### Comment:
I still don’t understand how he comes out ahead by lending his failing retailer money. I have no idea how slowly breaking this company apart is at all a good idea for Lampert. Their stores are pathetic shells of their former selves. The one in my city closed, right after Macy’s.

### REPLY:
Because the sum of the parts is worth significantly more than the whole.  Especially when it comes to real estate.  However, as Lampert divests this stuff, he needs to think about preference claims in a bankruptcy as well as fraud claims.  So he's keeping this dead horse rolling on wheels.

### END.