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Started By
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re: Sears Rejects Lampert Bid, Cue Up the Fat Lady
Posted on 1/8/19 at 12:26 pm to LSUFanHouston
Posted on 1/8/19 at 12:26 pm to LSUFanHouston
quote:
Lampert had put forward a $4.4 billion bid to save Sears and 50,000 jobs by buying it out of bankruptcy through his hedge fund ESL Investments. His offer, though, was deemed insufficient by Sears' advisors, the people said.
Fact is the board that declined this offer did Lampert a HUUUUGGGEEE favor. $4.4 billion for an old drecipt relic of 20th century business is nuts. Couple that with the pension liabilities it owes its former employees and you would be throwing good money at bad.
His hedge fund should be happy about this outcome.
2
Posted on 1/8/19 at 12:47 pm to Covingtontiger77
quote:
Sears Holdings Corp. Chairman Eddie Lampert is getting another shot at saving the bankrupt 126-year-old retailer.
Sears lawyer Ray Schrock said in bankruptcy court in White Plains, New York, that the company will compare Lampert’s bid with alternatives
Lampert must put up a $120 million deposit by Wednesday in order to participate in an auction
“Hopefully we’ll be able to get to an auction and have a chance to save Sears as a going concern,” Schrock, the lead bankruptcy attorney for the company, said
Lampert will be able to use debt he controls as part of his bid, a process known as “credit bidding,” Schrock said. But the company will reserve its right to review Lampert’s attempt to use debt instead of cash
The bankruptcy judge overseeing the case said that means Lampert’s use of a credit bid has not been preapproved
Posted on 1/8/19 at 12:50 pm to Covingtontiger77
quote:
$4.4 billion for an old drecipt relic of 20th century business is nuts. Couple that with the pension liabilities it owes its former employees and you would be throwing good money at bad.
1.8B of that was in forgiveness of debt that Sears already owed ESL.
The vast majority of the other 2.6B was borrowed money. His hedge fund had very little new money coming to the table, which is one of the reasons Sears saw this for the joke it was.
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