Here’s why the Sears saga could go on for months [MarketWatch]
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Source: MarketWatch
Here’s why the Sears saga could go on for months The many roles that Sears Holding Corp.s chief Eddie Lampert has filled at the iconic retailer may spur lawsuits now that it has filed for bankruptcy, according to experts. As part of the chapter 11 filing , Lampert has stepped down as CEO, but will continue as chairman. The hedge-fund manager is also a major shareholder, lender, and landlord on some of the company’s real estate, as MarketWatch has reported . On its face, it’s not that strange for a company’s CEO to also be involved with the company in other ways, said Marc Hamroff, managing partner at the law firm of Moritt Hock & Hamroff. However it’s unusual for that to be the case with a large, publicly traded company like Sears SHLD, +29.03% “It’s unique in a company of this size and can certainly promote some conflicts of interest,” Hamroff told MarketWatch. “Are you protecting your interest as creditor or as CEO? Which hat are you wearing?” See: U.S. retail sales are soft f
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