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To: reaper who wrote (192534)	9/18/2002 9:59:51 AM
From: Bill/WA	Respond to of 436258

thanks reaper, <<Sears paid $1.8 billion cash for it. If you do some quick math you can see that they could have earned a better return on that capital in money market funds. of course, since they have to BORROW the money to pay for Land's End, they will earn a return on capital that is less than their cost of capital on that deal.>> true, we talked about this before, it just seems incredible that no one seems to perceive the deal that way when <<but the capital markets keep giving them money>>. BTW, do you know who in the capital markets is supplying them?? Thanks again, Bill/WA