8chan/8kun QResearch Posts (28)
#11984501 at 2020-12-11 20:29:08 (UTC+1)
Q Research General #15298: Defendant States Didn’t Address 'Grave' Election Issues Edition
Tom Brady and Gisele Bündchen will beJared Kushner and Ivanka Trump'snew neighbors on anislandknown as "Billionaire's Bunker."
https://pagesix.com/2020/12/11/tom-brady-and-gisele-bundchen-are-moving-plus-dolly-parton-saves-a-life-and-fans-think-taylor-swift-got-married/
Tom Brady and Gisele Bündchen will be Jared Kushner and Ivanka Trump's new neighbors on Indian Creek Island in Miami, also known as the "billionaire's bunker," Page Six can reveal.
The couple, currently renting Derek Jeter's sprawling Jetersville mansion in Tampa, have bought 26 Indian Creek for more than$17million.
They plan to demolish the current house on the property and build their dream home in the vein of the Architectural Digest-covered mansion in Brentwood, Calif., that they sold to Dr. Dre.
Tampa Bay Buccaneers QB Brady was seen at the property in recent weeks, sailing in on a 40-footsuper-yacht,Viva a Vida.
Some close friends, supermodel Adriana Lima as well as billionaire Jeff Soffer, already both live on the island, although we are told that Lima is looking to sell.
Other wealthy residents in the exclusive enclave include Julio Iglesias, former Sears CEO Eddie Lampert and billionaire Carl Icahn.
As we revealed,Kushner and Trumphave splurged$31[13 backwards] million on a plot of land on Indian Creek, which has13full-time police - as well as marine guards - for just 29 residences, sparking local gossip about which school their three kids could attend.
Meanwhile, we're told Brady and Bündchen are building an environmentally friendly mansion on the island. They're both avid design fans - even fanatical"about their doorknobs,"[red scarves?] with Gisele particularly keen on ensuring all their properties are ecologically sound.
"They like to build from the ground up," a source said. "Look at their Brookline home, this will be like that."
This week, The Post's Jennifer Gould reported they're about to complete a deal to sell their Tribeca pad for $40 million.
We're also told they are also looking to buy again in Los Angeles.
Meanwhile, the property market in Miami is getting even hotter after Bloomberg reported thatGoldman Sachsis looking to move its asset division HQ to South Florida.
Nelson Gonzalez, senior vice president of Berkshire Hathaway HomeServices EWM Realty, one of Miami Beach's top realtors specializing in luxury real estate, told Page Six that the Miami market has gone "crazy" over the past few months.
He said, "Everyone wants to be in Miami - they're coming from New York and California. The market is crazy right now, there are a lot of hedge fund managers and Silicon Valley buyers who have moved down here and with Goldman Sachs looking to set up shop, it's only going to get busier."
Reps for Brady and Bündchen declined to comment.
https://pagesix.com/2020/12/10/tom-brady-and-gisele-bundchen-plan-move-to-miami/
#8199145 at 2020-02-20 23:42:13 (UTC+1)
Q Research General #10496: Leslie Wexner L Brands Edition
>>8199072
Eddie Lampert reeks of cabal sewage.
Lampert graduated from Yale University in 1984 (B.A., economics, summa cum laude), where he was a member of Skull and Bones
and Phi Beta Kappa.
Career
In July 1984, Lampert worked as an intern at Goldman Sachs, and then worked in the firm's risk arbitrage department from March 1985 to February 1988. While there, he worked directly with Robert Rubin.
Richard Rainwater, whom Lampert had met on Nantucket Island, gave him $28 million in seed money and introduced him to clients, such as David Geffen.
He has been criticized by employees and corporate staff for "shredding" his employees in corporate meetings and "being out of touch with reality," as well as for failing to invest in the physical stores, as many of them are deteriorating. During his tenure as CEO, Sears lost around half its value within five years, and closed more than half of its physical stores.
