https://turnaround.org/jcr/2017/11/sears-srg-and-economics-fraudulent-conveyance
The creditors are out for Eddie's hide, and good luck fixing that before Tuesday
6 replies (most recent on top)
Turns out that selling all of Sears' best real estate to himself, and leaving the company with all the c-appy ghetto stores, is probably illegal, and definitely unethical, and Sears' creditors want to see Eddie's head on a pike because if it. Who could have imagined, right?
Self dealing and conflict of interest, it's what's for breakfast in Eddieland
@rpb since Eddie is chairman and CEO of seritage, and ESL owns a large percentage of Seritage, and the article describes the inequitable transfer of wealth from Sears to Seritage to the tune of $600M via fraud, an issue that the article anticipates could come up in a future bankruptcy, you don't think that's relevant now that the bankruptcy has actually come to pass?
Misleading post.
There is nothing in the article regarding ESL being sued by creditors.
Article was published in November of 2017, . prior to the bankruptcy filing in October 2018. The authors explore certain transactions and speculate what could happen if SHLD files for bankruptcy protection.
Yes he should be put into the hall of shame
Y'know, a lot of Chapter 11 reorgs are a big kumbayah moment where everyone scratches everyone else's back because no one wants to kill the golden that lays the golden eggs, money flows freely, liquidity is pumped, and everyone crosses their fingers and hopefully doesn't have to meet again a few years down the line. Then there's Eddie, who backstabs everyone every chance he gets, burns every bridge, and manages to lose money every step of the way. We may never again bear witness to such grand ineptitude.