https://www.chicagotribune.com/business/ct-biz-sears-bankruptcy-bid-talks-update-20190115-story.html
Sears Chairman Edward Lampert is expected to present a new bid for Sears on Tuesday as talks to save the bankrupt retailer from liquidation continue, according to people with knowledge of the negotiations.
The offer may be introduced to the attendees on the second day of the auction for Sears Holdings Corp., said the people, who asked not to be identified because the discussions are private.
SHC owns the bidding process. They can keep extending it. Granted they have to give the judge good reason to believe them. So far, they must be doing that.
This feels like it's a 100 year old person who's dying, and the children want to keep the person alive, because there's a chance they'll get up off their deathbed, and start dancing, instead of accepting the truth that it's dead, it needs to die, as its time is up. It s---s, but that's life.
Eddie Lampert has already closed so many stores and put so many employees out of a job...the difference now is that the remaining employees will be out of a job without any kind of severance if liquidation happens. Many employees have so many years in this company. Say what you will about why did they stay or that they should have left already, regardless, they have been loyal and hard-working...that's been my experience as an ASM...my employees are very dedicated and hard working...they have been called upon so many times, that I have lost count, to go in and "fix" and help support other failing stores. In the end what was it for....yes, they earned a paycheck, but in the end they will pay the biggest price of Eddies failing to turn this company around. It should have come from the top years ago with better leaders, management and a clear direction.
God, just end this nightmare. "No one wants to be the bad guy." Dude, this is real life, not a f---ing movie or book. There is no real good or evil, just sometimes tough decisions need to happen.
Eddie probably can come up with the money, the sticking point likely is he doesn’t want to be sued for his past wheeelings and dealings. He will pay just enough but no more than necessary to prevent this. After all this is mostly other bank’s money on the line that coughed up lines of credit to keep it operating.
Meanwhile the judge doesn’t want to put that many people out of work, especially since Eddie is at least trying to keep the company alive instead of saying “let it go to liquidation”. Eddie will win, the new funding will be burned through over the next two years, or the stores will slowly close until none are left. I guess at least those that with to continue working there won’t be out immediately. People who wanted some resume padding can move up into the vacated positions before The Who,e th8ng blows out again.
Eddie will have in his head that he gave it his best effort until the final shoe falls once and for all.
Nobody wants to be the bad guy and eliminate 50,000 jobs.
The judge has nothing to do with the ongoing auction process. This is all on SHC and Eddie. The game being played is SHC’s board must make it look like they got the highest price to placate creditors, while Eddie has to make it look like he got it for the lowest price to placate ESL shareholders.
This time Eddie is offering $5 billion... and a cherry on top
Tomorrow he'll offer that plus 6 billion SYW points
Thursday it'll include an annual time share for the judge on fountainhead
Friday he'll be offering the souls of 50,000 employees
What is the judge doing, he has given him so many chances. Its obvious he doesn't have the funding or support. Why does he keeps giving him extensions after extensions. Is he a corrupt judge??? I bet Eddie is paying him under the table. Its ridiculous, at this point. Sears will be saved and the judge will be like finally.