and barneys of new york just filed for bk

kind of like the best waxed car at a demolition derby?

in the request for extension, shc has stated that not only have they paid the administrative claims in a timely manner but that they intend to fully pay administrative claims going forward.

they certainly are trying to remove any doubt about their intention and ability to pay admin expenses to head off the trustee's objections.

seems like that is why shc is requesting an extension - i.e. to avoid conversion to a chapt 7 liquidation.

this is why shareholders won't get squat:

The Debtors have more than $11 billion of total prepetition liabilities and
have an immensely complex capital structure. As of the Commencement Date, the Debtors were indebted under eleven (11) separate facilities with seven (7) different agents or trustees, certain intercompany notes, and certain other loans, which, adding to the complexity, were secured by siloed collateral, with certain facilities secured by real estate assets and others secured by other assets, such as accounts receivable and inventory. As a result, the administrative claims and intercompany analysis underpinning the Plan is complex and time consuming. For example, there are over $100 billion in prepetition intercompany transactions and billions in postpetition transactions involving over 70,000 accounting entries to the Debtors’ ledgers for the postpetition period.

Sears Holdings Corporation and its debtor affiliates, as debtors and debtors in possession in the above-captioned chapter 11 cases (collectively, the “Debtors” and, together with their non-debtor affiliates, “Sears” or the “Company”), file this motion (the “Motion”) for
entry of an order further extending the periods during which the Debtors have the exclusive right to file a chapter 11 plan (the “Exclusive Filing Period”) and to solicit acceptances thereof (the “Exclusive Solicitation Period,” and together with the Exclusive Filing Period, the “Exclusive
Periods”) by two (2) months through and including October 14, 2019 and December 16, 2019, respectively. In support of the Motion, the Debtors respectfully represent as follows:

filed yesterday as docket 4757

shldq common shares can't and won't be swapped. those shares are dead money. artificial support is the only reason these shares are still trading. once that is removed, these shares will be officially worthless.

since one can no longer get actual stock certificates, there will not even be the possibility of using them as toilet paper.

$shldq has had news, that's why it's struggling to get above $0.30.

the shldq lifeboats sailed in february. the remaining deck chairs are made of lead and will sink along with any remaining stockholders when both are tossed into the water.

shldq is knocking it out of the park:

new mor filed friday (docket 4590) and they were able to generate $26 million in revenue. still showing over $6 billion of total deficits.

can't wait for MOASS to get here.

with any news at all, this stock will be worthless.

oh, btw, this was structured as a tax free reorganization with the nols transferring to transform holdco. that's what the documents state, so let's be honest.

granted, transform is still waiting on an irs private letter ruling and if they do not get a favorable ruling, shc will not be able to use them or sell them because they did not retain a substantial portion of the assets which gave rise to the nols in the first place, which is an irs requirement.

so, there is a very real possibility that neither eddie nor sears can use them. either way, shldq will not get any benefit from them which has not already been realized.

first rule of successful stock investing - cut your losses.

was just answering a question posted on the board regarding when the next rebalancing would occur.

Approximate Date of Proposed Sale to the Public: From time to time after this Registration Statement becomes effective

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. x

An indeterminate aggregate initial offering price or number of shares of common stock, preferred stock, warrants and units to purchase any combination of the foregoing securities is being registered as may be issued at indeterminate prices from time to time with an aggregate initial offering price not to exceed $250,000,000.

it rebalances each year in june

the stock price is not moving based on what i do or do not believe.

the post was in response to why the sp might be falling

the anticipation of a large number of shares coming on the market in a dilutive sale was posed as one possible reason.

if you are of a buy and hold opinion, then sp fluctuations should not be of any importance to you.

didn't think there was any selling yet. however, the market does "look forward" so in anticipation of pending dilution that could be the sp reaction currently being seen.

might it have anything to do with the sec "notice of effectiveness" filed early tues morning?

selling a boatload of shares cannot be a near-term positive for the sp.

docket 818 filed today regarding rejection of certain executory contracts.

