bess in there but you came across just about as mechanical and arcane as you possibly could have. Kuowe are you an Chinese ESL as your attempt at humour comes across just as awkwardly and probably in fact worse then average?
Kouw-wow,
Some people look at a Jackson Pollock and want to shell out $100mm. I, on the other hand, would rather pay $15 from the caricaturist in front of McD’s Times Square.
@15. That’s fine. However it’d be appreciated if in return you paid the proper lip service like the nice colony you are. We have an empire to run here.
@18 Sure, but we’ll cut out the middle man and just thank the Chinese for underwriting it all.
@ 6/15 Wow, someone’s got their maple leaf all up in a bunch. Was your syrup cold this morning? Maybe you are too busy to read the news, but you should know that Canada had a $75 billion dollar bank bailout. And before you huff and puff about the relative values of Canada vs. US bailout, consider relative GDP, deposits, etc between Canada and the US. By the by, we’ve largely repaid our bailout. Canada hasn’t.
@20 “We’ve largely repaid our bailout.”
That’s a good one.
The government’s remaining stakes in US companies
By The Associated Press (AP) – 1 day ago
General Motors says it’s finished repaying $6.7 billion in loans it received from the government as part of the bailout that helped it emerge from bankruptcy protection. That brings total repayments from banks and other firms to the government’s bailout fund, the Troubled Asset Relief Program, to $186 billion, the Treasury Department said.
But the government still owns most of GM and large chunks of several other firms. Here’s what Uncle Sam — in other words, the taxpayers — owns:
_ GM: Government owns 60.8 percent, a $40.7 billion investment.
_ Chrysler: Owns 9.9 percent after investing $12.5 billion.
_ GMAC: Owns 56.3 percent after investing $17.2 billion.
_ Citigroup: Owns 27 percent after investing $25 billion.
_ Small banks: $69.1 billion invested in 641 small banks.
_ AIG: Owns 79.8 percent in return for $47.5 billion invested. Federal Reserve has lent an additional $63 billion.
_ Fannie Mae: Owns 79.9 percent after providing $75 billion.
_ Freddie Mac: Owns 79.9 percent after providing $57 billion.
The government also owns millions of warrants. These provide the right to buy additional shares in many of the companies it has bailed out. Some of its largest warrant holdings are in Citigroup, Wells Fargo and AIG.
http://www.google.com/hostednews/ap/article/ALeqM5i-AqI0bg4GCvNU3tSZZBj7c0s8qwD9F7LKIG3
While many have marvelled at our strong(ish) financial system, it should be noted that all mortgages with <15% equity are insured by the CMHC (Canada Mortgage Housing Corporation), which drastically reduces the risk to the system and provides, in effect, a nationalized system.
As far as Sears is concerned they're probably better off without Bill "the Grim Weeper" Ackman. We don't tolerate effeminism in Canada.
While Canada can be an easy Target, it Sears my brain as to why is this report so dull. You have Ackman/Lampert, implied bitchiness, smell of Canadian socks after a trip from the igloo to Timmays, and what not, and even the tags are not funny.
WTF KOUWE?
This signals the end of Sears in Canada, once they take it private, Holdings will drink it dry, drain the cash reserve and eventually break it up and sell off it’s parts….privitazation will bring consolidation of back office functions (HR, Accting, IT) and that will inevitably lead to the wreckage of the Canadian company.