Sears Holdings Corp. (fka SHLDQ)

[justthefactsmam]

"March 21st is the day Old Sears and New Sears meet for mediation"

probably not. march 21 is an omnibus hearing.

eddie is asking the judge to approve mediation and old sears is asking the judge to deny the request. the 21st is not a day of mediation, it is rather a day which may determine whether or not there will be mediation. old sears asserts judge drain is all too familiar with the issues an no need to go with mediation.

old sears is asking the judge to order eddie to pay $57.5 million which eddie has withheld from old sears associated with cash in transit which was an issue because old sears turned over its cash management system to eddie because eddie failed to have a cash management system in place at the time the sale closed on february 11.

old sears is supposed to be providing an update on the por status. but, since old sears has said they don't have the money to work on the por since eddie is withholding the $57.5 million, it doesn't seem likely that any significant por update will be provided.

old sears has stated they could be facing administrative insolvency because eddie is witholding the $57.5 million merely as a negotiating strategy to get old sears to agree to mediation. despite judge drain's cautionary comment when he approved the apa that sears could still face administrative insolvency, can't imagine he will be happy with eddie withholding this money as a negotiating tactic.

probably both sides were to provide updates on how the transfer from old sears to new sears is going and update their timetables. however it doesn't seem like old and new are working very well together at this point so i would think that judge drain will not be in a good mood during this hearing.