Thread regarding Sears layoffs

Eddie Lampert, aka ESL Investments, as second lien creditors of Sears Holdings Corporation, is taking their appeal to the 2nd Circuit Court of Appeals.
They filed their appeal on Sept. 28:

Should read Sept. 18 instead of 28.

An attorney representing several of Sears Holdings Corporation creditors will meet with Judge Robert Drain in bankruptcy court on September 27 for a hearing to have a mediator appointed to resolve disputes related to the confirmation of Sears Holdings Chapter 11 plan.
The creditors are asking Judge Drain to either dismiss Chapter 11 or convert it to Chapter 7 for immediate liquidation.

The creditors explained in the Mediation Motion to the court:

“...confirmation of the Plan cannot occur under the current conditions. It is pure speculation to calculate the amount of additional money coming into the estate as a result of various litigations. Without certainty, the Debtors will be unable to prove they can pay administrative creditors in full, and therefore, will be unable to confirm the Plan.”
In plain-speak, the creditors want to get paid immediately before Sears Holdings’ piggy bank is emptied by numerous litigations.

Sarachek Law Firm, representing creditors Mien Co. Ltd., Helen Andrews, Strong Progress Garment Factory Company, Ltd., Samil Solutions, Shanghai Fochier, Purcell Murray, A&A HK Industrial, Mingle Fashion, Mansheen Industries, Ltd. and AMW Vietnam Co. Ltd., is scheduled to meet with Judge Drain at 10 a.m. on September 27 in Courtroom 118 at the United States Bankruptcy Court for the Southern District of New York in White Plains, New York.

Eddie Lampert, aka ESL Investments, as second lien creditors of Sears Holdings Corporation, is taking their appeal to the 2nd Circuit Court of Appeals.
They filed their appeal on Sept. 28:

“This appeal concerns a question of extraordinary importance to secured lenders: if their borrower files a petition for bankruptcy protection, how will their collateral be valued as of the petition date if the debtor chooses to keep and use their collateral rather than surrender it to the secured lenders. The protections secured creditors are entitled to receive during their debtor’s bankruptcy case against any deterioration in their secured positions, including “adequate protection” in the form of replacement liens and priority administrative claims, and the ultimate recovery on their secured claims, depend on this petition-date valuation. Here, the bankruptcy court applied the wrong legal test and, as a result, undervalued ESL’s and the other second lien creditors’ (together, the “Second Lien Holders”) collateral by hundreds of millions of dollars, causing it to conclude that their adequate protection liens and priority administrative claims were worthless.”
This case is far from over. At this time, these court battles could continue into the New Year. Attorney fees will continue to mount close to $200 million dollars and more

@dbj, your comments are spot on. I couldn't have said it any better myself. If Sears Holdings/Transform/Eddie Lampert have one area of expertise, it seems to be in the area of liquidation. Running a viable business for the future? No. Not. At. All!

Surprised they aren't trying to talk about sales increases because sales do increase by atleast twice as much the first month a store is liquidating when most the stuff is at or above the average sales price anyway, they don't know how to run a business they're expertise is liquidation they have that down everything is way more organized once your store starts liquidation then it is when you are actually saying you're open to serve the members, the first couple weeks you actually get a ton of product some that you couldn't even order if you tried when open