haven't read the whole thing but noticed this re: uniti:

8. Notwithstanding anything in this Order, the Contract Procedures shall not apply to that certain Master Lease Agreement dated April 24, 2015, between CSL National, LP, Windstream Holdings, Inc., and the entities set forth on schedule 1 attached thereto and any and all amendments, modifications, or supplements that may have been made from time to time
(the “Uniti Lease).

diddy, if you do that, be prepared to get diddly. averaging down is not the move. getting out would be a much better play.

however, if you hold on until shldq gets to $0.00, then you will be right where eddie will end up.

in that case, would not consider it being in good company.

i believe the "safety net" for the retained employees was to pay them through the 2020 fiscal year which end 2/28/2020.

severance pay would be cheaper than keeping the whole store open.

this is why eddie said he might consider an ipo 3+ years out. there were things he could do without answering to stockholders that he couldn't do with stockholders.

closing stores, downsizing footprints, laying off employees are some of the things eddie can do when he is only answering to himself.

as i said, it cuts both ways.

shc appointed a separate entity to examine the esl offer(s) such as the seritage sale/purchase.

if shc were to be found incompetent or they were found to have mismanaged the transaction then i would think they would be held liable.

if on the other hand esl and/or lampert were found to have exerted some type of undue influence on the transaction or it was found to be fraudulent, then els and/or lampert could be held liable.

it seems to me that the director's and officer's insurance company might also be at risk if shc's directors and/or officers were found to be culpable.

for all of those reasons, i would think both sides should be worried and would want to reach some type of settlement.

again, unless it is in the billions, stockholders still get nothing, and there is no way the claim is in the billions.

this could cut both ways. shc's behavior during the transfers to esl could also be investigated. that could exonerate lampert and esl.

conversely, lampert and esl could be shown to have exerted undue influence or some such thing when they were purchasing the assets which sears sold to them.

don't believe this will strictly be a one way street.

because of that, there should be some urgency on both sides to come to some type of settlement.

An examiner is appointed to conduct an investigation of any allegations such as fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity in the current or former management of the debtor business.

bankruptcy IS a can of worms. and yes, it is about the financial hole and why it will remain a hole, even after a pound of flesh is extracted from lampert.

this stock can not recover, it can just flop around like a fish out of water waiting to take its last breath.

death has come a knocking like it or not.

what is being witnessesed is the combination of facts and reality colliding with delusion.

$166 million wouldn't even begin to close the hole. 40 to 50 times that amount would be needed to fully satisfy the creditors.

shc common stockholders still won't be seeing anything, much less dollar land.

really?, it better get a move on if that's going to happen.

lemmings

shldq is a turd, it's in the toilet, and it's just waiting to be flushed.

funnier things, lampert bought virtually all of sears and he is the only shareholder. before and after the lawsuit he will have all that is sears.

lol, lol, lol

how funny is that?

the restructuring team responsible for winding down sears' bankruptcy estate is suing lampert and others on behalf of creditors, may of whom blame lampert for sears' downfall.

because the creditors feel sorry for the common shareholders, they have decided to give a bunch of the settlement to the common shareholders if they prevail.

they have decided to do this even if there is not enough money to pay the lawyers and to fully compensate them for their losses.

i'm not exactly sure how to thank these creditors for their generous gesture but i'm going to raise a glass to all of them this evening.

what a bunch of swell people to agree to share what is legally theirs if they do win with those of us who have absolutely no claim to any of these possible litigation proceeds.

sleep well my friends, the common share price will certainly zoom past $1 in the coming week.

i'm guessing it will be settled for billions and the common stock will be worth at least $100 per share.

news came out and it's not good. probably NOT $1.

filed with the sec on 7/3. common stock comment has gone from no expected to get anything to definitively being cancelled, as in SHALL BE CANCELLED:

