Replies to post #35606 on Sears Holdings Corp. (fka SHLDQ)

[jimr1717]

Load the boat

[VelvetJones]

I suggest actually reading the link you posted, specifically item 4.

[jimr1717]

Item 4. Purpose of Transaction.
Item 4 is hereby amended and supplemented as follows:
“Pursuant to that certain Final Order Establishing Notification Procedures and Approving Restrictions on Certain Transfers of Interests in, and Claims Against, the Debtors and Claiming Certain Worthless Stock Deductions, entered by the Bankruptcy Court on November 16, 2018, Docket No. 795, In re Sears Holdings Corporation, Ch. 11 Case No. 18-23538 (RDD), Bankr. S.D.N.Y. (the “NOL Order”), certain restrictions, notification requirements, and/or other procedures apply to trading and transfers of interests in, and claims against, the “Debtors” (as defined in the NOL Order), including Holdings, and all claims of worthless stock deductions with respect to interests in the Debtors held by certain “Substantial Securityholders” (as defined in the NOL Order). Under the terms of the NOL Order, among other things, the convertibility into shares of Holdings Common Stock of any and all Warrants, Senior Unsecured Convertible PIK Toggle Notes, Senior Secured Convertible PIK Toggle Notes and/or Second Lien Term Loans held by or attributable under U.S. tax law to Partners or Mr. Lampert, as applicable, is subject to and requires the approval of the Debtors or the Bankruptcy Court. As a result of this material contingency on convertibility under the NOL Order, none of the Reporting Persons should be deemed to have beneficial ownership of any shares of Holdings Common Stock with respect to the Warrants, the Senior Unsecured Convertible PIK Toggle Notes, the Senior Secured Convertible PIK Toggle Notes and/or the Second Lien Term Loans held by Partners, Mr. Lampert and/or any of their affiliates, as applicable.”

[chemist72]

Why did they file Form 15? (TERMINATION OF REGISTRATION)

https://www.sec.gov/Archives/edgar/data/1310067/000119312519111058/d738097d1515d.htm

Why did they file a Form 12b-25 along with their Form NT 10-K?

https://www.sec.gov/Archives/edgar/data/1310067/000119312519111075/d738097dnt10k.htm
Hmm. Maybe this had something to do with it?

As reported in the Company’s Current Report on Form 8-K dated April 18, 2019, on April 17, 2019, the Debtors filed a chapter 11 plan of liquidation (the “Plan of Liquidation”) with the Bankruptcy Court.

This might also be important.

the Board has concluded that the Company would be unable to file the Fiscal 2018 Form 10-K (or other Periodic Reports) without unreasonable effort and expense. The Company believes, however, that its results of operations for the fiscal year ended February 2, 2019 differed significantly from its results of operations for the fiscal year ended February 3, 2018 due to significant adverse developments that occurred with respect to the Company’s business and liquidity during the fiscal year, including the commencement of the Chapter 11 Cases.

[chemist72]

SHLDQ shares are NOT worthless currently.

In fact they are currently worth $0.395 per share as of 6/7/19.

However, some people think they will be worthless in the future. Maybe that's why there are still 7.4+M shares in short positions as of the latest FINRA Short Interest Report?

https://otce.finra.org/otce/equityShortInterest