The clock on the statute of limitations for transferring the net operating losses from Sears Holdings, and Eddie is losing motion after motion. At the stroke of midnight, the NOLs expire, and more and more, it looks like the creditors are going to be able to reach into Transform's and ESL's funds. Since he has no cash on hand, he's issuing himself shares of Seritage and liquidating them posthaste to pay for the mounting legal bills which he might suddenly be on the hook for. The creditors have long figured out that they can play hardball with Eddie because of the NOL transfer, and he's going to have to mortgage that yacht to ensure he gets them. Judge Drain is wise to Eddie's tricks too.
16 replies (most recent on top)
At one point in the distant past, the Germans were coming to Paris too.
Exactly. Tons of Sears hometowns still exist, with some new ones, as per below examples, being opened. So these Hometowns, along with perhaps Guam and USVI Kmarts will be the remaining physical stores. People here dont like to count Hometowns because they're franchised but that doesn't make them any less Sears, any more than your local franchised Wendys or whatever, is any less of a Wendys. Almost all fast food is franchised, so nothing wrong with Sears doing that. They are still Sears, still sell similar items, and still hire people so they Create jobs. Whats so bad about a few hometowns continuing if their owners want to?
https://easttexasradio.com/sears-coming-to-paris/
The company is not going anywhere, new stores are opening.
https://g.co/kgs/Kr9K1K
He ain't liquidating fast enough. He needs to close everything YESTERDAY. Enough dilly dallying and pulling teeth. Close every B&M store, then my wish will be fulfilled, and y'all will never see another post from me again. 2 outs, 2 strikes, 9th inning. Get it done. Bam boom booya. 😆🤪😁😉😀🙂👍
Cool story. Now when will we get some additional juicy bam bams?
The rose is beginning to turn bad and wither
Fanciful legal and financial gibberish !
Eddie has so many different corporations and sub corporations that he's going to come out smelling like a rose.
If they were ignoring their attorney telling them no laws broken, wouldn't they be suing then?
All the thousands who have chosen not to sue Eddie should also be held responsible for ignoring their attorney's telling them there is no law being broken and not going ahead with the lawsuits. How dare they!
Eddie has been playing financial games for the last 10 years - it's about time he is held accountable. Stock buy-backs, massive layoffs, selling off assets and brand names, charging employees more for health coverage, very little if any pay raises, no 401k match, screwing over laid off workers when he declared chapter 11, (some folks didn't get their full severance), not paying vendors, being sued by a school district, reneging on promises made to Hoffman Estates... the list goes on and on.
Since the yacht and each home is owned by totally disconnected LLCs, they are untouchable, by law. And I am sure you already know that.
Net Operating Losses (NOLs)
what is NOL?
I don't get it.