Sears Holdings Corp. (fka SHLDQ)

[justthefactsmam]

trouble in paradise. march 21 key date:

Shc closing of sale to Transform Holdco effective 12:01 AM on February 11, 2019

Transform Holdco failed to have a cash management system (CMS) in place at closing

SHC agreed to cede control of its CMS to Transform Holdco subject to Holdco agreeing to promptly reimburse SHC for “funds in transit” properly belonging to SHC

Holdco allegedly is withholding $57.5 million of “funds in transit”

Holdco allegedly stalling by filing mediation motion which could mean “funds in transit” could not be released to SHC until April at the earliest.

Holdco’s mediation motion unrelated to “funds in transit”

SHC alleges failure to turn over “funds in transit” could adversely affect its cash flow and ability to make payments which might create a condition of “administrative insolvency”

SHC asking Judge Drain to rule on this matter at Omnibus Hearing on March 21

March 21 is same date transform holdco requested judge drain’s ruling on appointing mediator