Judge needs to approve it and creditors are not backing up Eddie. So if they decided not to support him then Eddie needs to come up with more money somehow.
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Füčk it. :)
The creditors are going to object, and the Judge is going to overrule it. That much has been obvious from the beginning. BK judges show a distinct desire to have a business remain in operation after CH11 proceedings result in a new owner than they do in liquidating the business.
The other problem is that apparently Sears didn’t even acknowledge the liquidation bids at the auction, instead zeroing in on Eddie’s. If the Judge does order liquidation (spoiler: he isn’t), then the only option left will be for Abacus to do it, assuming they’re still interested.
Lacy sent the company on all sorts of things wild goose chases like Sears Grand and more and more low margin soft goods and an inept attempt at e-commerce. Then, he got the company mixed up with KMart in the first place. Mistake after mistake that takes years to unravel.
Believe me. Eddie is cleaning up the mess that Lacy started. This is a clean slate approach to re-grow and re-build a solid business.
What stopped him from cleaning up the company back in 2006?
It is not over. The UCC is going to object to Eddie’s 1.3B credit debt swap(CDS) as part of his bid. They hired one of the nations top bankruptcy litigators Steve B. Smith to examine that part of the bid. This fiasco is going to last well into February.
Believe me. Eddie is cleaning up the mess that Lacy started. This is a clean slate approach to re-grow and re-build a solid business.
Why wouldn't the judge approve it. Eddie's got Drain on his secret payroll. I mean come on, he hand selected the guy.
I give him credit for hanging in there . And apparently someone else is too.
This thing would have been dead and buried 15 years ago given where it was headed.
The creditors are the people that were burned by the bankruptcy. Not the major banks that are funding the bid that cash has been secured.
He can't come up with more money because the auctions are over now.
How about they just don't let his bid go in then because I don't think he will come up with anymore money.