This is where I am having a problem understanding...
7. Lampert is the majority owner of ESL which owns
Transform Holdco - which just purchased substantially
all of the Assets of Sears. ESL/Lampert could
sell all of their SHLDQ Shares right now and it would not
affect their majority ownership in Holdco.
8. The only Assets that the SHLDQ Shareholders
have an ownership interest in is what is left with
the Debtors.
Lampert and ESL own commons. So, what you are implying is that Lampert and ESL could cancel all commons and it would not make a difference to them as to the rest of the shareholders, to hell with them...
So, let's say that Lampert and ESL bought shares at $30 - $40 range... that would make it over $1.3 Bil and that is just Lampert's holdings. To say that commons would be cancelled, would simply destroy his equity holdings in the company.
To pick and choose which assets to keep or sell is one thing, he cannot do the same with common shares. What is good for the goose is good for the gander.
Dragon52
