there could be an effective date but it could be as fuzzy as within 90 days of filing a por.
unless shc were to be declared administratively insolvent and ordered to be liquidated or if judge drain were to dismiss sears bk case which would legally get them out of bankruptcy but subject them to claims in various state and possibly federal courts, i don't believe they will get out of bankruptcy until they have a por approved by the court at which time they would emerge.
i'm just skeptical they will ever file a por, especially if the tax assets remain with lampert.
revisiting an earlier post i quoted footnote 14 on page 32/112 of docket 2328. this was a quote from sears holdings lawyers/advisers and it stated:
"a reorganization around a smaller business division of the debtors was considered but the potential value attributable to an effort to preserve and utilize net operating losses and other tax attributes was recognized as speculative and significantly discounted when compared with the actual value presented by the Sale Transaction" (i.e. lampert's bid).
so, if sears, before selling virtually everything to lampert, didn't thinks a reorganization around something to preserve the nols and other tax attributes was viable, how could it possibly be viable now that anything of value around which it might have been able to reorganize has been sold to lampert?
regarding the stock questions, i don't think the "q" is coming off until shc's bankruptcy issues are resolved. if there's no por but there is a liquidation instead, then shldq will have no value within the old sears umbrella.
i see its only chance for any significant value is to be exchanged for lampert stock as part of the continuity of proprietary interest argument.
