Bloomberg – Edward Lampert used $393 million of shares in AutoNation Inc. (AN) to meet client redemptions from his main hedge fund, whose investment in Sears Holdings Corp. (SHLD) 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 yesterday. The fund also used part of its stake in Orchard Supply Hardware Stores Corp. (OSH) to meet redemptions, filings show.
