Sears Holdings Corp. (fka SHLDQ)

[cottonisking]

MADMAXIMUSJR, "so basically commons stay intact?"

Yes, unless a POR is created and confirmed and changes the equity structure on the plan effective date.

1) The Debtors can assume all of the executory contracts and exit bankruptcy without changing the Articles of Incorporation (AOI) and existing equity structure.

2) The Debtors could merge out of Chapter 11 with another company and receive new shares from the merger.

3) The Debtors are slim and trim with 425 stores. The Debtors need to exit Chapter 11 ASAP and eliminate bankruptcy cost. With 500,000,000 common shares currently authorized and 109,236,080 common shares outstanding, the debtors have a large margin to swap debt for equity with the existing AOI.

This is my guess! Time will answer all of our questions. So, gamble with a smile on your face like me!


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"Y. The Sale Transaction does not constitute a de facto plan of reorganization or
liquidation as it does not propose to (i) impair or restructure existing debt of, or equity interests
18-23538-rdd Doc 1730 Filed 01/18/19 Entered 01/18/19 22:46:50 Main Document
Pg 279 of 315
19
in, the Debtors, (ii) impair or circumvent voting rights with respect to any plan proposed by the
Debtors, (iii) circumvent chapter 11 safeguards, such as those set forth in sections 1125 and 1129
of the Bankruptcy Code, or (iv) classify claims or equity interests or extend debt maturities."