actually, the document does not say only certain shareholders common stock is "protected". not sure where you got that but please point to a page number of the filing. what the filing does say is this:
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“On December 5, 2018, certain of the Reporting Persons submitted an indication of interest (the “Indicative Bid”) in the acquisition, through a newly-formed entity (“Newco”), of substantially all of the go-forward retail footprint and other assets and component businesses of Holdings.
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if esl's bid is accepted and a newco is formed, neither lampert nor anyone else can pick and choose which shares of common stock survive (if any survive). at this point, esl's common stock is not different than anyone else's common stock.
if newco is formed and issues new stock, IF THE OLD STOCK SURVIVES, then all of the old stock will be exchanged for shares in newco
IF YOU SEE SOMETHING ELSE IN YOUR POSTED DOCUMENT REFUTING THIS OR SHOWING THERE IS A PROTECTED CLASS OF CURRENT COMMON SHARES, PLEASE LET US KNOW.
before anything happens, the esl bid must be qualified. in the meantime, there were two bids submitted to liquidate the company. if either one or both of them become qualified and esl is qualified, i believe arguments will be made to judge drain who will decide if the best interests of all concerned will be to liquidate or allow the company to survive in some fashion on a go forward basis.
if drain decides liquidation is best and both liquidation bidders are qualified, then an auction between those two bidders will take place and sears common stock will be worthless.
