Lampert Hacks Down Sears Stake As Investors Seek Payouts

Law360, New York (December 4, 2013, 11:38 AM EST) -- Edward Lampert, the hedge fund manager who for several years has tried to guide Sears Holdings Corp. to a turnaround, gave up majority control of the lagging retailer amid pressure to deliver payouts to his firm's investors, he said in a late Tuesday filing.

Connecticut-based ESL Partners, the hedge fund run by Lampert, cut its Sears interest to 48.4 percent, down from the 55.4 percent stake it held as recently as October, according to a filing with the U.S. Securities and Exchange Commission.

The hedge fund...
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