### Comment:
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.

### REPLY:
So maybe he can turn it into a mall REIT once he owns the real estate assets and sell the stream of income resulting from commercial leases? Just seems like a miserable strategy on his part to slowly bleed this monster to death. He would’ve been better served financially by investing elsewhere, but maybe he enjoys slowly sinking the ship. And if Bezos comes in at the end to make a deal for the real estate, he will look good.

### END.