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Kingpenm3
McNeese State Fan
Xanadu
Member since Aug 2011
6271 posts

Why would Sears reject Lampert's offer?
Does the board believe that the liquefied assets are worth more than his offer?



CoachChappy
LSU Fan
Boudin Capitol of the World
Member since May 2013
20051 posts

re: Why would Sears reject Lampert's offer?
quote:

Does the board believe that the liquefied assets are worth more than his offer?


Maybe not, but it might be close and they want to get out from under this mess that is Sears. Sears was and could've been Amazon. They didn't innovate and adapt. Now, they are paying the price.


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
13122 posts

re: Why would Sears reject Lampert's offer?
quote:

Does the board believe that the liquefied assets are worth more than his offer?


Yes

The creditors are done. No one has any faith that Lampert could actually turn it around. For this deal to have worked, the creditors and suppliers would have taken it in the shorts currently but lived to maybe make some money later on down the road as Sears improves. But no one in their right minds thinks Sears would actually improve.

Cut your losses, get what you can get in the liquidation, and move on.
This post was edited on 1/8 at 11:01 am


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
40586 posts

re: Why would Sears reject Lampert's offer?
quote:

The creditors are done.


Yep. And Lampert undoubtedly submitted a plan for a way forward that the Board simply has little faith in. It isn't as though Lampert improved matters before now.


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The Egg
LSU Fan
Houston, TX
Member since Dec 2004
71945 posts

re: Why would Sears reject Lampert's offer?
LINK

quote:

Sears reaches 11th hour deal to stay in business

Sears was facing the possibility of shutting down, until it reached an 11th-hour deal Tuesday to stay open, at least for now.

After two long delays at a morning hearing in bankruptcy court, attorneys for Sears announced it had accepted a revised bid from a hedge fund controlled by Eddie Lampert, the chairman and former CEO of Sears. The deal would keep 425 of the stores open.

Lampert's $4.4 billion offer does not complete the sale, but rather starts an auction that is due to be completed on January 14. It is still possible that those wishing to shutdown the company will bid more for the assets than Lampert is offering.

Judge Robert Drain still needs to approve the agreement, but called the deal "a good development."


Kingpenm3
McNeese State Fan
Xanadu
Member since Aug 2011
6271 posts

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