powerful footnote in docket 2379:
Certain members of the UCC stand to benefit immensely from a liquidation. For example, in his October 25, 2018 earnings call, David Simon, Chairman and Chief Executive Officer of UCC co-chair Simon Property Group (“Simon”) stated, “we are going to be able to make money on [Sears’ bankruptcy]” and explained Simon’s intention that Sears’ Stores be “torn down, redeveloped [and] re-leased.” See Weaver Decl. Ex. 3 (Q3 2018 Simon Property Group Inc. Earnings Call – Final, at 4 (Oct. 25, 2018)).
Similarly, in an October 30, 2018 earnings call, James M. Taylor, Chief Executive Officer of UCC member Brixmor Property (“Brixmor”), announced Brixmor’s plan to “capitalize[] quickly on th[e] opportunity” created by Sears’ bankruptcy to evict Sears and “meaningfully upgrade [its] centers.” See Weaver Decl. Ex. 4 Q3 2018 Brixmor Property Group Inc. Earnings Call – Final, at 4 (Oct. 30, 2018)).
It is obvious that, despite the harm liquidation would cause to the estates and their varied stakeholders, members of the UCC have only ever been concerned with their own narrow and self-interested financial goals.
