Any legal experts want to weigh in on the status of the bankruptcy?
9 replies (most recent on top)
Chapter 8 bankruptcy is not a thing.
@3aok+1caI3SOZ No I don't think they are Financially sound at all. I was just stating that the bankruptcy proceedings have absolutely no bearing on current Sears or Kmart operations. I think new Sears will eventually go out of business, but that has nothing to do with the bankruptcy of old Sears. The 2 things are not connected. It's like I have 2 kids. If one of them loses their tennis match, it has no bearing on what the other kid does. They just have the same last name, but are distinct.
@2hqg Yes Transformco is the "new Sears" but do you actually think it is financially sound?
Here's the thing, though. The bankruptcy only affects "old Sears", which is a shell company that has no current operations. Transformco (new Sears), the current operator of Sears/Kmart, has absolutely nothing to do with this bankruptcy, so it has no effect on current operations in store or online at Sears.com
Not a legal expert. Sears Holdings does not have enough money to enact the bankruptcy plan, which is to disburse funds to creditors and liquidate. The last quarterly report indicated they were still under funded by about 80 million. They hope to raise these funds through preference claim litigation and settlements and legal actions against Transformco and ESL entities.
Get outta here... Chapter 8!?
Eddie is trying to get the tax losses and the old sears is running out of money to pay its bankruptcy cost. Could cover to Chapter 8. Eddie wins on bosh sides as he controls both sides. Trying to minimize any payout to stockholders and creditors. He has great lawyers playing in this
Was bankruptcy filed again? Why the question?
I’m no legal expert, but I did stay at a Holiday Inn Express last night.