Asks for a Jury Trial.
8 replies (most recent on top)
I hope WYCO from seeking alpha covers the courtroom action on this one.
lol; Sears Holdings is insolvent; they won't even be around if this ever made it to trial.
Pray for a trial! I wd be on the jury free!!
who from sears is suing them? The old company no longer exists. is it the legal guardians of the old company?
https://finance.yahoo.com/news/sears-estate-sues-lampert-saying-142830240.html
They waited too long. They already don’t have enough to pay admin claims, so unless they can convince administrative creditors to go along with this (doubtful), SHLDQ is going to run out of money for anything before discovery is finished.
Quote:
Altogether, Lampert caused more than $2 billion of assets to be transferred to himself and Sears’ other shareholders and beyond the reach of Sears’ creditors. These assets included (i) 80.1% of the common stock and 100.0% of the preferred stock of Orchard, together worth at least $133 million, (ii) rights to purchase 100% of SHO, a profitable subsidiary, worth at least $231 million, (iii) 44.5% of Sears Canada, worth at least $621 million, (iv) 100% of Lands’ End, a profitable subsidiary worth more than $1 billion, and (v) rights to purchase Seritage, a new REIT to which Sears sold 100% and 50% ownership, respectively, in 235 and 31 of its premier properties (for at least $649 million below their fair value), worth at least $399 million. These transactions were actual and/or constructive fraudulent transfers, and constituted illegal dividends under Delaware law.
The defendants charged include:
(v) Fairholme Capital Management, L.L.C. (“Fairholme”); (vi) Cesar L. Alvarez, Bruce Berkowitz, Alesia Haas, Kunal Kamlani, Steven Mnuchin, and Thomas J. Tisch (together with Lampert, the “Directors”); (vii) Seritage Growth Properties, Inc.