The judge is bought and payed for just like the rest of them. Fast Eddie owns us period. Get ready to bend over some more.
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Eddie went to school with the judge. They filed bankruptcy in NY because he knows the judge. Wake up people!!!!
The judge has not rules one way or another on that matter. There are formal procedures for a bankruptcy. It completes over multiple stages. Winner of the auction is selected solely by the debtor: the Board of Sears Holdings; which might or might not operate independently of the biggest shareholder; and/or independently of their (former) CEO. IMO many boards do not act independently. In that stage; surprise; surprise; Sears Board (and only their board) selected ESL / Transform Co as winner of the auction. The judge acted solely as a referee and creditors provided input; but neither had the ability to select winner of the auction. ONLY the debtor's board could do that; but the board; on behalf of the debtor; does hold a fiduciary duty to select the winner that would provide the most value to their estate on behalf of creditors.
Following the auction ANY part (even shareholders) can provide objections. This is where the bankruptcy is at now. The court is OBLIGATED to provide sufficient notice and time for parties to make objections.
The next stage; that has not occurred yet; is for the court to analyze objections; hold hearings; and pass some rulings; but might not be at a stage to pass final judgments; even though certification is expected Feb 4th; as the debtor must also be provided sufficient time to counter objections. The judge himself also need to personally read EVERY objection; which in itself will be an enormous task and could require extending the certification date.
Sears will continue unfortunately. The judge is not interested in anything the creditors have to say or prove. It's all done, it was done before it even started. Drain will never approve a complete liquidation because a few unsecured creditors are whining.. remember he thinks Eddie's plan of keeping the employee at Sears working is great moving forward. It's absolutely ridiculous to keep this company going with the amount of non renovation, non caring about people and just plain out loss every day, week, month and yr. I hope it all backfires on him marvelously! But again he'll most likely win win win.