Thread regarding Sears layoffs

I just don't understand how any of that was legal

Sounds to me like the sticking point is he doesn't want to be sued! Since he took this company over he's pulled some pretty shady sounding deals. The employees are questioning how his company can lend money to the company from his own company. Oh and open a company to take over the stores, charge them high rent until they can't afford it. Then close. Oh yeah but the store was in a great area that he can take over and put into his REIT and make deals with other companies to move in. I just don't understand how any of that was legal. Totally immoral but legal? He doesn't give a c-ap about the employees. He's only using them as pawns. I hope he gets what he has coming to him. And that's not a good thing!

Reposted this from @X86AEUv-msb , as I ask myself the same question.

by Anonymous
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Post ID: @OP+X8YSxet
Comment! It's anonymous!

9 replies (most recent on top)

Who let this clown in? Newsflash, dummy. One of the big reasons this thing isn't going so smoothly is because of the waivers Eddie wants some claim holders to sign (basically so they can't sue him). It's been reported. Doesn't even need a law degree. Either go back to living under the rock that you came out from under or try reading the news. UoP. Maybe that's your alma mater? No no. UoP would be too good for you. Maybe ITT Tech?

by Anonymous
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Post ID: @1jzl+X8YSxet

oh yeah what law school you go to? UoP?

by Anonymous
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Post ID: @1ojr+X8YSxet

It’s never happened on this scale before, so there aren’t really any laws on the subject. However, laws are inherently reactive measures, so in the future this type of activity will probably be addressed, either by regulations or laws.

by Anonymous
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Post ID: @1qva+X8YSxet

sh--. :)

by Anonymous
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Post ID: @1ipn+X8YSxet

Enough money and powerful friends and you can get away with anything, legal or not. The meek may inherit the Earth, but not just yet. Sorry if any of you were triggered by the religious reference, but I don't care what you think

by Anonymous
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Post ID: @1vgw+X8YSxet

A company can lend another company money. That's what happens when a bank lends money to a company. If the SHC board accepted the loan and payment terms and those were not what they could have received elsewhere, then the legal c-ap kicks in.

SHC board approved selling the stores to Seritage. That's a legal transaction like when Kmart sold stores to Sears just before the merger. The only thing is if it was for an amount that is considered legitimate. If a store is worth $100 and its sold for $100, then there's nothing illegal. Doesn't matter who owns either company or if they are owned by the same person.

If they can prove the stores were worth more than the board sold them for, then the legal c-ap kicks in, probably for years.

So it is all going to depend on someone proving to a judge that the terms of the various transactions were not competitive.

And then its not just Eddie but the whole board who may be at stake.

And most likely, the legion of lawyers made sure they can prove the transactions are legitimate. He didn't just conjure it up and go with it unprotected.

by Anonymous
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Post ID: @gfm+X8YSxet

He graduated from Yale where he was a member of Skull and Bones. He worked for Goldman Sachs early on. Judge Dredd is also a graduate of Yale, not at the same time as Eddie. People like this don't get screwed over.

by Anonymous
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Post ID: @qez+X8YSxet

Judge Drain seems happier to approve things than Judge Ito.

by Anonymous
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Post ID: @thi+X8YSxet

He is Fast Eddie- he can do anything except leap over tall buildings like Superman!

by Ed
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Post ID: @nca+X8YSxet

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