https://www.spe.org/en/jpt/jpt-article-detail/?art=5092

Note that "Working with Congress" does not mean legislation; that remains a "bridge too far" in the current divided, partisan and dysfunctional Congress. And Treasury Secretary Mnuchin has repeatedly stressed his desire to consult with Congress on any administrative reform plan he proposes. As recently as December 18 of last year--at Bloomberg's offices in Washington-he said "I would like to get (Fannie and Freddie) out of conservatorship, My preference would be to do something that has bipartisan legislative support (not the use of the word 'support') There are changes we will be able to make with a new director at the FHFA.

Well, the bad news already out, and 23+% drop is done. Tomorrow, PPS will dance between 2.20 - 2.45. If Congress has the power to take-over, they'd have done long time ago.

I invested all my money today. =)

Yahoo Post: the urge to provide additional context on QOL's potential role in the SGYP stalking horse bid process. QOL see's financial value by purchasing SGYP shares as a hedge against their upcoming bid. Based on today's volume (and likely tomorrow's too), it will confirm that QOL has moved forward with their share purchase, and have made a decision to enter a bid that will exceed the current, and be greater than today's current share price. One can assume, QOL will have ~50M shares at an avg ~ $0.40/share ($20M investment). One could feel confident that their best bid will exceed current debt + their avg.price/sh. In doing so, they have created a floor for those who are already invested. It's best that those who currently own shares hold until 2/23, as there will only be upside from today's closing price. Purchasing at a higher level than this floor price does create some risk given the final bid is unknown. I have seen these play out, and most companies typically delay their submission until the final day. If QOL wins the bid, they now pay themselves back for the 50M shares, at the higher price they created. If a higher bid comes in, they walk away with a financial gain. So it's a legal and common win-win strategy that can exist in a stalking horse bid scenarios. As an example, let's say QOL's best bid is $600M (~$1,50/share - after covering current debt), they walk away with the patents,and discount their bid by $75M via the purchase of shares. These shares allow QOL to leverage additional capital to provide a best bid. In addition, they can sell-off some of the assets (ie Dolcanatide), which further allows them to discount their best price. Let's say they sell-off that DOLC for $100M (or higher, based on upcoming results). Their final net purchase of Plec will be $425M. Recall, up until Mgmt made their announcement in October, the MC on SGYP assets were ~ $425M. If QOL isnt the high bidder, they walk away with the value of their shares, which generates $75M in 20 days, minus their initial $20M investment . Again, a creative and strategic way to leverage their position, provide a best bid price, while generating no financial risk to the organization. I have seen a few interesting posts, and respect everyone's opinion. Just wanted to share some insight from my years of experience working for a small NYC hedge fund. We will all see how this plays out in the next month. Good luck to all the bulls & bears out there. With much respect - JM

Opti - i will invest more today. thank you!

Allergan & Pfizer will be bidding.

I am employed by the law firm Latham & Watkins LLP at 885 Third Avenue,
New York, NY, 10022, counsel for the Official Committee of Unsecured Creditors.

1.39 End of Week

Lampert upped bid to $5.2B, will assume more liabilities and keep over 55,000 jobs. The Judge approves Lampert to bathe in Begula Caviar & Armand de Brignac Brut Gold Champagne.

He stands to realize a big tax advantage if he keeps Sears alive by using the company’s years of net operating losses to offset future taxable income if one of his other companies takes it over, says David Tawil, president and co-founder of Maglan Capital, which follows distressed companies. Tawil and others also think Lampert wants to buy the company so he, as the only shareholder, can then control liquidation of the remaining assets.

That is a good news, even Kenmore and Die-Hard has $900 million of debt, there is still a bid for it. Meaning they're VALUABLE or worth a lot of more than $900 Million !

Eddie Lampert Confirmed. DONE! .55

Bar1080 - was there a 5 Billion bid on Sears Canada, and also is Sears Canada in United States? lol

Eddie Lampert, 100% will win the auction. How can anyone out bid 5 Billion, Keep 60,000 jobs, pay all expenses and He's the largest Creditor & Debtor? I don't have a law or business degree. this is a no-brainer. lol

Sears Holdings Corporation (18-23538)

Case Background
Sears Holdings Corporation and certain of its subsidiaries (collectively, the "Company") have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The Company intends to use this process to position it to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term.

