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Sat Nov 17, 2018, 08:28 PM

 

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????

7 replies, 1103 views

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Reply SEARS bankruptcy case, continues the rackets (Original post)
laserhaas Nov 2018 OP
marybourg Nov 2018 #1
laserhaas Nov 2018 #3
guillaumeb Nov 2018 #2
laserhaas Nov 2018 #4
TreasonousBastard Nov 2018 #5
laserhaas Nov 2018 #6
keithbvadu2 Nov 2018 #7

Response to laserhaas (Original post)

Sat Nov 17, 2018, 08:33 PM

1. Yes, because other wise these guys would

desert the sinking ship right now. And there’d be no one left with any knowledge to guide the ompany thru bk.

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Response to marybourg (Reply #1)

Sat Nov 17, 2018, 09:45 PM

3. Not true. As an expert in such matters, your premise not true

 

Manny times I've 5aken over cases where everybody abandoned ship.

Something shady is going on here; as did Toys R Us.

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Response to laserhaas (Original post)

Sat Nov 17, 2018, 09:29 PM

2. Lampert is a vulture capitalist.

And the law is crafted to allow people to buy a company with the company's own resources, and charge the company for the advice.

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Response to guillaumeb (Reply #2)

Sat Nov 17, 2018, 09:47 PM

4. The law has many potential avenues

 

This is a scheme that would never be allowed, were all facts publicized

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Response to laserhaas (Reply #4)

Sat Nov 17, 2018, 10:08 PM

5. Didn't Lambert essentially sell some of the profitable parts of Sears to himself?

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Response to TreasonousBastard (Reply #5)

Sat Nov 17, 2018, 11:14 PM

6. Again, if such is true, it is a conflict of interest scheme.

 

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Response to laserhaas (Original post)

Sun Nov 18, 2018, 12:24 AM

7. Financial dealing - to yourself - Sears, Kmart

Financial dealing – to yourself – Sears, Kmart

https://www.bloomberg.com/news/articles/2018-09-27/lampert-s-sears-plan-would-hand-lampert-s-hedge-fund-1-billion

CEO’s Plan to Save Sears Would Hand His Hedge Fund $1 Billion

Eddie Lampert’s hedge fund has a new plan for cutting Sears debt. The main beneficiary would be Eddie Lampert’s hedge fund.

Proposal calls for some creditors to get ‘worthless’ equity

“To have debt that’s convertible into equity when the equity is worthless doesn’t appear to be a very attractive proposal at all,’’
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Some wordsmith should take pride in writing this::::

“We will now be working aggressively to execute liability management transactions so that we can extend our runway and continue executing on our transformation strategy,’’ Sears said in a Tuesday internal message to employees seen by Bloomberg. “At the same time, we’ll continue to move forward with our other planned liquidity and cost measures.’’

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