SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?


To: AFed who wrote (50908)2/14/2013 7:12:38 PM
From: E_K_S  Read Replies (1) | Respond to of 78958
 
Re: OSH

It looks like three 13G froms were filed today as they were all filed Feb 14, 2013.

Form SC 13G/A ORCHARD SUPPLY HARDWARE Filed by: ESL PARTNERS, L.P.
Filed on: February 14, 2013.
As of December 31, 2012, the Reporting Persons beneficially owned an aggregate of 1,963,133 Shares. Partners held 1,182,621 Shares; Institutional held 454 Shares; CRK held 32 Shares; and Mr. Lampert held 767,353 Shares; Tynan held 4,274 Shares; and Mr. Crowley held 5,391 Shares directly and 3,008 unvested restricted Shares directly.

Form SC 13G/A ORCHARD SUPPLY HARDWARE Filed by: FAIRHOLME CAPITAL MANAGEMENT LLC
Filed on: February 14, 2013.
604,143 shares of Class A Common Stock, par value $0.01 per share, of Orchard Supply Hardware Stores Corporation are owned, in the aggregate, by Bruce R. Berkowitz ("Mr. Berkowitz") and various investment vehicles managed by Fairholme Capital Management, L.L.C. ("FCM") of which 592,993 are owned by The Fairholme Fund and 8,070 are owned by The Fairholme Allocation Fund, each a series of Fairholme Funds, Inc. Because Mr. Berkowitz, in his capacity as the Managing Member of FCM or as President of Fairholme Funds, Inc., has voting or dispositive power over all shares beneficially owned by FCM, he is deemed to have beneficial ownership of all such shares so reported herein.

Form SC 13G/A ORCHARD SUPPLY HARDWARE Filed by: SAMANA CAPITAL, L.P.
Filed on: February 14, 2013.

(NOTE: 274,721 shares representing a 5.1% interest has granted ZBIE investments voting power)

SC is the owner of record of the Common Stock reported herein. MH is the general partner of SC. On February 6, 2013, SC entered into an investment management agreement with ZBIE (the “IMA”), pursuant to which SC has granted ZBIE investment and voting control over the Common Stock reported herein. ZBIE is wholly-owned by ZBI. As a result thereof, each of ZBI and ZBIE may be deemed to beneficially own the Common Stock reported herein. In addition, each of MH and Philip B. Korsant may be deemed to beneficially own the Common Stock reported herein as a result of certain rights retained by SC under the IMA.

-------------------------------------------------

Basically no change in ownership due to sales but ZBIE Investments obtains 5.1% voting rights that it otherwise did not hold. Maybe this is all positioning for some eventual "rights offering" as you suggested.

Also not too happy to see the company bleeding off their real estate as this makes it a bit more difficult tp have earnings hit the bottom line. Still with the stores that were closed, they did obtain pretty good long term income streams.

Re: ORCHARD SUPPLY (OSHSP) -OTC BB - Any idea what the terms are to this preferred or is it just superior to the OSH common. It is thinly traded and closed to day at $1.79/share.

Thank you for your detailed response. I get the feeling that Lampert still has his fingers all over the common shares and that is something for me does not provide that warm and fuzzy feeling. Remember what he did to those K-Mart shareholders. It was not good.

EKS



To: AFed who wrote (50908)2/14/2013 10:47:36 PM
From: Spekulatius1 Recommendation  Read Replies (1) | Respond to of 78958
 
AFed Re OSH - this is a terrific analysis. I have looked at OSH briefly as well when it was spun off a year or so ago, and Gizwick mentioned it againrecently. I agree with you that it is too much of a gamble. With Lambert and Berkowitz in play, and management probably associated with Lambert still, I have a mental picture of a wounded Tuna, encircled by a bunch of sharks in my head.

I believe that this spinoff was designed to sink from the get go (subpar business, laden with debt) and the capital structure was and is unsustainable.

Thanks again for taking the time to share your findings with us.