Eddie will almost certainly win the auction. His bid is more than Sears is worth by any reasonable measure. What will he do with the time he's bought? There's too much up in the air. Not even he knows.
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@X6utmzD-xtt @X6utmzD-txv Watch.
@fvi If spending $6 Billion on Sears stock at $130/share is knowing what you're doing, I'd hate to see what you think not knowing what you're doing looks like
@fvi No he doesn't. There's nothing he couldn't do now that he couldn't have done before burning through 700 million dollars at payday lending borrowing rates prior to declaring bankruptcy.
Eddie knows exactly what he is doing.
Sears is like a c---roach right now," @briansozzi says after CEO Eddie Lampert gets a second chance to save the company. "You just can’t quite stomp on it and kill it.
5 Billion for Sears and Kmart, guess Eddie will keep screaming in his mansions once he wins at the auction.
The auction tomorrow will be secret and it will be public on the 16th.
So far, Eddie is the only known (certified) bidder. Of the Great American/Hilco/Gordon Bros. joint bids, neither of them was certified, and the Judge said it was up to Sears if they will be allowed to participate. It was later reported that one of the two groups had pulled their bid. The long and short of it is that no one wants Sears. Eddie has run it inventory light for so many years that there isn’t enough left to liquidate @5bil without loosing money on the deal. As for what he does, simple: muddle along for 18-24 months while slowly closing stores, then at the end shut down and liquidate whatever is left. Retail is probably gone by summer 2020, if not before.
He’s still going to get sued over his dealings as CEO regardless of the outcome of the auction, but to him at least the NOLs are worth enough to take the risk.
He is likely making these bids (without actually producing the cash) to provide a defense for future litigation regarding how he profited personally while running the company into the ground. He will say, no I didn’t rob them, I tried to save them.