This is how he stole creditor, employee, retiree, pensioner, taxing authority, charity, and vendor money, then wiped out all he owed by declaring Sears "bankrupt". He is a sick disgusting and cowardly poor excuse for a man. Little wonder he is detested by all who know him.
https://marketmadhouse.com/the-strange-world-of-eddie-lampert/
Sears and Kmart lost nearly $5 billion ($4.99 billion to be exact) in revenue in 2014. Sears Holdings reported a TTM revenue of $36.19 billion in January 2014 that fell to $31.2 billion by January 2015. Nor was revenue the only dismal figure reported at Sears. Some other sorry figures include:
A return on equity of -340.2%.
A net income of -$1.682 billion.
A diluted earnings per share number of -15.33.
Okay, there was one piece of good news at Sears; it reported a Free Cash Flow of $487 million on Jan. 31, 2015. The only problem with that is the money will not be used to help Sears, ESL Investment Inc.; instead, it will be used to pay off the $400 million loan Lampert’s hedge fund made to Sears in September to get it through the holiday season.
That means Sears’s real free cash flow could be $67 million because the loan had a 5% interest rate. That’s a pretty good deal for Lampert; he made $20 million in a few months. It’s not a very good deal for Sears however.
The loan also shows what Lampert’s transformation really is: Sears is transforming into a cash cow for Lampert. He can milk cash out of it by spinning off assets, selling assets and monetizing real estate.