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Arguments being made by esl at the sale hearing today from docket 2379:
In considering the ESL Bid, particularly in light of the UCC’s constant
misdirection, it is critically important that focus is maintained on what is—and what is not—at
issue in the Sale Hearing.
• Section 363 Sale; not Section 1129 Plan
o The ESL Bid is a proposal to acquire substantially all of Sears’ operating
assets pursuant to a sale under section 363 of the Bankruptcy Code.
o The ESL Bid is not a plan of reorganization under section 1129 of the
Bankruptcy Code.
• Highest/Best; not Administrative Solvency
o The Sale Hearing is about whether the ESL Bid is the highest or best bid
received by the Debtors and will provide the Debtors with more value than
any other alternative, including liquidation.
o The Sale Hearing is not about whether the Debtors will or will not be
administratively solvent after closing—even though that is highly likely.
• Adequate Assurance; not Buyer’s Viability
o The ESL Bid should be reviewed for its ability to provide adequate
assurance of future performance to contractual counterparties.
o The Sale Hearing is not a contested confirmation hearing about the
wholesale viability of Buyer or its business plan.
• Rule 9019 Settlement of Limited Claims; not Assessment of Unreleased Claims
o The ESL Bid requires the release of equitable subordination,
recharacterization, and disallowance claims against ESL to permit credit
bidding, which release is subject to the business judgment standards of
Bankruptcy Rule 9019.
o The ESL Bid specifically preserves other claims, and the Sale Hearing is
not the forum to assess any of the unsubstantiated claims in the UCC’s
Objection that attempt to poison the well for future litigation by walking
through the merits of the unreleased claims (all of which ESL vigorously
disputes).
Sure seems that way doesn't it. They're running out of time to cover. This could get very interesting IMO
Short interest was at 12Mil last week so this should tell everyone something. they're slowly trying to cover imo
Short Interest (Shares Short)
10,345,300
Short Interest Ratio (Days To Cover)
0.6
Short Percent of Float
%
Short % Increase / Decrease
1 %
Short Interest (Shares Short) - Prior
10,202,100
shortsqueeze.com/?symbol=shldq&submit=Short+Quote%E2%84%A2
44k bid moved up 1/4 cent to get his filled
linda,
this from page 14 of docket #2379 filed this morning:
30. ESL holds approximately $2.4 billion of senior secured debt of Sears.
In the Buyer’s capital structure, more than $1.3 billion of this debt will be converted into equity.
ESL is investing over $300 million in cash to facilitate its credit bid, including buying out other senior debt holders under the IP/Ground Lease, the FILO Facility, the Real Estate Loan 2020 and the Sparrow mortgage debt. Furthermore, ESL will be extending substantial long-term credit to New Sears, including a minimum of $106 million of the New Letter of Credit Facility and $87.5 million as part of the three-year Real Estate Loan. ESL therefore has much to lose if the Buyer’s go forward business plan is not successful.
____________________________________________________________________
notice reference by esl to "New Sears"
I think we wait. Wednesday or Friday at least
Is news coming today or do we wait for friday?
Nothing! There is someone waiting to get his 166k shares order filled.
give me a 1 min head start please
I have 130,000 shares in shldq if i sold now what would happen to the stock price?
my gut is telling me a squeeze is coming.. but i have no L2 access just gut.
Once this hits $1, there will be a huge amount of investors to come in.
BUCKLE UP SHLD(Q)!
SP
crazy. this is so interesting...
It’s probably Judge Drain :)
That’s still only a $100k bid. We will have lots more for larger amounts soon.
There we go! Thank you for the update sir!
i believe that's what the royalties are supposed to cover. if pbgc takes over the two pensions and the chicago court orders it effective as of 1/31/2019 (last thursday) i would think that pbgc is willing to take on the shortfall subject to their ongoing agreement to receive royalties.
i haven't seen anything where they are asking the shortfall to be made up in this bk action.
if drain is employee friendly, he would "clarify" the royalty issue in favor of pbgc. however, according to the article posted, esl is saying pbgc misread the docket, whatever that means. they didn't specify the nature of the "misreading" so who knows?
I wonder who that is?
"Cure the default" or "cure" means to perform the obligations under the contract which are described in the notice of intent to forfeit and which are in default, to pay the costs and attorneys' fees prescribed in the contract, and, to make all payments of money required of the purchaser by the contract which first become due after the notice of intent to forfeit is given and are due when cure is tendered [Rev. Code Wash.
Why are we moving, where Is the news
What does cure mean
We are back in again
TOP OF THE MORNING TO YOU BOYS!!
How much does a commercial cost these days, in the 80.s it was around million
Is it me or is pbgc is omitting their 1.7 billion stake in kenmore and diehard. Or is that what the royalties are for?
Wow someone said dollar land
As usual
SHLDQ $$$
yes, sears says cure amount zero. pbgc claims there are royalties due which should be reflected and are not. i believe the docket claimed $86 million but thought i read somewhere else it might be as high as $200-$300 million. maybe that higher amount was projecting over some future period of time.
No whit out news.will keep churning.now positive news hit the board 90s fast.but for now this will churn.
MMs doing 10 share paint jobs
Looks like a big breakout today possibly coming.
MMs running the show right now.
Let's make some $$$ bullish Sears
SHLDQ $$$
Last couple of weeks high like .77 someting.
KABOOM BOYAAAA $$$$ BUY,BUY,BUY, DOLLARLAND AND BEYOND SWEET BABY JESUS. ..JMO
How beautiful is this...steady uptrend for weeks and months ahead...love me some sears...
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