Friday, 27 May 2016
Last updated 15 hours ago
May 8 2012 | 10:53am ET
Edward Lampert isn't waiting to try to head off a slew of redemptions from the hedge fund that holds his majority stake in Sears Roebuck & Co.
The ESL Investments fund's five-year lockup will expire this summer. But over the last several weeks, Lampert has begun to reach out to clients, urging them to stay in the fund, the New York Post reports.
Certainly, the fund's performance this year is a powerful incentive for sticking with Lampert: He bought out the Ziff family's stake in the fund in January for $130 million. Since then, he's nearly doubled his money.