The Company expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorganization in the very near term as it continues negotiations with major stakeholders started prior to the announcement.

The cases are pending before the Honorable Robert D. Drain, and are jointly administered under Case No. 18-23538.

Sears Holdings Corporation is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve its members. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. Sears Holdings is also home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners. For more information, visit www.searsholdings.com.

Important Information & Dates
Global Sale Process
On November 11, 2018, the Court entered the Order Approving Global Bidding Procedures and Granting Related Relief [Docket No. 816] (the "Global Bidding Procedures Order") for a sale of the Debtors’ assets, including the "Go Forward Stores" on a going concern or liquidation basis.

Important Dates and Deadlines Related to the Global Bidding Procedures Order:
• December 5, 2018: Deadline to submit Non-Binding Indication of Interest
• December 15, 2018: Deadline for the Debtors to designate Stalking Horse Bidder for Go Forward Stores and file a Sale Notice with respect to the Go Forward Stores designating a Stalking Horse Bidder
• December 28, 2018 (4:00 p.m.): Bid Deadline
• December 31, 2018 (4:00 p.m.): Deadline to object to the designation of a Stalking Horse Bidder and any Stalking Horse Bid Protections
• The later of (i) fourteen calendar days after service of the Assumption and Assignment Notice and (ii) January 7, 2019: Deadline to object to (i) proposed Cure Costs for Proposed Assumed Contracts in a Stalking Horse Bid and (ii) Adequate Assurance Information for Stalking Horse Bidder
• January 4, 2019 (4:00 p.m.): Deadline for Debtors to notify Prospective Bidders of their status as qualified Bidders and announcement of Auction Packages
• January 11, 2019 (10:00 a.m.): Hearing on Stalking Horse Designation Objections and on objections to the qualification of any Credit Bid by affiliate or insider, if necessary
• January 14, 2019 (10:00 a.m.): Auction held at Weil offices, if necessary
• January 16, 2019: Target date for debtors to file with the Bankruptcy Court the Notice of Auction Results and to provide the applicable Counterparty with Adequate Assurance Information for the Successful Bidder (if different than the Stalking Horse Bidder)
• The later of (i) January 24, 2019 and (ii) eight days of filing of the Notice of Auction Results and Service of the Adequate Assurance Information: Deadline to object to (i) the proposed Sale Transaction for a Successful Bidder (including a Stalking Horse Bidder), (ii) Debtors’ proposed Cure Costs for Proposed Assumed Contracts not included in any Stalking Horse Bid, (iii) the assumption of and assignment to a Successful Bidder that is not a Stalking Horse Bidder of any Proposed Assumed Contracts or any Contracts or Leases that may later be designated by such Successful Bidder for assumption and assignment, and (iv) conduct of the Auction
• January 29, 2019 (4:00 p.m.) or two days prior to the Hearing Date: Debtors’ deadline to reply to Sale Objections
• February 1, 2019 (10:00 a.m.): Sale Hearing

Any party interested in submitting a Qualified Bid by the December 28, 2018, Bid Deadline should contact the Debtors’ investment banker, Lazard Frères & Co., LLC, 30 Rockefeller Plaza, New York, New York 10112 (Attn: Brandon Aebersold (brandon.aebersold@lazard.com) and Levi Quaintance (levi.quaintance@lazard.com)

Global Bidding Procedures:
• Global Bidding Procedures Order
• Notice of Filing of Global Bidding Procedures Process Letter
• Motion for Approval of Global Bidding Procedures

Sale of Sears Home Improvement Business ("SHIP Sale")
On November 16, 2018, the Court entered the Order Approving Bidding Procedures for Sale of Sears Home Improvement Business, (B) Approving Stalking Horse Bid Protections, (C) Scheduling Auction for and Hearing to Approve Sale of Sears Home Improvement Business, (D) Approving Form and Manner of Notice of Sale, Auction, and Sale Hearing, (E) Approving Assumption and Assignment Procedures, (II) Approving the Sale of Sears Home Improvement Business in Accordance with the Stalking Horse Agreement and (III) Granting Related Relief [Docket No. 775] (the “SHIP Bidding Procedures Order”).

