huh, Cyrus capital owned by Stephen Freidhiem who just happens to be the brother of Scott Freidhiem, the former president of KCD brands and best friend of Eddie. What a coincidence!
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Will be interesting to see who shows up from Cyrus on Monday and what the judge says/does to them. Judge Drain - the swamp!
No. You are understanding ONLY that SHLD made investors aware their CEO is conflicted; so they can decide to invest or not invest. It; in no manner; absolves the CEO; the directors; from potential liabilities and breaches of fidicuary duties caused by conflicts.
In fact a fiduciary duty is expected to SUPERSEDE any conflict; and failing to observe that can definitely lead to liabilities; and even may cause a D as the insurance does not cover fraud.
Extracly kind of like going to church on Sunday. You can be the biggest d-bag the world has ever seen. go and sit back for a hour drop a few bucks in the basket and bam your all good for another week.
@ ciy - Ah okay so if its called out in an SEC document that the CEO will make moves that conflict with the best interest of Sears Holdings then it’s okay and he is absolved of any wrong-doing and won’t be subject to litigation. Am I understanding this correctly?
It’s like - if I tell you I’m going to steal from you and then I steal from you, it’s okay because I let you know ahead of time that I’m a thief. Makes perfect sense!
Want to add an extra comment.
A question for the UCC; of which Cyrus may be a member; is whether of not the Bankruptcy filing for Sears was possibly delayed by months due to maneuvers by Cyrus; that may have cost unsecured creditors $ millions in claims caused by the delay. Since Cyrus sold swaps it would obviously be in their best interest to keep the patient alive as long as possible; even if at the cost of unbearable pain.
No coincidence. SHLD openly admitted they have a conflicted CEO. SHLD surely borrowed from Cyrus due to the relationships; and presumably up to now the relationship worked for them. Now they find themselves sitting across tables with diametric aspirations.