Seritage Growth Properties (SRG) presents a picture of negative financial trends as well as unresolvable conflict of interest with majority shareholder Eddie Lampert and his hedge fund, ESL Investments. Seritage Growth Properties is stuck in a difficult spot, as negative FFO trends from loss of key tenants, Sears and Kmart forced dividend elimination after 1Q 2019. Current balance sheet cash of $467 million, supplemented by $400 million undrawn line of credit, may not prove sufficient to fund committed development pipeline, while current interest coverage may already be in violation of loan covenants. Without