Sears Holdings Corp. (fka SHLDQ)

[justthefactsmam]

maybe bar can weigh in but suppose it is possible they did it after filing the liquidation plan to keep them out of chapter 7 or being declared administratively insolvent.

if shc can convince the judge there is a possibility of getting any recovery for the estate via this lawsuit, then drain might keep them in the current chapt 11 case to see how it plays out.

while any recoveries would just go to pay debts and still leave nothing for shareholders, that might be enough incentive to keep the case where it is.

if drain were to force this to chapt 7 liquidation with the appointment of a trustee, might that possibly render the suit against esl and the various parties moot?

if they are going into chapt 7, that would seem to indicate there is no "shc" to bring suit.

could an appointed trustee of a chapt 7 case take up the suit?

bar, you're the bk lawyer. what say you?