'We are concerned that, as Treasury Secretary, you are in a position to take actions that benefit Sears’ shareholders and owners at the expense of workers and taxpayers,' the lawmakers wrote in a letter dated May 23 to Sec. Mnuchin.
“Instead of investing in the company, he sucked about $6 billion in value out of it and then did stock buybacks, which certainly made him a lot of money,” Warren, a Democratic presidential candidate, said of Lampert.filed by Sears Holdings in April of allegedly stealing billions of dollars from the store chain.
With that in mind, Warren and Ocasio-Cortez posed several questions to Mnuchin and gave him a June 13 deadline to respond. The company’s creditors contend Lampert, along with Sears’ biggest shareholders, unduly benefited from deals that occurred on his watch. Specifically, the spinoff of Lands’ End in 2014 and transactions with Seritage Growth Properties, a real estate investment trust Lampert created through some Sears properties a year later.
It further alleged that, “In an effort to create a false record to cover up their asset stripping, at Lampert’s personal direction, Sears employees repeatedly produced financial plans reflecting fanciful, bad-faith predictions that the company would experience an immediate and dramatic turn-around from deep and mounting losses to sudden profitability.”
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