the seeking alpha article concludes:
The creditor claims will be likely be paid in Newco stock, Newco preferred stock and warrants and cash; new Sears (Transform Holdco) will be a cash cow based on the New Sears Business plan.
It is important to ignore the side noise and focus on valuation of the SHLDQ shell to Transform Holdco.
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when transform holdco purchased the assets, judge drain's order specifically said everything which was purchased was done so "free and clear" of any claims against those assets.
therefore, all the liability to the creditors remained with shc.
the comment about the valuation of the shldq shell to transform holdco is what the author cautions against - side noise.
transform holdco neither wants nor needs the sears shell. if eddie wanted that, he would have made a stock purchase, not an asset purchase.
eddie does need a vehicle to utilize the assets which he purchased and that is why he has made an offer to purchase "SHOS", the sears home and outlet stores. that transaction is due to close by the end of this year, i believe. additionally, it is not something loaded with a boatload of debt or other liabilities.