Sears 'must act immediately' to extend life, Lampert's fund says


#22

SHLD closed at $0.77 today.

I think the odds are 70% or better that Lampert does not attempt to pay the $134 Million in notes maturing on October 15 and instead files for Chapter 11 Bankruptcy. Nobody is taking him up on his offers and both Lampert and Sears are out of tricks.

I think October 15 will be doomsday for Sears.


#23

Finally the broken, wounded, leg less, eyeless corpse will be taken out back and given mercy.


#24

At the close Friday, SHLD was down 10 cents to $0.63, though it gained 1 cent in after hours trading.

The death watch will resume on Tuesday, since NASDAQ and most banks are closed for Columbus Day.

EDIT TO ADD: Actually NASDAQ is open Monday, but with most banks closed, market volatility should be somewhat muted.


#25

As of about 12:30 pm, October 9th, SHLD is at 59 cents.

Alan Carr, an expert on restructuring, has just been added to the Sears Board of Directors. More evidence that a Chapter 11 filing is imminent.


#26

I don’t thing they will file chapter 7. They will start as chap 11 but I expect they will convert it to chap 7. Lambert killed them a long time ago


#27

So basically we’re at the point where the ship is sideways in the water?


#28

I believe they will file under Chapter 11 so that Lampert can keep the corpse breathing and thus the meat fresher just a little while longer, but Chapter 7 liquidation is inevitable.


#29

If that ship is the Titanic, I would say that the first five compartments have just filled and the water is about to go over the bulkhead into the sixth compartment. :smile:


#30

Well Lads, it’s been nice knowing you. Women and children first.


#31

Sears has confirmed the end is upon us.

Sears hired M-III Partners, as company that specializes in bankruptcy filings.

At one point today, Sears was down to $0.35 cents before closing at $0.49 but is down to $0.44 cents in after hours trading.

Most likely the formal filing will come Thursday or Friday but MUST come by Monday, as a $134 Million note that Sears can’t pay comes due that day.


#32

The filing will almost certainly under Chapter 11 (Reorganization). However, creditors will likely demand and get a conversion to Chapter 7 (Liquidation).

Stores will stay open for business as normal under Chapter 11. However, once the conversion to Chapter 7 occurs, the bankruptcy receiver will likely immediately shut down all operations and commence liquidation proceedings. The stores would close and then reopen in liquidation mode for a few weeks perhaps, before closing for good.


#33

New in-box Christmas presents at Goodwill prices. (If any good stuff is left by the time liquidation is forced.)


#34

I got a ton of cheap **** when our local Sears folded a few months back.


#35

As expected, Sears main lenders are pushing for liquidation rather than reorganization. Reuters reports that Sears missed payments to some suppliers and that suppliers are now demanding full payment up front and some suppliers have withheld shipments unless Sears pays.

SHLD is currently at $0.40


#36

I still remember being a kid in the late 80’s looking through the toy section in the big catalog for Christmas. Sad to see it go, JcPenny probably next.


#37

We were able to grab a built in stove for dirt cheap when our big Sear store was liquidating.


#39

Sears Holdings closed at $0.34 today, currently at $0.37 in after hours trading.