(Based on the five acts from the 570-page motion filed by Unsecured Creditors Committee of Sears, found here: https://example.com/r01au6AukU)
Act 1: The Buyback Binge, 2006-2012
Rather than reinvest in the workforce or operations, Lampert used $6 billion of Sears’ cash to repurchase the company’s own stocks and enrich himself and shareholders, increasing his ownership in the company. Sears’ performance plummeted.
Act 2: Spinning Off Valuable Assets, 2012
Lampert led the sale of Sears Hometown & Outlet Stores. In just a single day, his firm earned $232.7 million from the deal. Then, he bought his $40 million dollar home in Biscayne Bay, FL.
Total jobs lost by the end of 2012: 103,129
INTERLUDE 1: 2013! The year of "Sharknado"
Eddie Lampert bought his $130 million yacht, and named it The Fountainhead.
A shark ate it because of deregulation.
(just kidding)
Act 3: Real Estate Rip Off, 2015
Many insiders think Lampert is in it for the real estate.🤔 Sears sold 235 properties to a new real estate entity controlled by... wait for it...
.
.
.
Eddie Lampert.
Does this sound like insider trading to you?
Total jobs lost by 2016: 197,000
Act 4: Predatory Lending
As Sears grew more insolvent and bankruptcy looked inevitable, Lampert & friends wanted to ensure they’d be first in line for any payouts. ESL became Sears’ bank, giving Lampert more agency to pick which remaining assets he wanted to use as collateral.
INTERLUDE 2: At this point, Eddie Lampert is
✔️majority shareholder AND
✔️CEO AND
✔️Board Chair AND
✔️landlord AND
✔️bank
Act 5: Bankruptcy, 2018
Lampert has raked in millions, if not billions, from Sears, owns their best land & assets & is first in line for payouts in the event of bankruptcy. Which happens in October.
"Those top people and Lampert are having a wonderful Christmas. They got $25m in bonuses. Me? I'm late on my bills. The electric company is threatening to shut me off. And I don't have anything left to spend on my kids this Christmas" - Ondrea Patrick, who lost her job when her Kmart store closed in October
Act 6: Together, We Win!
Now, 68,000 MORE jobs are on the line with no real pathway for the 250,000 who have already lost their jobs