This is NOT for Sears Holdings creditors. We've heard about Abacus Advisors, Truck Companies, Softlines Vendors, WiFI providers. Who else is going to be claiming against the TransformCo estate? Maybe they can all pierce the corporate veil to TransformHoldCo/ESL/Eddie for insufficient funds.
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Contractor here, haven’t been paid since October. Invoices over 120 days old.
Remember that Eddie filed to cancel the compensation packages of hundreds of managers/execs during the bankruptcy last year. Don't be surprised when it happens again.
The VP and Directors of Transfomco is getting paid million of dollars yearly bonuses there don’t care who’ they get rid off as long as they family enjoys the holidays , Eddie hope you and your VPs enjoying the holidays ..
You forgot Santa Claus who is supplying the Kmart goods, the tooth fairy who's supplying the pantry items, as well as the Grinch who's supplying the remaining Sears stores.
Every time you think Eddie's set the absolute bar for incompetence, he proves you wrong. How do you bungle things so badly that you can't afford to pay the liquidators from the company that you own, to liquidate the company you own, that you just brought out of bankruptcy this year?
Fair labor standards act.
Are you an employee or contractor. All other liquidation projects are w2. Hilco,Gordon brothers,great American, tiger all w2 employees. Abacus makes you become a transformco vendor paid by transformco not abacus....repeat not abacus they are the middleman charging for processing fees. Like a pimp........how these people can sleep is beyond me. Alan cohen is the main man
Sounds like these liquidators were fooled into thinking they were consultants but are really employees who are due some serious overtime. My liquidator said the same not getting paid for over a month and i guess a group of them have already called the irs..
Shoe to drop soon
Not yet. I would expect sometime this afternoon.
I am on a liquidation job in New York.. 6 weeks not paid.
After being a w2 with Tiger I was put on this project THEN told i was to be a vendor for Transformco as a 10 99 contractor. Not paid. For 6 wneeks and have out of pocket for travel and hotels over $3,000. I get India on the phone and given the run around about a partial deposit coming soon but no date. Abacus advisors and transformco are not very nice to work with and seem to be under a great deal of stress on the weekly conference calls. Guy named Ted seems like a jerk and talks like he is a bigshot on the calls. Long long term retail manager and I have never been treated or tricked like this. No one at Tiger told me I was to be a vendor and was told if I did not take the assignment I would not work again in this field. At least I know they will all be out of jobs soon like Sears as Abacus has no others client base and I am told Irs is on there case for employment issues and the flsa act.
Third parties like Stolaas who hawked on the Sears website stopped getting paid