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SEARS files for bankruptcy

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2 hours ago, admin said:

Sears chairman Eddie Lampert's hedge fund, ESL Investments, offered to buy the rest of the bankrupt company in a deal valued at $4.6 billion.

 What is up with this guy?

Without doing any research at all ... my best guess is that he intends to act as a "Corporate Raider", and take a business where the parts salvaged are worth more than the whole.  I seem to remember that Sears is the parent company of "Discover" Credit Card, and for some time, Sears has made more money off of their Sears credit card fees than their retail sales.

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@James Thomas Rook Jr.  I think you nailed it a couple month ago......

I read this headline today....

  • Sears (+32.46%) Chairman Eddie Lampert won approval from a bankruptcy judge to buy out the struggling retailer for $5.2 billion. Liquidation averted.

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@James Thomas Rook Jr.  it appears you were right.... (at least according to Sears)

Sears Goes After Eddie

In the criminal justice system, retail-based offenses are considered especially heinous. In New York City, Sears Holding Corp. is suing its former chairman and largest shareholder for allegedly stripping the chain of more than $2 billion in assets.

Sears (-3.97%) has alleged that Eddie Lampert, the man who’s become synonymous with last-ditch efforts, is to blame for the once-storied retailer’s downfall. Quick rewind:

  • In October, Sears filed for Chapter 11 bankruptcy protection after years of decline.
  • Lampert later swooped in to save Sears, acquiring most of its assets in a $5.2 billion court-sanctioned auction through his hedge fund, ESL.

But now, Sears alleges Lampert brokered asset spinoffs (like Lands’ End in 2014) to boost his own wealth, not save Sears from demise. The lawsuit also names other former Sears board members, including Treasury Secretary Steven Mnuchin and execs from Lampert’s ESL.

FYI, Lampert’s hedge fund “vigorously” disputes the “fanciful” claims. It suggests Sears netted some $3 billion from Lampert-led transactions.

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I was once talking to my wife at a restaurant about the disadvantages, physically, of growing old, and a waitress servicing the table, who was listening, asked me "Don't you wish you could be young, again?"

I looked up at her and grinned "If I become young again, do I have to NOT KNOW what I have learned over the years?

She replied  "Of course!"

I replied "No, thank you,"

I can take aspirin for my aches and pains.

There is no such thing as a "smart pill".

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