Eddie Lampert may have kept himself from winning Sears bid [Business News Network (BNN) Energy & Resources (Canada)]
SEARS HOMETOWN & OUTLET (SHOS)
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Source: Business News Network
Eddie Lampert may have kept himself from winning Sears bid Sears Chairman Eddie Lampert may have himself to blame for the rejection of his bid to take over the bankrupt retailer. Lampert wanted his payment for parts of Sears Holdings Corp. to include the conversion to equity of US$1.3 billion in debt that his hedge fund extended to the retailer. Those loans, however, are the subject of controversy. Other creditors have threatened to pursue claims against Lampert and the hedge fund, ESL Investments Inc., claiming the deals created conflicts of interest. It was one reason the company’s advisers rebuffed the Lampert bid, which totaled US$4.4 billion. Sears is expected to ask a bankruptcy judge Tuesday morning whether it can proceed with liquidation, Reuters reported. The hearing was scheduled on Friday, after Lampert’s offer was rejected. Lampert intended to keep 425 stores open and 50,000 of its remaining employees on the job. Another Bidder Many of those deals added to the retailer’s
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