linda,
i would think that shc (the parent holding company) has 100$ interest in ALL of the debtors (the debtors being all of the entities listed on each of the filings). those wholly owned subsidiaries were rolled up in shc's consolidated financial statements.
on the other hand, there were some sears entities which were NOT debtors in this bankruptcy. language in the apa and other places mention the bk does not include those companies.
if there is an shc reorg around what's left, i would think it would be around those companies which were not parties to the bk.
my problem is i don't know what those entities are because i have not looked into them. i've tried a few "looks" to find equity in something of sears which is not shc but haven't found anything. do you know of any?
it could be no more than those company's registered as some type of business entity and then authorized just a few shares, literally like 100, which aren't public and aren't traded. if sears has some type of minority interest in those companies which prevented them from becoming debtors in this bk due to the way they were structured, then maybe shc or sears roebuck or whomever received some of those shares.
without seeing documents or having more information from some place which i have not been able to locate, there's no real way to know what's what.
bottom line right now is that it doesn't interest me enough to dig in and i hope i'm not hit up beside my head if they become important.
from my point of view, the value, if any, will be in how holdco impacts shldq shareholders not in how shc in some type of reorganization impacts their own (shldq) shareholders.
my gut reaction is the relatvie value to shldq shareholders being associated with holdco is $1.00 and the relative value to shldq shareholders being associated with an shc reorganization and having nothing to do with holdco is $0.10.
as i said, that's just a gut feel, no numbers run. the proportion of value transferred to holdco is so much more than anything i can imagine being left with shc.
