SEARS bankruptcy case, continues the rackets
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I'm known (was) as "Laser the Liquidator"; because I've handled over 1000 distressed business cases and over $2 billion in assets.
I - was - the CEO of eToys.com bankruptcy case.
Unfortunately, I've gained too much expertise about the ins & outs of the rackets that Congress calls "Bankruptcy Rings".
SEARS is caught in Bankruptcy Ring scheme.
There are dozens of ways unscrupulous lawyers can devour a bankruptcy estate.
A common one "Stalking Horse" bids and "break up fees".
.Compound interest schemes known as "claims buying" is another dynsmic of collusion to defraud an estate.
Worse are the "conflict of interest" cases like our eToys.
In all of these scenarios a necessary element is insider's; which is why you hear about bones to the very key executives who caused the entities to be insolvent.
If you don't bribe key executives there's no dirty deals!
Thats the way it is and there's over 1/2 a trillion dollars in bankruptcy cases, each year.
For those who aren't sharks, it does not bode well.
As reported by CNN, concerning SEARS in the article titled
Bankrupt Sears wants to give executives $19 million in bonuses
They title itself, is a deceptive obfuscation.
It makes it sound like some out of reach part of SEARS Was a select Board that made the decision to give $19 million in bonuses to executives.
The 3xecutives are giving themselves the $19 Million; which is the price of quid pro quo to allow everyone else to carve up the SEARS estate.
Bribery right in front of you!
You may ask how they can get away with this?
Simple answer is incompetence, willful blindness or duplicity; because it is a fact that the police of the bankruptcy system is the United States Trustee.
One thing we can prove, you can't trust a U.S. Trustee.
The court always approves these deals.
Do you know why????
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