https://www.cnbc.com/2019/01/08/chairman-eddie-lampert-to-get-another-chance-to-save-sears-sources-say.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Message
17 replies (most recent on top)
This is like something out of a b movie. Money breeds entitlement and Ed is entitled. He believes he is above the law. He has shattered lives and a American icon and it does not matter to him at all. I grieve for all of the associates like me who have been mislead and screwed so he can enrich himself. We will survive and move on past the hardship he has thrust upon us. That is one thing working for Sears taught me. How to survive. Although it will not. So sad.
@pwl they both went to Yale. Eddie is playing on the fact they are both alumni of the same school. This judge is also very lenient with business. Pretty sure this is the same judge who handled the Wells Fargo fiasco and we all know how that turned out. In favor of WF and not the home owners.
So pretty much Eddie whined like a little brat just so he can still play in the auction and the judge was a parent to took pity on him and let him play, but only if he gets $120 mil by doing some "last minute chores". This is turning into some horrible joke...or should I said MORE HORRIBLE joke.
Sears will probably burn $120M between now and tomorrow in bankruptcy fees and normal operations. What a stupid waste of resources this is.
I'm not sure why judge Drain is extending all these lifelines to Eddie when there's no feasible way he can pull Sears out bankruptcy no matter how small it becomes or how much he tries to finesse the debt load. I'm starting to think Eddie & the judge were frat brothers or live together on the yacht when court isn't in session.
He isn't interested in keeping the company alive, he just wants the buildings for his ESL company.
The sad thing is the longer this drags on, the more cash that is burned.
120 mill is petty cash - fast eddie gotta spend his own cash or borrow from a "reallly reallly close friend" if he truly interested in saving the 425, or just bidding on the real estate in the auctions and s- c- r- e- w the stores
He needs to provide a $120 million deposit, and he has until 4pm Wednesday. At least Judge Drain realizes that Sears needs actual money to survive. Eddie simply writing off his debts won't keep the lights on.
Probably gonna get the money from one of his bunkies
Let this company die already !
What retail investors. Retail investors don't trade on the pink sheets, much less bonds where the action currently is.
UN f---ng believeable
Someone got to be on the take
This is a great indicator of how this Drain's patience is with Eddie's antics at this point
CNBC is just a Wall St. shill for unsophisticated/retail investors... Sears won't make it even if this is true...
Guess he really wants the auction to happen with him involved in it. Probably still won't end well for him.
Well, at least he only gets about 24 hours to try and make up the dough and not like a month. I still say though it isn't going to end well for him or the company.
Are you f---ing serious....and where is he going to get that much money that quickly?