7.9. Existing SHC Equity Interests (Class 9).
(a)
Classification: Class 9 consists of Existing SHC Equity Interests.
(b)
Treatment: On the Effective Date, all Existing SHC Equity Interests shall be cancelled. Each such holder thereof shall neither receive nor retain any property of the Estate or direct interest in property of the Estate of SHC on account of such Existing SHC Equity Interest.
(c)
Voting: Class 9 is Impaired. Holders of Existing SHC Equity Interests are conclusively deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, holders of Existing SHC Equity Interests are not entitled to vote to accept or reject the Plan, and the votes of such holders will not be solicited with respect to such Existing SHC Equity Interests.

i think the reason is that some people can understand the written word.

the company sec filings and the bankruptcy dockets all say there is over $6 billion in debt and no appreciable source of $ to pay off the creditors.

even if the creditors were to prevail on their litigation, anything realized would just be used to pay the lawyers with any remainder going to the creditors still leaving billions owed.

dockets, sec filings, and company statements all say there will be nothing of value left for the shareholders.

the disclosure statement was approved in late june and all parties who can vote (which doesn't include shareholders) will be asked to approve the "plan". the plan is one of liquidation and winding down the company. there will be no phoenix rising from the ashes. the company has said if this plan is not approved, the outcome will be worse than the present plan.

some have chosen to hold stock for emotional reasons but the facts all point to shldq being cancelled and thus actually becoming worthless. in the meantime, there are some who hold on to the idea of some short squeeze, the stock rallying, and sears emerging from bankruptcy.

delusional imo

in a nutshell, they are an empty shell in bankruptcy paying off their unsecured creditors at less than 3 cents on the dollar with nothing left for their warrant or share holders. they are a beached whale with few breaths left.

yes, that's an excellent idea about reading the tax code. so, why don't you start with section 368(a) and section 382(1)(5)(A)(ii) transactions then look at the asset purchase agreement and judge drain's order.

shld had news and that's why it is not $1. maybe when shc said there will likely be nothing left for equity and warrant holders most people listened.

yes, you are correct, someone will get it but it won't be shc.

following is from the dec 6 sec filing which you should read since you don't seem to get what has been explained multiple times:
___________________________________________

Scope of Transaction. As discussed above, ESL is submitting a bid for Newco to acquire substantially all of the assets of Debtors pursuant to a sale under section 363 of the U.S. Bankruptcy Code, as well as
substantially all of the assets of non-Debtors, KCD IP, LLC, SRC O.P., LLC, SRC Facilities LLC and SRC Real Estate (TX), LLC.

Our proposal provides that Newco would acquire Sears’ tax assets, the value of which we have incorporated into this Indicative Bid. Our proposal also assumes, consistent with the Debtors’ projections, that the amounts outstanding under the Debtors’ first lien ABL DIP facility will be no greater than $950 million at the time of closing the transactions contemplated herein.
_____________________________________________________________

and for those whining that shc never valued the nols on it financial statements, for shc to have provided a value, it must have had at least a 50% certainty of showing a profit in the following year. since shc has been running at a loss for a number of years, it was for that reason it never valued the nols.

linda1,

the article was not in the weekend edition either. i don't have access to the online/digital articles.

linda1,

even though the article is dated june 28, it didn't appear in the friday edition. will look at the weekend edition when i get it and see.

here you have it, get your deck chairs ready.


Existing SHC Equity Interests
On the Effective Date, all Existing SHC Equity Interests shall
be cancelled. Each such holder thereof shall neither receive nor
retain any property of the Estate or direct interest in property of
the Estate of SHC on account of such Existing SHC Equity
Interest

since this is what ir actually said:

The ultimate value of the shares will be determined
through the Chapter 11 reorganization process,
but there is certainly a chance that the shares will be
cancelled when the company emerges from bankruptcy.

and:

Yes, we are in Chapter 11 reorganization as of late-February. It is too early to say what will happen to the common shares, but in most cases, they are cancelled upon emergence by the company from Chapter 11.

Christopher C. King

Vice President – Investor Relations | Windstream
christopher.c.king@windstream.com


it appears some have difficulty reading and/or understanding what was actually said. in neither of these comments did ir say the commons WERE GETTING CANCELLED.