I know that if/when Sears is taken into private hands with Transform and out of the SEC and public realm, operating plans and balance sheets will only be visible to Eddie. But while this is still tied up in the courts for review and objection next week, I would think/hope the courts and creditors would demand at least some transparency showing an operating plan as part of his bid consideration - especially since he's leveraging saved jobs as part of the bid. I wouldn't expect much but at least something substantial to demonstrate to the courts and creditors that he's not simply going to do what we all know he's going to do - strip the assets, fire the employees, and rent the properties. I'm not so naive to think there is a plan here beyond what will benefit Eddie directly - or that Eddie is capable of empathy for employees... but it's just curious how none of the online articles or speculation seems to question how Eddie plans to move forward beyond the sale with any of the acquired business units.
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Docket 2312
Motion by Debtors requests that the:
"Exclusive Filing Period in which to file a chapter 11 plan is extended through and including June
12, 2019."
Chapter 11 plan it says. They want to delay it
"He offered to buy Sears is pretty much not obligated to reveal what his plans are" Yeah he is. If you're going to bring a company out of bankruptcy you're obligated to have a plan.
The only plan Eddie cares about is the one that's best for Eddie. Employees who aren't actively looking for new employment because they're determined to wait and see are just wasting time and money.
No, there isn't. And there never will be. Only real "plan" is to find ways to sell off the company and screw over the employees.
He offered to buy Sears is pretty much not obligated to reveal what his plans are
Same as if I were to buy, lets say a building. I am not required to tell previous owners I plan to have it torn down after I purchase it AND even if I do tell them I NOT going to do it, that doesn't mean I can't change my mind
So WHY get your shorts in a knot about what he is / isn't going to do YOU have absolutely no control over the situation 😱
Plan:
1) Buy Sears
2) ?
3) Success