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To: Larry S. who wrote (52426)	11/17/2004 11:21:57 AM
From: BWAC	Read Replies (1) \| Respond to of 53068

Anyone holding these companies better hope the management doesn't get confused and try to be a retail company. But I suspect they will have to at some point as the profits from the 'easy' real estate sales taper off. The good locations will be quickly sold as per plan and the desolate ones will remain setting the trap for the focus to shift to operating a failing retailor. Do you think they have anywhere near $20 Billion of real estate that can be sold over the years, before they run out of assets and before their failing retail stores suck the profits dry? And you're right, its not about retail right now. "Same-store sales and total sales decreased 12.8% and 13.7%, respectively, for the 13 weeks ended October 27, 2004, compared to the 13 weeks ended October 29, 2003. " Its the speculative real estate markIt. Here's a prediction. I see Sears has a pension obligation on the books. The government guarantee will have pick that up out of the ashes within 10 years.