Fast Eddy Is Now 100% Owner of Sears – #43
How could it happen? It happened because the stakeholders in Sears are a bunch of spineless Lemmings. The simply did nothing to stop Fast Eddy from achieving his PLAN of stripping Sears of all its cash and assets up to this point, and the payment of $5.2B for 245 stores and the acquisition of two key brands (Kenmore and Diehard) that by- themselves that only required a maximum of his own cash of $1.0B which he amassed through being a 48% owner of Sears as well as 48% owner of ELS.
The award to the total bidder was to ELS where Fast Eddy is the owner. Here the main benefit that a NY Judge saw in awarding the Sale to ELS was in the fact that the plan stated that it would save 45M jobs related to the 425 stores!! Here are the questions I have and will continue to ask – for I which have received weak or non-existing answers due to the fact that the people I asked, had not shopped at Sears in the last dozen years. Also, will Fast Eddy go to jail based on the fact that he cannot avoid being asked questions and having to answer them relative to his and the various financial approaches used in pulling the wool over the eyes of the lemmings for 12+ years (Sears stakeholders).
- What will Fast Eddy do different to insure that the 425 stores will generate the profits that it will need to support the 45M employees?
- Why did Financial Institutions continue to lend Money during the 2018 holidays to Sears to keep them in business for this important time in retail. How much will ELS continue to provide for mandatory Inventory of items Sears plans to carry?
- What happened to the $6.0B Sears had in cash when K-mart and Sears merged in 2006? Could we have a detailed audit? Did any of that cash get Fast Eddy off the hook at K-mart?
- The initial buyback of stock to inflate earnings was a frequent tool used by Fast Eddy – why not increase dividends, earnings and stock prices if you own 48% of the stock –why don’t we include this in detailed financial audit that needs to be done? Lemmings loved Fast Eddy, they were getting insider unfair trade information and making tons of money?
- Where were the Lemmings in urging Fast Eddy to modernize stores, products, and be a leader in digital technology. Sears should have been the leader in this area due to their size and the fact that they had resources plus the competitive strength in the form of having tons of retail experience (126 years). Fast Eddy did not do anything in these critical areas. Why? Where were the stakeholders? They were enjoying the revenue increases that the stock buyback programs were generating.
- Why did Fast Eddy have a clause in the original buyout plan, that would eliminate him from being investigated into any of his past financial dealings. Thank God that this clause was eliminated from the final buyout plan. Why would the CEO and CHAIRMAN OF THE BOARD who is responsible for total transparency to all dealings, want that in a Bankruptcy Plan, unless he was guilty? He didn’t get the clause and now my questions, amongst a ton from other sources, will have to be answered. He has to go to jail if found guilty!
- He did get approval of the use of $1.3 of Sears debt to ELS as a form of payment to the Company. There was another $1.8B in Sears debt to ELS but not much is being said about that. Since the $5.2B purchase was between Sears and ELS it would no be surprising to see Eddy repaying himself without spending a dime (maybe $1.0B). Eddy was the best at getting every $ of assets going in the right direction – without modernizing the stores.
- I am not a fan of Elizabeth Warren, Presidential Candidate, but I recognize the accuracy of her statement in a letter to Fast Eddy as a campaign issue.
While this statement is right on target, it did shakeup the bankers who were worried about being blamed for the firings that would have taken place if liquidation was court’s decision. She continues
She ended her letter with 8 quiries than Fast Eddy needed to answer by 2/14/2019. The main quiries were as follows: Would he avoid share buy-backs for five years, provide details of his plans to avoid conflicts of interest, and invest his own money in the company. Fast Eddy had intended the financial rape of the spineless Lemmings to continue, however, the queries from Elizabeth Warren and the readers of our Blog, plus the official creditor group will make sure that he’s investigated for pillaging Sears for more ten+ years, and will sue him over past transactions.
- On 1/26 /2019 the Pension Benefit Guaranty Court filed papers as a creditor and indicated a $1.7B funding gap – where did the money go? The PBCG anticipated years ago that Sears could file for bankruptcy and stick the agency
with a big bill. To cover themselves, they obtained an interest in the company’s Kenmore and Die Hard trade-marks. The two pension plans cover 90,000 people and are underfunded by $1.4B. If sale goes through, ELS would control the trademarks removing the cover and the Royalties PBCG was getting paid. By 1/29/19 the amount that Fast Eddy owed the PBCG magically was lowered by $.6B with no identification of who got the shaft – I don’t have the details – but you can rest assured that you and I will be inheriting and paying for that responsibility. Fast Eddy just avoided $.6B as part of the purchase price. The PBCG didn’t want to be involved in stopping the purchase and laying off 45M workers, and they wanted the funding available for the 90M members. <.li>
- FAST EDDY FINALLY GOT WHAT HE WANTED THE KEY STORES AND ALL THE REST OF SEARS FOR APPROX $1B+. YES, HE IS GOING TO FAIL, BUT WHEN AND WHAT WILL BE LEFT TO FAIL IS NOW IN FAST EDDY’S HANDS. WE WILL KEEP YOU POSTED – there in a cloud of dust the pillager of cash that went to him – plus all of other Sears assets – while the Lemmings looked on the miracle of not going into liquidation for Fast Eddy. His plan had the answer- he got what he wanted and most of the creditors got screwed.