From Bloomberg: Eddie Lampert used $393 million of shares in
AutoNation Inc. (AN) to meet client redemptions from his main hedge fund, whose
investment in Sears Holdings has led to volatile returns. Lampert’s ESL
Partners LP on June 10 distributed 9.09 million AutoNation shares, or about 41
percent of its stake in the auto retailer, to investors who were redeeming
their interests in the fund, according to a regulatory filing June 12. The fund
also used part of its stake in Orchard Supply Hardware Stores Corp. (OSH) to
meet redemptions, filings show.
With Sears struggling, clients have been pulling money out
of ESL Partners. Gross assets declined 24 percent to $5.1 billion at end of
2012 from a year earlier, and the number of investors in the fund dropped to 164
from 250, filings show.….
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