After four years stuck in bankruptcy limbo, Sears Holdings and its creditors have reached a settlement with former Chief Executive and majority shareholder Eddie Lampert and other investors, clearing the path for the once-storied retailer to execute its bankruptcy plan.
In a filing from November of 2019, Lampert and others were accused of “asset stripping and ‘rank’ self-dealing” in the years leading up to the collapse of Sears and its bankruptcy filing. That means Lampert and ESL received interest payments on loans and rents on real estate, even as the company continued to post heavy losses.
“[A]ltogether, Lampert caused billions of dollars of cash and other assets to be transferred to himself, Sears Holdings’ other shareholders and other third parties,” said the complaint.
Source: Law Daily Report (lawdailyreport.net)
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