There is some clarity coming to the severance issue. Eddie can't lie about it anymore and sweep it under the rug. At least this has his attention enough so that he may expedite the payment of pre-bankruptcy cut-offs. (Not adjucated yet in his words) Also, post bankruptcy severance payments that were cut off prematurely. There are mountains of proof that these have been unpaid, contrary to Eddie's response letter. Let us hope that he takes action before some Senators make an election year issue out of him.
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No company is obligated to pay any employee a severance. They chose to do it as a "kindness" jester when you were let go.
Oh one more thing a lot of the pre/post bankruptcy severances are also in a weird limbo because of when the stores started liquidating and who ultimately got the money (old Sears/Eddie).
I’m sure he will pay up any obligations he might actually owe to shift the blame elsewhere
It’s totally screwed up.
Technically he DID pay the severance. It was part of the purchase price.
Then he decided to argue he was cheated out of money. So really what has happened is the legal wrangling has eaten all the money up on legal fees. Now I could be wrong because of all the shady garbage but by my calculations if he loses the argument to keep the cash on hand in the drawers at the time of the closing of the sale he really only owes old Sears something to the tune of $13 million, which will go right in the lawyers pockets.
Since Old Sears has no money they can’t pay the severance.
I’m am not really sure how this would even play out in a courtroom.
By stepping down from old Sears at the time of the sale closing technically it leaves them responsible to do whatever with whatever money was paid for everything, so he’s basically gonna toss them under the bus and say they didn’t fulfill, but I am not sure the severance comes before the higher level debt holders unless it was directly earmarked for that purpose somehow.
I’m not even sure anyone can actually sue over this. I mean suing him directly will likely be a legal dead end and suing old sears which has no money will yield no recovery.
Anyone can go into sears primecleck and see what he’s lying about. Lots of people got screwed