Important Dates and Deadlines Related to the SHIP Sale:
• Bid Deadline: December 11, 2018 at 4:00 p.m. (ET)
• Sale Objection Deadline: December 11, 2018 at 4:00 p.m. (ET)
• Auction: December 13, 2018 at 10:00 a.m. (ET) at the offices of Weil, Gotshal & Manges
• Notice of Auction Results Objection Deadline: December 17, 2018 at 12:00 Noon (ET)
• Sale Hearing: December 18, 2018 at 10:00 a.m. (ET)

Any party interested in submitting a bid for any of the Debtors' Assets should contact the Debtors' investment banker, Lazard Frères & Co., LLC, 30 Rockefeller Plaza, New York, New York 10112 (Attn: Brandon Aebersold (brandon.aebersold@lazard.com) and Levi Quaintance (levi.quaintance@lazard.com)).


Real Estate Sale Process
Jones Lang LaSalle Americas, Inc. (“JLL”) has been engaged by the Company to, among other things, advise the Company’s potential sales of certain of its owned and leased property and/or other real property assets (the “Real Estate Sale Process”). A non-binding indication of interest (an “Indicative Bid”) in connection with the Real Estate Sale Process is due December 28, 2018, at 5:00 p.m. (ET), and should be submitted via email to:

Donna Kolius
Executive Vice President
JLL, Disposition Services
1400 Post Oak Boulevard, Suite 1100
Houston, Texas 77056
Tel: 844-280-3247
Email: dispositionservices@am.jll.com


Real Estate Sale Process
All submitted Indicative Bids must comply with the requirements as set forth in the Real Estate Sale Process Letter. Should you be selected to participate in the Definitive Bid process, you will be provided with a form of purchase agreement. If you have executed or will execute a confidentiality agreement with the Company, its terms apply to the process as outlined in the Real Estate Sale Process Letter.

Hearing on First Day Motions
A hearing on the Company's First Day Motions was held on October 15 at 2:00 p.m. (ET) before the Honorable Judge Robert D. Drain, United States Bankruptcy Court for the Southern District of New York, 300 Quarropas Street, White Plains, NY 10601.

A final hearing on certain of the First Day Motions was held on November 15, 2018 at 10:00 a.m. (ET).

Dates:
January 18
Omnibus Hearing
10:00 a.m. (ET)

February 14
Omnibus Hearing
10:00 a.m. (ET)

March 21
Omnibus Hearing
10:00 a.m. (ET)

Parties
Debtors' Counsel
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
https://www.weil.com/
Phone: 212-310-8000
Fax: 212-310-8007
Ray C. Schrock, P.C.
Garrett A. Fail
Jacqueline Marcus
Sunny Singh

Debtors' Restructuring Advisors
M-III Partners, LP
130 West 42nd Street
17th Floor
New York, NY 10036
https://miiipartners.com
Phone: 212-716-1491
Fax: 212-531-4532
Colin M. Adams
Brian Griffith

Unsecured Creditors' Committee Counsel
Akin Gump Strauss Hauer & Feld LLP
One Bryant Park
New York, NY 10036
https://www.akingump.com/en/
Phone: 212.872.1000
Fax: 212.872.1002
Ira S. Dizengoff
Philip C. Dublin
Abid Qureshi
Sara L. Brauner

United States Trustee and Court Information
United States Bankruptcy Court
Southern District of New York
300 Quarropas Street, Room 248
White Plains, NY 10601
http://www.nysb.uscourts.gov
Phone: 914-467-7088

United States Trustee
U.S. Federal Office Building
201 Varick Street, Suite 1006
New York, NY 10014
https://www.justice.gov/ust-regions-r02
Phone: 212-510-0500
Fax: 212-668-2255
Paul Schwartzberg
Richard Morrissey

5 billion has to be secured through ESL or some different entities other than Sears Holdings. Otherwise, the Judge wouldn't have approved the bid.

