" "ESL’s interest is conditioned on ... a full release by the Debtors of ESL from any liability related to any prepetition transactions involving ESL"
Yeah, this one's not remotely serious
https://usatoday.com/story/money/2018/12/06/sears-eddie-lampert-bankruptcy-offer/2224500002/
"ESL’s interest is conditioned on ... a full release by the Debtors of ESL from any liability related to any prepetition transactions involving ESL"
LMAO! He wants them to wave their rights to sue him, and (probably) get less money than if SHLD was liquidated. Yeah, that ain't gonna happen. Start picking out the flowers for Sears' funeral.
So Eddie sells real estate 500 stores , liquidates , puts Kenmore in Costco and nothing left except memories of what was ! Still he makes more money on sales and repair contracts , everyone else looses .
Read the details and Eddie's comments. He wants to move forward with smaller formats and 50,000 employees. There are currently 68,000 employees. If he gets approval we could see up to 1/3 of employees laid off.
Eddie's play, if this happened, would be to sell off the assets and make a profit. Google 'Bain Capital' and see what they do.
I think they picked their Judge well and will get this. Friend of Eddie?
It's irrelevant that this is the best deal on the table. It's still a terrible deal. The judge won't accept it, neither will the other creditors or debtors. They are financially MUCH better off with a liquidation as opposed to taking this deal. Eddie is also trying to side step the pension obligations, and there is zero chance the pension board gives up their rights. Not going to happen.
Suing Seritage and ESL are definitely the even better deals on the table.
Liquidation is the better deal on the table
The judge will approve it, Eddie saves the day again!! Three cheers for Eddie lampert, once again doing right by the employees and the members!
Of course it will happen. It's a better deal than anything currently on the table. If you seriously think it won't, you haven't been paying attention for the past 14 years.
This is a done deal. There won't be any "ongoing large and small format stores" however. This is, and has always been, a real estate play. PLUS he gets Kenmore and Home Services in the deal.
There aren't an awful lot of bidders rushing in to save Sear kmart - therefore eddie will win bid by default and the sloooww liquidation train wreck of the 500 stores will begin again without the current debt overhanging - future employees will get "promised or offered" nothing in return
The courts fall for this one, that can only mean someone is in someone else's pocket
In this case its " money talks AND B.S. TALKS"
Hilarious, yet tragic. And I am sure he thinks he just needs to re-tool SYW into an even better member thingamahoochie, Then the customers will come back.
But watch for a bid for some other company. Isn't it just about time where he thinks he needs to gobble someone else up? Its coming!
And I assume his intent is to emerge from bankruptcy as a private company. Alot less government oversight.
This is a done deal !! Eddie Eddie Eddie !!
In a trillion years this won't happen. No way debt holders give up their right to sue ESL, especially for a deal worse than liquidating immediately.
Even the judge will chuckle at this one.
Move along.