as my last post indicated, i was going to keep an eye on anything which might cause me to change my mind about common shareholders surviving. the cut/paste below is from a filing today by one of the legal firms representing shc. they are asking the court's permission to be released from their representation of shc because all that is left for old sears to do is sell its remaining assets and distribute proceeds to creditors, resolve continuing litigation and basically go out of business:
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4. After the entry of the Sale Approval Order, and the transfer of assets from the Debtors to New Sears, the Debtors will primarily will be engaged in the resolution of creditor claims, the distribution of their remaining assets to their creditors, and the pursuit of litigation
claims. I believe that Wachtell’s services with respect to the Wachtell Matters (as defined in my previous Declaration) will no longer be useful or necessary for the conduct of the remaining portions of the Debtors’ cases. We have discussed this matter with Mohsin Meghji, the Debtors’
Chief Restructuring Officer, who has agreed that the Debtors no longer need our services. We have also discussed with Mr. Meghji the possibility that we will be asked to represent the entity that has acquired substantially all of the Debtors’ assets in certain matters, and he has consented to our doing so on the terms set forth in the Letter Agreement annexed hereto as Exhibit 1.
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they are also advising the court they will be going to work for eddie now that eddie has bought virtually all of old sears' assets.
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it's docket 2761 filed today. download it and read it for yourself. parse it anyway you wish but is doesn't seem to leave any doors open that i can see.
will still be looking for a por but i don't think one will be coming which provides any type of lifeline to common shareholders.
notice that wachtel's letter didn't say old sears was going to distribute SOME of its remaining businesses and then try to reorganize around what was left.
this just further reinforces my opinion that common shareholders are toast.