#8199072 at 2020-02-20 23:36:40 (UTC+1)
Q Research General #10496: Leslie Wexner L Brands Edition
Sears snags new financial lifeline as losses continue-reports
U.S. department store operator Sears has reached a deal for a fresh financial lifeline totaling roughly US$100 million from hedge fund Brigade Capital Management LP, as it tries to stabilize after bankruptcy, people familiar with the matter said on Thursday. Sears' billionaire owner Eddie Lampert rescued the retailer from liquidation in a US$5.2 billion takeover during bankruptcy proceedings a year ago. The company's unabated need for new funding underscores Lampert's challenges in turning it around. Sears reached an agreement with Brigade for the US$100 million financing in recent weeks, according to the sources, who spoke on the condition they not be identified because the negotiations were confidential. Lampert has also bankrolled Sears in recent months, the sources added, without disclosing the total amount of funding he provided.
A spokesman for Sears, now called Transform Holdco LLC, declined to comment. Brigade did not respond to a request for comment.
Brigade has extended loans to other troubled retailers, including high-fashion chain Barneys New York Inc and childrens' clothing shop Gymboree.
https://www.channelnewsasia.com/news/business/exclusive–sears-snags-new-financial-lifeline-as-losses-continue—sources-12455884
Founded in 2006 by Patrick W. Kelly and Donald E. Morgan III, the firm is headquartered in New York City with offices in London, Tokyo and Sydney. In March 2017, Brigade Capital won Firm of the Year from Absolute Return Awards, an award given to the world's best-performing hedge funds.
In 2017, the hedge fund was allegedly defrauded by Craig Carton of WFAN (AM) along with co-conspirators Michael Wright and Joseph Meli, who reportedly ran a Ponzi scheme falsely claiming access to millions of dollars of concert tickets at face value through non-existent agreements with concert promoters
#7882353 at 2020-01-23 03:17:50 (UTC+1)
Q Research General #10087: Clean to Castle Edition
10% owner Eddie Lampert sold AutoNation Inc: $16.83m-Jan17,21,22
AutoNation, Inc. (AutoNation) is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses, and automotive finance and insurance products, including vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. It operates through three segments: Domestic, Import and Premium Luxury. Its Domestic segment consists of retail automotive franchises that sell new vehicles manufactured by General Motors, Ford and FCA US. The Import segment consists of retail automotive franchises that sell new vehicles manufactured primarily by Toyota, Honda and Nissan. The Premium Luxury segment consists of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Audi and Lexus. Number of employees : 26 000 people.
Edward Scott Lampert (born July 19, 1962)[2] is an American billionaire businessman and investor. He is the former CEO and chairman of Sears Holdings (SHLD), founder of Transform Holdco LLC, and founder, chairman, and CEO of ESL Investments. Until May 2007 he was a director of AutoNation. He previously served as a director of AutoZone, Inc. from July 1999 to October 2006.
In July 1984, Lampert worked as an intern at Goldman Sachs, and then worked in the firm's risk arbitrage department from March 1985 to February 1988. While there, he worked directly with Robert Rubin. In April 1988, Lampert left the bank to form ESL Investments, based in Greenwich, Connecticut (the name ESL derives from Lampert's initials). Richard Rainwater, whom Lampert had met on Nantucket Island, gave him $28 million in seed money and introduced him to clients, such as David Geffen.
continued at
https://en.wikipedia.org/wiki/Eddie_Lampert
https://www.finviz.com/insidertrading.ashx?oc=1183200&tc=7&b=2
#7741701 at 2020-01-07 18:27:04 (UTC+1)
Q Research General #9907: Remember Castle Runs Red Edition
>>7741670
Eddie Lampert
CEO of SEARS
Lampert graduated from Yale University in 1984 (B.A., economics, summa cum laude), where he was a member of Skull and Bones[2][7] and Phi Beta Kappa.
https://en.wikipedia.org/wiki/Eddie_Lampert
And yep, he's Jewish.
#7210828 at 2019-07-27 04:41:23 (UTC+1)
Q Research General #9225: Comfy with frens WWG1WGA Edition
Eddie Lampert sold AutoNation Inc. $72.92m in shares-July 23-24
AutoNation, Inc. (AutoNation) is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses, and automotive finance and insurance products, including vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. It operates through three segments: Domestic, Import and Premium Luxury. Its Domestic segment consists of retail automotive franchises that sell new vehicles manufactured by General Motors, Ford and FCA US. The Import segment consists of retail automotive franchises that sell new vehicles manufactured primarily by Toyota, Honda and Nissan. The Premium Luxury segment consists of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Audi and Lexus.
