KMart Sears merger vent

[hblueeyes]

I cannot hold it any longer. I will no longer shop Sears or KMart. Here is why.
KMart went thru bankruptcy. During that time, I and others bought stock in the company because we believed in them. I remember when KMart was SS Kreske's. The stock was low and I knew they would bounce back. It was a way for me to show my support for this store as well as maybe make a few bucks once stock rose. Well last year KMart had all it stock nulled and voided by the courts after they came out of bankruptcy. The next day it jumped to $26+. A year later they are announcing that they are buying out Sears for billions of $$$$$. That is easy to do when you have screwed your stockholders which is where they probably got the money. This is deplorable behavior and I liken it to the Enron jerks. What is the point of buying stockin a company if they can get a judge to void it and screw the ones that bought it and thereby kept them afloat. I wish I had pull with someone. I believe a crime has been committed. If not in a legal sense, it is definitely a moral crime. I do not have alot of money but I borrowed $500 to buy this stock just so they could take it a use it to buy Sears. I wonder if I could file some kind of class action suit against them?

Me :p

[rlynn411]

I highly doubt that a class action suit could be brought against them. Their bankruptcy was handled through the courts and what they have done is not illegal. The whole point of restructuring is to emerge and be profitable. Companies buy other companies all the time.

I'm sure it stings losing money you had invested, but thats a risk we all take when investing.

[Shann]

that is why I have no intention of investing in stock. I'd rather have a sure thing than take a risk.. I'm not a good gambler.. would rather buy a pair of shoes than gamble. hehe!

Sorry that happened to you. :(

[karefree]

There are Bulls. There are Bears. There are Chickens. I am a Chicken.

Sorry you lost your investment. :eek:

[DivineMsDi]

I know fortunes have been made in investing, but I don't know enough about it to ever put my money (not that I have any) into stocks.

I like my $ in a safe place.

Sorry you lost yours. Seems like every day you hear about the little guy going down the tubes while the rich get richer. :mad:

[Willow]

I would put money into money market accounts but I would never buy stock. That is just too risky.

[rlynn411]

Have to agree that the stock market is a risk..... but at the same time people have made and lost their fortunes there. I dont even look at our investment statements any more..... or not that often anyways. Its hard to see a loss of thousands in a 2 week span... but luckily, the investments rebound and all will be good until the next dip. I just have to think during the low points that it will go back up!

[Tadbit]

That really sucks that you lost your money, an even if you can't recoup your loss through the courts, you can get even through word of mouth, which what you did, is a good start. At least you warned some people so if K-Mart does buy Sears and tries to sell stock again, the people that have been warned won't fall vitim to them and you won't again either. Thanks for the warning. Now get out there and tell everyone else you know. :)