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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.
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."
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