the company burns around $1.5 billion of actual cash a year - it has with the real estate left, sears auto centres, kenmore, diehard, home services around $3 nillion in assets. Now the killer is the debt repayment due in oct 2018. but for those on here who say bankruptcy is imminent - its not. Eddie will keep on going until everythng has been sld and burn. and that folks takes us easily into oct 2018 when it will all come crashing down.
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Dude. People have been saying "it's over" since 2012. No one disputes that anymore. But just because you understand a point that has been obvious to pretty much everyone for several years, doesn't mean your knowledge of how the system works and how the bankruptcy will take place is correct...
And Eddie isn't exactly gonna be walking away with a net profit or anything. If you take into account the money he put into sears directly as well as the loss of value of his hedge fund, he'll probably still be at a net loss of 10s of billions (counting the hedge fund). That and all the years lost trying to do damage control rather than actually making money. I highly doubt what sears has left could compensate his losses completely and make him a richer man than when he began. His hedge fund is barely a shadow of its former self because of sears and I'm sure this deal has given him an absolutely horrible reputation when it comes to investments.
Little kids huh? Rethink that statement. I take profit just like Eddie I just don't do it illegally. Lawyers? How old do you think we are here? Do you think I have never settled an estate? Think again. The state is stupid. You assume the state to be all powerful like the Wizard of Oz. .gov workers are some of the dumbest on earth. Get with the program.
Eddie is taking every last nickle and I would do the same and I have. I raided SHLD for stuff I needed. I never stole anything, But I never paid full retail.
I am putting my two weeks in. It is a disaster. Anyone who says it isn't over is delusional. Kmarts go first. The thing is that I have cash in the bank. I don't care.
Great life experience though.
You all sound like little kids playing the market.
We don't want to get into this but, fraudulent conveyance, has state rule over govt.
Very interesting blog going here. It sounds like we have quite a few lawyers in the making. I think the best thing for all of us to admit is that all we can control is ourselves and our actions......that is if this is truly all associates on this dialogue.
No need to try to sway one person one way or the other as each associate knows what is best for him/herself.
We all know Sears/Macys/JCP/etc/etc/etc/ are extremely challenged right now in the retail environment along with many others. Each associate has to weight his risk/options and decide what works for his/her family. My whole point all along has been simply that we can't control anything other than trying to do our best and leaving if that is what is the best option or staying if that is the best option.
And I will say again....not that it matters really but I SINCERELY hope this is all associates on this blog as if not wow that is wrong.
Thanks - whether people agree or not it's nice to see an opinion backed up with rationale, I think there are some solid arguments here.
Unless you are a lawyer I don't think this is the place to discuss what will certainly be a complex bankruptcy proceeding. There will definitely be some powerful law firms going after each other for a long time. For anyone to predict how things will play out from the legal side seems pretty foolish. And if you are a lawyer I'm not sure why you are on a Sears employee board? The only certainty in all this is there will be a bankruptcy - likely forced by a creditor - and I'm not sure why anything else matters. Unless you have access to what every stakeholder is thinking regarding protecting their interests, confidential financials, and if anyone would even want the undesirable remaining assets (and what they would pay) it really makes no sense to even speculate on specific times and dates of a bankruptcy. With how bad of shape this company is it could happen at any time and it would not surprise me one bit.
Fraudulent conveyance has state laws which do not limit recovery to only 2 years. Happens often.
@MNQ0o71-wrw https://www.law.cornell.edu/uscode/text/11/548 right here
"No matter what the federal government or the states might wish to do, they have to stay within the boundaries of the Constitution."
Gets a little dicey there.
@MNQ0o71-wrw Bankruptcy is governed by federal law in the United States
What federal laws on fraudulent conveyance are you talking about? Even if said Federal laws existed, the states reserve the right to enforce their own laws in their own courts.
They will bun two billion this year. They have 500M in loans due this summer.
@MNQ0o71-ixv Federal laws always take precedence over state laws - see the supremacy clause. It is 2 years.
The remaining assets are only worth what someone is willing to pay for them not an arbitrary amount like you gave. And if anyone "wanted" them they would be gone by now.
Who are you? Rocket Sears from Yahoo Finance? However, I agree with you that BK is not the plan but for none of the reasons you listed. More store closings are the plan because it is the only thing that makes sense to do if Eddie and Bruce want to protect SRG although I am not fully buying the statute of limitations on fraudulent conveyance. "Claw back" laws are state laws and those judges can be bribed/ coerced.
At any rate, it is a controlled demolition and no one can argue that. I disagree that Kenmore and diehard are worth anything. Why not just wait and buy the brand for next to nothing right before the end? That's what I would do if I though they were worth anything. Both of those brand names are already tarnished severely now. Pretty limited on the real estate options. SRG has the best properties already.
The question is going to become whether or not conflicts of interest exist in Eddie's and Bruce's little scheme. I can see a lot of lawsuit possibilities. Eddie is Goldman boy though. And his old college room mate happens by Secretary of the U.S. Treasury.
I agree with you but I suspect that you are not a SHLD employee as I am. I see what is happening just as many others do. I am considering taking my Series 7 and Series 62 exams. I need to get in on this scam. FINRA cracks me up. What a bunch of crooks!LOL Who is worse, them or the SEC?LOL