When they talk about "Sears" as in sears rejected Eddie's bid. Who exactly are they talking about? Is it the board of directors? Lawyers? Who?
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Well Eddie was the CEO, is the CEO of Seritage Growth and landlord for many sears locations, he is the largest holder of Sears debt, and hilda 28% of the company’s shares.
Who is Sears? A group of irresponsible, blind board of directors who let things get to this point by letting Lambert slowly steal the company from under their nose.
The Sears they refer to is a group of external Reorg Specialists that the board hired in October.
The funny thing is that in American law, the board selects executives to manage the company, and execs exercise management decisions independent of the board. The board is not allowed to engage in executive decisions, they can only remove execs. So the executives have a fiduciary duty to do what's best for stakeholders, which at this point largely means the creditors since the shareholders are largely out of the picture. Eddie's outmaneuvered himself.
No answers here. I wonder too. I thought Eddie was Sears period.
The Madame of Mumbai no longer takes the Sears Card or SYW points and deals only in cash transactions.