Berkowitz’s Fairholme Out of Sears Financing Deal

A 13D filing by Bruce Berkowitz and Fairholme Capital yesterday reveals their withdrawal from the deal to finance $400 million to embattled retailer Sears Holdings Corp (NASDAQ:SHLD) announced earlier this month.

“The Reporting Persons previously disclosed that The St Joe Company, an affiliate of the Fund and Fairholme, was in discussions concerning possible participation in the $400 million secured short-term loan disclosed on the 8-K filed by the Issuer on September 15, 2014 (the "Short-Term Loan").  The St. Joe Company was unable to agree on terms for such a participation in light of its investment criteria and has declined the opportunity to participate.  Separately, the Reporting Persons and certain of their affiliates are in discussions concerning a substantially smaller...