Someone that actually went to the hearing said the unsecured creditors didn't fare too well with the judge, didn't come prepared and were basically criticized for wasting time.
I suspect that if this is the direction things are heading. This will reconvene Wednesday. Judge Drain will sign off on this and Eddie will be at the helm.
WYCO Researcher says this about the PBGC: "Their lawyer spoke for only about 3-4 minutes-does not seem to have any remaining major issues or should I say at this point he seemed OK-could change"
In the comments here: https://seekingalpha.com/article/4237751-sears-court-hearing-get-nasty-monday
WYCO researcher posted the main article really early yesterday morning. The after hearing comments he made are down in the comments section below the main article. Basically WYCO claims that the UCC lawyers spent time on minor issues that were already well known to everyone when they should have been hitting HARD on the major issues. I believe he said they were some of the worst lawyers he's ever seen in a situation like this. Judge Drain basically said "Why are you wasting our time with all this stuff we already know" to paraphrase.
Not looking good for the UCC. The pension shortfall issue, Diehard and Kenmore collateral issue, and understanding of Eddie's actually liability obligations of accounts payable, etc might be the only thing that would persuade Drain to deny the sale. Apparently Drain believes some jobs for a while is better than no jobs almost immediately.
I saw it on Seeking Alpha, too. You have to sign up to read the comments. That's where the updated info, written after the hearing, from the author of the article is.
Nothing posted on Seeking Alpha.
This from a CNBC article indicates tension between UCC legal counsel and Drain, but not as drastic as indicated by OP
"Drain, meantime, seemed at some points to have run out of patience with the lawyers for the unsecured creditors. At one occasion, Drain admonished counsel for the unsecured creditors for having “spent 20 minutes going over stuff that is unnecessary.”
Where is the link to the article ? There is nothing new on seeking alpha since before the hearing started
Troll or no troll , Eddie will prevail.
Troll... it's shutting down. There's no way he's getting out of all the trouble that he's in.