Penny, great timeline BUT do not underestimate what COULD HAPPEN such as after the 2/18/2019 POR timeline, they could just cancel bankrupt procedures and request to exit protection from chapter eleven.
This due to protection no longer needed as this was an auction held by the court and SHLDQ was purchased OUT OF BK Protection.
2) GOOD NEWS FOR SHAREHOLDERS AND THE COMPANY: Those creditors will now have to wait to find out how much they get of the money they are owed, but it is likely to be pennies on the dollar in many cases.
6) One thing is known. SHLDQ Chairman Eddie Lampert and his Hedge Fund ESL held commons, and therefore voting rights. Owning 70%+/- is more than huge, no one could take over the company without their say so. To say that commons will not survive is somewhat ludicrous. Why would Lampert cut his own throat? Commons have voting rights and thus, he controls the company’s actions win or lose. So, bottom-line… 1) Commons are safe. a. They will be exchanged for NEWCO shares b. Should be on a 1-1 ratio, but who knows 2) 375+/- stores will be liquidated to pay down debt. 3) 425 Surviving stores will make up the “New” Sears 4) June POR to be released 5) Debtors will be paid as assets are sold off and revenue comes in
This is jmho and how I see things evolving. Sure there can be and will be changes going along the way, but again, the hard part is done…Lampert and ESL survived the biggest holocaust they ever faced.
Hedge Fund Manager Bruce Berkowitz Calls Sears a Once-in-a-Lifetime Opportunity
Bruce Berkowitz, founder and chief investment officer of Fairholme Capital Management LLC, talks about the fund's investment strategy and investment opportunities. Fairholme, speaking on a teleconference with investors, says Sears Holding Corp. presents a once-in-a-lifetime opportunity