Thread regarding Sears layoffs

@2cxx+1iuSj1kB what started out as a "save the company" what a big lie.

His Hedge Fund owns Trans Form Co. He told the Bankruptcy judge he was saving thousands of jobs. When instead he has been selling off the real estate, and everything inside of the real estate.

He couldn't sell the Home Improvement division in 2018, and now that the economy is in the tank, the Home Improvement division is not doing well. That was the only division that was doing remarkably well.

By the end of this year we will all be without jobs. And he will have liquidated all of the assets that are left. End of story

Sears Holdings stock was delisted from the NASDAQ on Oct 18, 2018. So no exchange is "allowing trades".
On 9/28/2021, the SEC halted trading in this stock on the Over The Counter markets because the company no longer files public financial information.
Trades can still occur on the Gray Market, which is completely unregulated. And that's what has been happening. Very low volume but there is volume nevertheless.

A better questions is "What are the behind the scenes mechanisms that are triggering people/entities to buy and sell these shares directly with each other?"

The best follow-on question is, "why care if you don't own the stock?".

And as stated for almost 4 years now, Sears Holdings has nothing to do with the operation of the ghost fleet of remaining Sears, Kmart, Hometown stores. Those assets are all owned by Transformco, a private entity which has no stock.

• The bulk of the settlement funds—$125 million—will come from insurance policies paid out on behalf of Sears’s directors and officers, court filings show. Defendants in the lawsuit will pay nearly $42 million, including a roughly $3 million contribution from Mr. Lampert’s hedge fund ESL Investments Inc., court filings show.---

Insurance covers most of this. Eddie only pays $3 million. Every time somebody said "This is going to force Eddie to sell his yacht or homes or whatever", I tried to point out that he is covered three ways to Tuesday in all of this. I am not on his side. He cost me my job of over 30+ years. But don't think he went into any phase of the last 17 years totally blind. Just look at how many LLCs own other LLCs own other LLCs to protect everything.

"I do not think this is Eddie's last day in bankruptcy court. I am sure he will bankrupt something again in the future."

I just busted out laughing

I do not think this is Eddie's last day in bankruptcy court. I am sure he will bankrupt something again in the future.

Sorry when I say his last day in court, the bankruptcy is settled. The judge was going to retire and stayed until this was final. Yesterday was his last day in Bankruptcy court.

"let alone". Sorry, can't edit typos here

I don't understand how this stock could ever have been worth more than zero after the bankruptcy filing, let along why the exchanges continued allowing trades in it.

I highly doubt this was Eddie’s last day in court…..I’m sure there are more than a few law suits pending for him

It wasn't part of any litigation. The question is, with him closing the stores and it appears laying off the Service, and the warranty team, the only thing left is Home Improvement and a few stores. One only knows what the future holds. Maybe he will keep the Home Improvement team, they were the only division making big money.

@1xhi+1iuSj1kB Legally, it closes the book on any claims Sears Holdings' creditors may have over Transformco. Practically, it allows Eddie to stop maintaining the facade of trying to operate Sears as a going concern.

Does this settlement actually affect Transformco or the 29 non-closing stores that it continues to operate? Transformco was not a party to any of this litigation.

I heard 9/1 but maybe I'm wrong? Either way.. it's not looking good.

Out by 9/1 or 11/1? Word in the street was 11/1. 9/1 is tomorrow.

Drain the swamp