What happens then? Is it immediate liquidation, or can the judge approve another deadline to put in a new bid? Is there any room tonegotiate?
4 replies (most recent on top)
Why would you think this would happen. The Judge already said he's keeping it going and "jobs preserved" because he's scared or what people will think of his decision. He'll let lampert shut it down slowly and s--- every penny while he screws everyone else over. Didn't you see the picture of honorable Robert D Drain and Eddie together posing on his yacht while laughing? Ridiculousness, that the world is as dirty as it is.
As stated, by @Xsoyq1m-kyi, liquidation begins immediately, without delay. The party would be over and, no more stalling by silly Eddie.
The judge could agree to extending the timeline to appease objections and allow for additional Sears & ESL renegotiation but it's unlikely any outcome will be favorable to employees, creditors, or the PBGC. ESL and Sears are so heavily intertwined with obvious conflicts of interest it seems any further negotiations would be pointless. Fact is ESL wins no matter which may the court decides. Liquidation means ESL is first in line to recoup it's debt (from itself). Bid approval means ESL is first in line to recoup it's debt (from itself). The company dissolves in either scenario. Employees will just be there to push carts of merch to the floor for the liquidators.
in most cases, liquidation would start immediately