Hope springs eternal. Bed Bath & Beyond has disappeared. Much of the company was bought by Overstock. The purchase is known as a “buyout of intellectual property.” This means Bed Bath is online, but not in any way that would help its shareholders. (These companies have the worst reputations.)
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Bed Bath had a second asset. BuyBuy Baby has been sold as well. It went to Dream On Me for $15 million. So, the Bed Bath cupboard is bare.
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The shareholders who still own Bed Bath stock are fools. The company said as much in a recent SEC filing: “The Company expects that holders of shares of the Company’s common stock could experience a significant or complete loss on their investment, depending on the outcome of the Chapter 11 Cases.” Perhaps the “outcome” is the reason shareholders will hold the stock. However, they will walk away with only certificates that can be used as wallpaper.
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The situation shows that people are willing to bet on nothing, hoping there is something. It would be akin to betting on a horse with a broken leg that somehow made it into the Kentucky Derby.
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However, there is a way for a few people who own the stock to profit. They can get into the shares at 23 cents, hoping it will sell for 24 cents tomorrow.
Bed Bath & Beyond’s 23 Cent Stock
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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