SRG - Seritage: Special Situation Opportunity Happening Now With 'Near Term' Shareholder Value Creation To Follow

• Seritage was a $40 stock pre-COVID with a price predicated on years of hard work that would be needed to reposition and re-develop assets to achieve that valuation.
• The largest shareholder (Eddie Lampert) initiated an SEC filing in November 2021, when shares ranged from $14.50 to $17, calling the shares "undervalued" as part of the filing.
• The bullish argument for Seritage has centered on the vast amount of asset value that can be unlocked over time. Most do not dispute the significant value of the assets.
• The bearish argument has always been that it will take too much time, and too much money, to unlock the value of the underlying assets owned by Seritage.
• In March of 2022, Seritage announced a strategic review that could involve selling the company, or selling certain assets, with the stated goal of the following: "We are committed to exploring a variety of opportunities to pull forward this value and deliver it to Seritage shareholders in the near-term".
• I believe we are about to witness fireworks and I also believe that investors who think value creation leads to a share price of only 50% above current levels (levels which the largest shareholder has called "undervalued") are in for a surprise.  With over 20% of the stock still sold short, be prepared for massive upside as the plan to unlock value unfolds.

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