SEARS files for bankruptcy

[admin]

@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.

[James Thomas Rook Jr.]

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".