That is correct. The SHLDQ shares are staying with Sears Holdings in Bankruptcy.
The first APA never did propose to take the SHLDQ shares. It was a misunderstanding of an excerpt in the proposed “ Order Approving the APA “:
“ 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 in, the Debtors, “
It was only after I figured out that the APA was a 363 Sale - which excludes Commons - that I realized the Sale was not a Successor Sale which would have included the Commons.
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