Keep in mind Eddie is on every side of this deal, debtor, creditor, owner, buyer, seller, potential defendant and potential plaintiff. It's nuts and I won't say I understand it. But I do think the legal complications are part of the plan, a confusing mess no one will want to pay to litigate because of the complexity.
This post by @XiEYbHS-kmx summed up all the paradoxes of the whole situation.
Creditors win they’ll get zip. There isn’t enough merchandise in the pipeline to pay them. 8nventory light was to serve the customer? No, it made it harder for liquidators to outbid Eddie. Meanwhile Eddie has the financing lined up from his buddies to fill the stores, after he wins.
The legal complexities are so intricate the judge is probably going to sign off on this and let them litigate it out after the bankruptcy. Meanwhile everything is so convoluted and unproven that it’ll be virtually impossible to prove.
Does it make sense now? This has been the plan all along. Even if in the end the creditors win in court, they still loose. Hard to get blood out of a turnip, and in order to keep on until they win, the creditors will loose any potential repayments or damages to attorneys’ fees.