What event will finally force Chap 11?
Anyone have an idea what event will or could finally force SHLD to file for Chap 11?
I think everyone is in agreement that it is only a matter of time, the problem is when. with the CEO controlling a large voting block through his fund, plus being able to keep loaning money from the fund to SHLD, there appears to be no event or deadline for any Chap 11.
Over at BTUUQ and other like situations, usually there arrives a point when they can make the payments on the debt, which usually starts a 30 day countdown to the filing, and gives people a chance to take a position on the trade.
Here is looks like the problem is that the CEO can keep this going as long as he is will to loan money to the company from his fund.
Louis J. Desy Jr.
Disclosure: I own Jan 2018 $5 puts
