Sears retirees seek appointment of trustee to help recoup part of the $3B in dividends paid to shareholders [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Sears retirees seek appointment of trustee to help recoup part of the $3B in dividends paid to shareholders Edward Lampert, which owned 45 per cent of Sears Canada at the time, says the company was flush with cash when the 2012 and 2013 special dividends were issued TORONTO — Sears Canada creditors could be a step closer in their attempt to recoup some of the $3 billion in controversial dividends paid out to the company’s shareholders — most notably, Sears Holdings Corp. chief executive Edward Lampert — years prior to the defunct retailer’s insolvency filing last June. Lawyers acting for the former retailer’s pensioners will make a motion on Thursday to appoint a litigation trustee in Sears Canada’s bankruptcy process who will look at ways to increase the pool of available funds for creditors. At issue for the pensioners are about $2.9 billion in special dividends paid out to Sears Canada’s shareholders between 2005 and 2013, “despite the company’s continued financial deterioration” a
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