Itemizes $1.8B of receipts they say they are owed, and transactions that they say Eddie screwed them on funneling them into his own pockets. Fun stuff.
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Uh huh. Routine legal mumbo jumbo. Ya da ya da ya da.
This thing is such an atomic bomb Eddie's shills don't even have time to respond to it here.
if the creditors win the bondholders lose and the suppliers and pension get paid. The current deal saves secret bondholders and screws suppliers
If they can only come up with 1.8bil in non-paid costs, they’re going to have a very difficult job ordering the judge to reject the deal. Even then, they need to be really careful. IF Sears is liquidated, they probably aren’t going to get paid either, because there simply isn’t enough there there to pay off all the secured creditors in full as well as even 50% of the unsecured creditors.
The issue of Eddie funnelling money to himself just may be ruled outside the scope of the proceedings by the judge. I don’t see that happening, but I do see the judge handwaving it away by making a statement along the lines of “they knew what they were getting into,” especiallyif the loans were extended after the SRG transaction, and almost certainly if they came after 1/1/2017