Sears Holdings Corp. (fka SHLDQ)

[linda1]

You are omitting that the value of the SHLDQ
Shareholders’ Equity Interest has now dropped
by $ 5 + B after yesterday’s Sale to Holdco.


So unless all or most of the NOLs/ Tax Attributes
remain with the Debtors I do not see how
Lampert/ESL can expect to recover all of their initial
investment costs in SHLDQ Commons.


PLUS - the Chapter 11 Bankruptcy Code states
that all Debts ahead of the Common Shareholders
must be paid in full first before the Commons
receive any recovery - unless otherwise voted for
in a POR.


That is why the SHLDQ Equity Holders were not
alloted any of the Holdco Securities Consideration.
There are $ 3.3 + B Unsecured Creditors ahead of
the Commons that have to be paid in full first.