https://www.businessinsider.com/costco-acquired-logistics-company-innovel-sears-owner-2020-3
18 replies (most recent on top)
What do you think happened to that money? Eddie used it to upgrade the interior of his Yacht, along with a new fuel efficient engine system. Peasant!
@3uva+14xkonW1 - unfortunately other hedge funds have been caught dipping into small business relief so did publicly held corporations like shake shack and Ruth Chris’. Now, Mnuchin did say today that any company that took the loans without meeting the criteria and does not pay them back quickly will be subject to Some pretty severe penalties. So let’s hope that if transformco or ESL took them and do not (or cannot) pay them back quickly that they get the hell penalized out of them and do not get favoritism from his buddy Mnuchin
Dolars cosco ? Oh dear !
@3img+14xkonW1 Yeah...and I can squeeze gold out of my rear....
Thank you sears hr department.
It is likely being invested in further transformation of Sears and Kmart to continue its evolution into the premier omnichannel retailer in America.
@3rvb+14xkonW1 They wouldn't. They for sure do not qualify as a "small business".
Let’s just hope ESL and TransformCo didn’t apply for one receive any small business stimulus money. Would not put it past them to do something so unscrupulous. Hope they are exposed if they did.
According to WSJ all non real estate debt was paid to 0. If you follow the paper trail... Eddie borrowed money to create transform. Racked up debt. Reserviced some loans then lent ESL money to pay off others the high interest rate ones which he replaced with high interest rate ESL loans. Now he paid himself and others back (mostly himself didnt he just give like $250 million a few months ago?). Now as a debt free organization he can get some more loans from normal banks. The cash will be burned through. He will pay the loan. Kenmore and A&E will be sold. The stores that havent been sold by the time all these games play out will be liquidated at that point.
What he sold to Costco was Inovell.next will be A&E. then Kenmore then close what is left.
I dont know
It's long past the point where Eddie has any money to lend Sears. Otherwise he wouldn't have taken out loans at nearly 20% interest rates and acquired Sears with a credit bid. He's been liquidating assets to plug in holes in his sinking ship for awhile.
I dont wonder, it went into his bank account. If he's smart that's where it went.
Sears is dying. That 1B would be a waste if he put it back into the company. Because the company is going to fail regardless. EL made up his mind long ago that he does not want to be in this business. He's just not had an out. Now, with the Covid19 business, he has a way out. I believe he'll take it.
Remember when Eddie loaned Sears money? Well a chunk of that $1B went to paying Eddie back with interest.
Costco not Cosco.
It was used to service and pay down debt
Pay for a fraction of the interest of all the debt that Eddie owes to his creditors no doubt.
Sorry for the spelling it was late :)