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That is not what happened. The Chairman was buying Sears out of bankruptcy using his fund. He didn't approve it, an independent law firm did (they rejected his
by jhall1468 8y ago
That is not what happened. The Chairman was buying Sears out of bankruptcy using his fund. He didn't approve it, an independent law firm did (they rejected his first bid), and it still has to be approved by a bankruptcy judge, which isn't a foregone conclusions, since Sear's unsecured creditors are going to fight it.
- bduerst 8y agoI think their point isn't about the recent bankruptcy, but that he bought out controlling shares of Sears, sold himself the retail property of Sears and KMart, and then started charging rent to the public company.
- jhall1468 8y agoRight, and he didn't approve any of those real estate deals. They weren't sweetheart deals.
- wavefunction 8y agoPersonally you could never convince me that this sort of Sears situation wasn't engineered by people following exacting legal advice.