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Re: boston127 post# 6350

Saturday, 01/05/2019 8:24:08 AM

Saturday, January 05, 2019 8:24:08 AM

Post# of 37346
i think you are both wrong. esl is not asking for a concession from creditors, he is offering to "forgive" the 1.8 billion in notes payable to esl which he included as part of the bid. while i can see why the judge might want to explore that issue, a credit bid component was part of the global bidding package approved by the judge (docket #862).

the issue of releasing lampert and esl is something else. if lampert is correct that sears and its consultants all approved those deals, it would seem any litigation against esl and or lampert would generate an immediate countersuit by els/lampert against sears and the insurance company which provided director's and officer's insurance for such matters.

that kind of action will be a real can of worms and it seems to me that esl/lampert will be liable whether they walk away from the going concern bid or not.

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A continuing issue is the $1.8 billion that Lampert put toward his offer by forgiving debt owed to ESL through a so-called credit bid. The restructuring committee advising Sears is not confident the bankruptcy judge will allow Lampert to use a credit bid without addressing a pending investigation about Sears transactions under Lampert's ownership, the people said.
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the complete article is linked below:
https://www.nbcchicago.com/news/business/Sears-Bid-Short-Company-Could-Liquidate-503915431.html

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