From Eddie's own blog:
ESL was not informed in advance that Sears Canada intended to seek protection under a [bankruptcy] filing, and was extremely unhappy with that decision.
https://eddielampert.wordpress.com/2017/10/22/esl-response-to-the-globe-and-mail-article/
Eddie Lampert is a big hypocrite. To have the audacity to write that takes guts.
People always say he's delusional on here so the word has lost its punch for me but reading that makes me reconsider.
Reassuring is that nobody has "liked" his blog entry. No comments whatsoever and only 22 Facebook shares. Not much of an audience.
Eddie doesn't like bankruptcy filings unless they benefit him.
Shouldn't that be the goal? Why would you do it any other way?....
Eddie doesn’t like bankruptcy filings because he loses control. He’s liquidating the way he wants to end up with the most he can get for Eddie.
Have to give the man his due. This goose was cooked years ago and
I'm amazed it's still around. If he plays his cards right, he can still resurrect the brand, but it'll be on a different scale from the Sears we once knew.
From the blog: noted that it would be risky and unwise for the Company to pursue additional borrowings on onerous terms --- seems as though fe has no problem loaning monies at 11%
I always chuckle when there are posts where people try to guess the worth of assets. We don't know. We might as well just admit we don't know.
That's with sears operational idiot
Forbes put his net worth at 1.6 Billion as of October 2017
Seritage has a market cap of 1.51 billion as of today’s close, Eddie owns the vast majority you idiot. That’s only one of his investments. He is not liable for the sears debt, the company is.
His net worth is about $2 Billion.
Eddie is a value investor in the mold of Buffett.
There is quite a lot of value left in the old girl (Sears)
Personal Liability for Corporate Debts. ... When you fail to follow the formalities, the corporation's creditors may sue you and the other shareholders personally to collect the corporation's unpaid debts after a business failure -- commonly referred to as "piercing the corporate veil." After this little rule.. Nothing
Eddie is only worth about 250 million today. If that.
Diehard worth 300m, Kenmore 200m, no more craftsman and money already spent. 6 billion debt, Siritage won’t survive without Sears and the properties are garbage. No one wants 200000sqf locations and Macy and Jcp vacancies bring value down 60+%. Every side Eddie thought he had covered is garbage. Plus vendors no longer want to do business, they laid off the talented staff and anyone with a brain has already left. Please name some positives, I can’t think of any.
The pink ponies are diehard, kenmore, one of them was craftsman.
Lampert is worth minimum $2 Billion. Seritage is worth quite a bit too. Lampert didn’t loan the money because they had no plan. Read his blog post for crissake.
But let’s say you’re right and he’s only worth a few hundred million, he’s gonna waste his time or their time posting on here for a few hundred people. God you are losing it.
Eddie Eddie Eddie just the way Eddie likes it.
Eddies secret plan ten years later. The poney is still being kept a secret. One day it will come out of the closet, maybe when he’s in Jail.
Eddies clean up crew is obviously trying to prop up stocks with these posts. He cant throw enough of his own money at this pile to keep stocks up so in old fashon Eddie style he is acting like he has a grand plan to profitability. Yeah with over 75% of stores losing money I don’t think so buddy.
Eddie was given the chance to lend them 200m and he declined which was the nail in th coffin. Eddies funds are getting low and he can’t afford any of this any more. He’s a tired man and needs to rest. Eddie is just stalling as long as possible to ensure he is left with a few percent of what he put into it rather than nothing. Business as usual is a diversion. If he stated other wise, what’s left of his minions would run for the hills just like Bruce. None of this is a genious plan just common sense.
Not ludicrous at all. There is a pink pony inside the steaming pile that is sears, several of them in fact.
Why would he not? Ludicrous
Bankruptcy however is not imminent nor is it something Mr. Lampert is even considering at this juncture.
https://www.thelayoff.com/t/PUwkg1n