Sears' real estate
Earlier, I said that Sears was dead, and that Eddie Lampert might as well try to salvage what he could, but that I didn't think Sears was worth its share price.
On the other hand, Bruce Berkowitz of the Fairholme fund thinks that Sears' real estate is worth $160 a share - and now Sears is trading at $50 or so a share. Sears owns about a third of its real estate, and has below-market leases on the rest.
Berkowitz may be optimistic, though. Sears does not have prime store locations, and real estate is all about location. A lot of Sears stores are in malls with declining traffic. I think there is a lot of uncertainty around the value of Sears' real estate.