Number of employees : 26 000 people.
https://www.marketscreener.com/AUTONATION-INC-14247/company/
https://www.finviz.com/insidertrading.ashx?oc=1183200&tc=2&b=2
Sears sues former CEO Eddie Lampert, Treasury Secretary Mnuchin and others for alleged 'thefts' of billions from retailer
https://www.cnbc.com/2019/04/18/sears-sues-Eddie-Lampert-steven-mnuchin-others-for-alleged-thefts.html
Munchkins was Chairman of ESL Investments and resigned when he was confirmed as Treasury Sec.
The Shameless Sears World Of Eddie Lampert Continues
https://www.forbes.com/sites/warrenshoulberg/2019/06/03/the-shameless-sears-world-of-Eddie-Lampert-continues/#5c9da891fd65
#7189977 at 2019-07-26 00:06:45 (UTC+1)
Q Research General #9199: The Feinstein Epstein Connection Edition
>>7189958
>Eddie Lampert Sold AutoNation Inc.$72.92m in shares-July 23-24
That is the story. How new are you?
#7189933 at 2019-07-26 00:03:40 (UTC+1)
Q Research General #9199: The Feinstein Epstein Connection Edition
Eddie Lampert Sold AutoNation Inc.$72.92m in shares-July 23-24
AutoNation, Inc. (AutoNation) is an automotive retailer in the United States.
The Company offers a range of automotive products and services, including new vehicles, used vehicles, parts and service, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses,
and automotive finance and insurance products, including vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources.
It operates through three segments: Domestic, Import and Premium Luxury.
Its Domestic segment consists of retail automotive franchises that sell new vehicles manufactured by General Motors, Ford and FCA US.
The Import segment consists of retail automotive franchises that sell new vehicles manufactured primarily by Toyota, Honda and Nissan.
The Premium Luxury segment consists of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Audi and Lexus.
Number of employees : 26 000 people.
https://www.marketscreener.com/AUTONATION-INC-14247/company/
https://www.finviz.com/insidertrading.ashx?oc=1183200&tc=2&b=2
Published Thu, Apr 18 2019
Sears sues former CEO Eddie Lampert, Treasury Secretary Mnuchin and others for alleged 'thefts' of billions from retailer
Sears accuses its former CEO Eddie Lampert of stealing billions of dollars from the once-storied retailer.
Sears Holdings filed for bankruptcy in October, after years of losses under Lampert, who was then its chairman, CEO and largest shareholder.
"Altogether, Lampert caused more than $2 billion of assets to be transferred to himself and Sears' other shareholders and beyond the reach of Sears' creditors," the lawsuit alleges.
Sears on Thursday lodged a lawsuit against its former CEO Eddie Lampert and a string of its high-profile past board members, including his former Yale roommate Treasury Secretary Steven Mnuchin, for allegedly stealing billions of dollars from the once-storied retailer.
The filing claims Lands' End was distributed to Lampert, ESL and other Sears' shareholders for no consideration, following a prespin dividend of $500 million. On the stock's first day of trading, its value topped $1 billion, with Lampert's share worth at least $490 million. T
The stock currently has a market value of $591.3 million. Mnuchin, who resigned from the Sears board when he was nominated to head Treasury, wasn't immediately available to comment.
https://www.cnbc.com/2019/04/18/sears-sues-Eddie-Lampert-steven-mnuchin-others-for-alleged-thefts.html
#7113674 at 2019-07-20 21:24:39 (UTC+1)
Q Research General #9101: Mossad Rats Are On The Move Edition
Several Chicagoans and other people with once prominent Chicago connections are among hundreds of entries in the black-book Rolodex of Jeffrey Epstein, the convicted sex offender whose case is roiling national politics.
The local boldface names include two members of the Pritzker family-Tom and Nick-and Jenner & Block partner and former U.S. Attorney Anton Valukas.
Conrad Black, the former Sun-Times proprietor convicted of fraud and pardoned in May by President Donald Trump, is listed. So is Ron Burkle, the California investor who in the 1990s controlled the now-defunct Chicago supermarket chain Dominick's. Former Sears Holdings CEO and hedge fund manager Eddie Lampert is also included.
It's not clear to what extent, if any, which Chicago-related connections were business or personal with Epstein, a New York financier who was charged anew on Monday with child sex trafficking.