Questions & Answers of Common Stock (Cancelled or Stay Intact)

This is usually come down to the Judge, if was proposed by majority vote

From given information and experience, Sears Common Stock will stay intact. WHY?

1.) Cancel current common stock does help, but not a lot (very fraction). The processes of new common stock out-weighted (time & cash) the current. Cancel current common stock doesn't help much for Sears to stay in business.

2.) Eddie Lampert holds majority therefore, why cancel himself?

3.) The current bid and business plan is viable. Sears been in business over 125 years, a modern face-lift, eCommerce tool and a healthy board of directors, this vehicle is ready to race again.

4.) Keep Common Stock will avoid future litigation & legal expenses, which will far excess the current common stock value.

5.) Allow current common stock to stay alive will boost investors confidence, this create and keep the trust between business & investors and also employees. Remember, the Judges (they are for the people & common sense).

6.) Fill in the blanks

Eddie Lampert's Game Plan:

Current Liabilities: 11.28 Billion
Current Assets: 7.55 Billion

Current Bid:
5 Billion.
166 Million in payment obligations to vendors
43 Million in Severance Costs.
135 Million in Tax Bills.
120 Million deposit.
------------------------------
Total: 5.64 Billion

Liabilities: 11.28 Billion
Assets: 7.55 + 5.64 = 13.19 Billion
or
Assets: 7.55 + 5 = 12.55 Billion
------------------------------
Total: 13.19 - 11.28 = 1.9 Billion
or
Total: 12.55 - 11.28 = 1.27 Billion

Eddie Lampert is largest Creditor and Debtor.
Eddie Lampert will win Auction on Jan 14. and Sears will be pulled out of Chapter 11. A new viable business model, partner with Amazon & etc.. and provide 60,000 jobs. Judge will approve this without a question.

Price Per/Share $17.43
or
Price Per/Share $11.65

Rokkdatstock - this post of yours is more informative than Lauren Zumback from Chicago Tribune. thank you!

last trade at .4815

i noticed this morning that my trade platform informed me about old bad news about sears titled "Sears fate is on the line in Monday's bankruptcy auction. Here's what you need to know." - the article outlined few months old bad news information, and didn't mention about latest 5billions bid and 60ish stores new purchase. the author is lzumback@chicagotribune.com . its like wtf this dude know about sears? I feel the intention of this article to strike fear on investors.

Amazon with $800 billion market value, $6-9 billions bid for Sears & Kmart is a drop in the ocean. Lampert walk away $.5-1 billion profit, just for putting up $120 millions, not bad for few days of work.

Yeah, this may be big. If Amazon and Target wants to effectively delivery their goods, they would want centralize locations. To answer that question is Sears and Kmart.

Amazon & Target is eyeing Sears

https://sports.yahoo.com/exclusive-amazon-eyes-closed-sears-stores-for-whole-foods-expansion-202005747.html?guccounter=1

Amazon & Target is eyeing Sears & Kmart.

then you better start selling... i will pick it up from you! =)

Why this baby dropped so much?

can you explain why? thx

sry to hear that USAF - i invested in FRCMQ and still learning the merger and case of Verizon and Fairpoint. any infomation would help. thx

are you current with the court filings?

Verizon is fighting to get their money at $18/per share! probably will see a nice increase sometimes Oct.

purchased 200,000 @ .053

i guess everyone sold out on this baby? not a still post..

no. i got 5K shares!

what is the difference between BLOKA and BLOKB? THX

Place at order at .043

I bought 1 Share@.043

YRCW scaled back on their operations to minimize losses and redirected cash toward core-competency. YRWC will gain back up between .40 - .50 2-3 months before R/S. I bought in today at .1045 and will be long on it. GLA!

it will go back up to .22 !

hehe..! am in dude! The CEO said "POSITIVE" ! hehe!