OBJECTION OF THE OFFICIAL COMMITTEE OF UNSECURED
CREDITORS TO SALE OF SUBSTANTIALLY ALL OF THE
DEBTORS’ ASSETS TO ESL INVESTMENTS, INC.
1
Docket 2042 The whole thing. Filed today.
5 replies (most recent on top)
They had to file an objection or lose any further recourse. If they didn't then they implied agreement. So a legal protection, won't change anything right now
@2wgk
Nobody is disputing that. Legally, the unsecured creditors have a very steep uphill battle to climb to get Eddie’s bid rejected. He’s rigged the system for himself to win, and can’t really be stopped. They’re arguing hypotheticals and making major allegations that will take years to settle, not 5 days. The sale is going to go through, and within 18-24 months Eddie will have milked whatever is left dry and shut it down.
Who else is also noticing that they're all forgetting the fact that the same guy who bid on this company is the same one who's close what is it like 3,000, or 3,500 stores? Does anyone in their right mind actually believe he's going to be somehow different now that it's fully his? He only wanted all this for his own benefit, that's 1,000,000,000% clear!!
AKA the fling all of it at the wall at once and hope something sticks motion. These creditors are either the dumbest people on earth or Eddie is the smoothest talker on earth. Notable that the secured creditors haven’t made a peep in all of this.
They continued lending and investing in the product for 10 years but they claimed they knew this was coming. No one’s fault but their own. Hundreds of thousands were spend on preparing this and it doesn’t really do anything other than speculate would have, could have, should have. No different than ESL’s wishful turnaround proposals.