from docket #1598
Shortly after 3 a.m. this morning, the Debtors officially closed the auction for the sale of substantially all of the Debtors’ assets with an announcement that ESL Investments, Inc. was the successful bidder. For myriad reasons that will be set forth fully before this Court in the coming days, the Creditors’ Committee opposes the proposed sale. At this critical juncture of the Debtors’ Chapter 11 Cases2, the Creditors’ Committee seeks to file the Standing Motion and Proposed Complaint seeking standing to assert causes of action on behalf of the Debtors’ estates 2 Capitalized terms not defined herein have the same meaning given in the Standing Motion. 18-23538-rdd Doc 1598 Filed 01/17/19 Entered 01/17/19 13:52:42 Main Document Pg 2 of 14 3 against Edward S. Lampert (“Lampert”) (Chairman of the Board and former CEO of Holdings, ESL3 (Lampert’s investment firm and, with Lampert, Holdings’s controlling shareholder), and Kunal S. Kamlani (“Kamlani”) (ESL’s President and a director of Holdings). The Creditors’ Committee believes that these causes of action should be litigated in open court but is complying with its obligations under the Amended Stipulated Protective Order to file the Standing Motion and Proposed Complaint under seal because certain materials relied on or cited to in the Sealed Documents were designated by producing parties as “Confidential” or “Highly Confidential.”
