Thread regarding Sears layoffs

@grf - The underfunded amount is not set in stone. The are numerous variables that determine the amount of underfunding at any given point in time. The $1.7 billion amount was probably based on a worst case scenario and was then negotiated down to a more likely scenario of $800 million. Every aspect of this process is open to negotiation. The negotiations taking place are on the cutthroat level with every party trying to obtain the best deal possible!

If sears survives I hope Eddie gets Karma and ends up ruined. And that goes for the a--hole of the judge Drain

"The PBGC got exactly what they wanted in this agreement"

Ummm... for the record, the PBGC asked for $1.7B because that's the amount the pension was underfunded. They aren't negotiating on a used car here. As of now PBGC and ESL/Sears have not commented on the specifics for the agreed upon concession.

The Art of the Deal

The PBGC got exactly what they wanted in this agreement. If you want $800 million, then you start out by asking for $1.7 billion and negotiate down.

The Pension Service Center has already stated, "For over 99% of Plan participants, the level of benefits owed to you will not change."

For the record, the PBGC does not use tax payer money. PBGC funding comes from the premiums they charge companies to insure pension plans.

PBGC: "There's nothing more sinister than ESL underfunding thousands of pensioners!"

Children at St. Jude: "Hold my beer..."

PBGC: "You owe me $1.4 billion for underfunded pensions!!"

Eddie: "No"

Sears: "Eddie said No! I mean... uh... SEARS says no. Yeah... I meant Sears. We're not the same as Eddie. I swear" *whispers to Eddie "did we do good papa?"

Eddie: "Yes my Sears Snow - I will now accept you as my son"

Judge Drain: slides hand under robe "I wanna ride on Eddie's Fountainhead" giggles to himself

PBGC: "LOL, JK. We good Eddie. It's just $900 million" *slides hand into St. Jude's charity jar

The only thing left is now to kidnap Ed, and pls don't use his credit card nor Sears SWY points to buy pizza while you hold him captive. I am sure no body will bother now when they find out he's missing.

Allegiances within the Yale Skull & Bones Society run deep... How deep, you ask? So deep that financial corruption spanning decades is now considered legal leverage when settling bankruptcy debt in Drain's kangaroo court.

Remember reading in one of the posts that Eddies top layer used to clerk for the judge. If true what more do you want.

Sooooo let's just say, hypothetically, I don't wanna pay taxes anymore. Can I just file a case with Judge Drain and tell him so? Then he'll grant me financial immunity and pass my taxes on to the next guy? All this time I had no idea! It's just too easy!

Last one to file a case with Judge Drain-o is a rotten egg (and gets to pay my taxes)

I bet once Eddie has control of sears, he will close half of them by end of year leaving him 250 stores, the number he originally wanted

Cut a deal with your largest unsecured creditor and you're pretty much guaranteed to be the winner 😧

This is disgusting. This whole bankruptcy thing has been a s**tshow, and essentially the CEO who bankrupt the company is getting a chance to buy it back. "Save jobs" the same guy that has fired 100,000 plus employees, eliminated positions, closed 3/4 of their stores

probably using St Jude money

" can't see this then he is for sure bought. "

He been on the payroll since day one

Luckily for taxpayers, the PBGC gets no money from tax revenue. All from insurance that each Pension pays premiums.

" think of the Sears associates who badly needs the current job / money he/she is in until a new job comes his/her way of laid off "

Thats Tough sheeet - its not like they didnt know or were unaware of Sears troubles - they decided to go down with the ship and "maybe" bought themselves a few years - but think about it 'what did they really buy' - no pension, no 401k, reduced hours, pretty much the same working conditions, continuing anxiety of the hatchet falling etc... etc...

The smart ones are gone, the intellectually challenged remain - I certainly dont feel sorry for them

This is ridiculous!!!! If the judge can't see this then he is for sure bought. His job is to make sure that companies that are own money get back their money and not to save jobs. Eddie went inside with he only wants to save jobs, that's BS. I'm done with this circus c-ap

Only thing that could stop fast eddie now is if an insider grew a LARGE set of cajones with the development of an overriding sense of whats morally ethical

We all don't want Sears to go to Eddie but just for a second think of the Sears associates who badly needs the current job / money he/she is in until a new job comes his/her way of laid off. Maybe few days/months of survival.

So PBGC just tosses 900 mill aside just like that

Somebody gots to make that chit up so must be Timmy Taxpayer

Does this mean the pensions are going to take a hit?

So the taxpayer will pick up some of the cost for a shortfall

Wow, Eddie is like whack a mole on Meth. You just can't get em

What kind of deal is that!!?? That's $900 million difference. This is all a joke. Sears wins now.

Welp, that pretty much will end any opposition to Eddie getting the company, get ready for the slow death of Kmart and Sears, folks.

(Actually, probably quicker death of Kmart from what I heard.)