Opening Bell 1.9.19

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Let it go [The Water Coolest]

Sears is the herpes of mall retailers. It. Just. Won't. Go. Away.

Right on cue, a court has allowed Eddie Lampert, Sear's former CEO, to re-submit a bid to save the retailer. The most recent chapter in Sears' storied history will end one of two ways: with Lampert continuing to run the retailer into the ground or with unsecured creditors getting their wish of liquidation.

Earlier this week Lampert had a $4.4B bid rejected because, surprise, the hedgie had inserted quite favorable terms, including a "credit bid" which forgave $1.3B worth of ESL (Lampert's hedge fund) loans and a clause that would release Lampert and others from future lawsuits related to this clusterf*ck.

TBD

So, on Monday Lampert plans to submit a more creditor-friendly (did we mention he is also a creditor?) bid when he faces off against Sears-appointed liquidator, Abacus Group. Eddie Big Box will be forced to pony up a $120M non-refundable deposit for the privilege to bid on the complete and utter pile of sh*t.

Unsurprisingly, Lampert is playing up the "iconic retailer" and "50k jobs" card in an attempt to "save 425 stores from liquidation."

Court allows Chairman Eddie Lampert another chance to buy Sears, pushing off decision to shut stores [CNBC]

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