His nearly 100-page black book is crammed with celebrities like Mick Jagger, Jimmy Buffett, John Cleese and Courtney Love and prominent businessmen or politicians like Rupert Murdoch, Michael Bloomberg, Richard Branson and various Kennedys and Forbeses. Numbers and email addresses are mostly redacted.
The book is a decade old or more. It was obtained by Epstein's former house manager, who was nabbed trying to sell it for $50,000 to an attorney suing Epstein on behalf of victims, the now-expired gossip website Gawker reported in 2015.
https://www.chicagobusiness.com/government/these-are-chicago-names-jeffrey-epsteins-little-black-book
#6875783 at 2019-06-29 21:46:41 (UTC+1)
Q Research General #8794: Consider Baking For Victory Edition
>>6875754
'''Former Sears company sues ex-CEO Lampert, Treasury's Steven Mnuchin over asset stripping
The company that formerly owned Sears and Kmart has sued its ex-CEO, chairman and investor Eddie Lampert and his hedge fund over accusations that they illegally stripped the retailer of assets in the years leading up to its Chapter 11 bankruptcy.
Lampert faces accusations that while he was leading the company, he directed the transfer of billions of dollars in assets "for grossly inadequate consideration or no consideration at all" for the benefit of himself, his hedge fund ESL Investments and others.
The lawsuit, filed by Sears Holdings, targets about two dozen defendants, including Treasury Secretary Steven Mnuchin, who was previously an investor and board member of ESL and has been friends with Lampert for decades.
Lampert, in February, struck a last-minute deal to buy Sears assets out of bankruptcy and keep about 400 stores open under a new entity called Transform Holdco.
rest at link
https://www.usatoday.com/story/money/2019/04/18/sears-lawsuit-Eddie-Lampert-esl-investments/3507382002/
#6712262 at 2019-06-09 20:19:03 (UTC+1)
Q Research General #8584: Tarrific Position Edition
>>6712214
>>6712218
Sears sues former CEO Eddie Lampert, Treasury Secretary Mnuchin and others for alleged 'thefts' of billions from retailer
Sears accuses its former CEO Eddie Lampert of stealing billions of dollars from the once-storied retailer.
Sears Holdings filed for bankruptcy in October, after years of losses under Lampert, who was then its chairman, CEO and largest shareholder.
"Altogether, Lampert caused more than $2 billion of assets to be transferred to himself and Sears' other shareholders and beyond the reach of Sears' creditors," the lawsuit alleges.
Sears on Thursday lodged a lawsuit against its former CEO Eddie Lampert and a string of its high-profile past board members, including his former Yale roommate Treasury Secretary Steven Mnuchin, for allegedly stealing billions of dollars from the once-storied retailer.
Sears Holdings filed for bankruptcy this past October, after years of losses under Lampert, who was then its chairman, CEO and largest shareholder. Lampert saved the retailer from complete liquidation by buying it through Transform Holdco, an affiliate of his hedge fund ESL Investments.
But Sears' unsecured creditors repeatedly argued that Lampert was the cause of, not the solution to, Sears' downfall. They believe that Lampert, along with Sears' biggest shareholders, unduly benefited from deals that occurred under Lampert's watch, including its spinoff of Lands' End in 2014, and the carve out of many of its best properties into Seritage Growth Properties, a real estate investment trust Lampert created a year later.
Those claims laid the groundwork for the unsecured creditors to pursue their claims against Lampert and others on behalf of Sears. Lampert had requested a release from potential ligation as part of his deal to buy Sears out of bankruptcy but was denied the protection.
"Altogether, Lampert caused more than $2 billion of assets to be transferred to himself and Sears' other shareholders and beyond the reach of Sears' creditors," the lawsuit alleged on Thursday.
Among the allegations lobbed at Lampert, the company said he rejected a $1.6 billion offer for Lands' End from private equity firm Leonard Green & Partners and the Tommy Hilfiger investment group in favor of a spin that would keep his stake in the brand untouched.
It cites an email from the company's then-CFO, Robert Schriesheim, who explained to another Sears employee that "[Lampert] was trying to optimize cash for [Sears] while maximizing his (esl) equity stake … because he knows that [Lands' End] is worth a great deal outside of [Sears]."
The filing claims Lands' End was distributed to Lampert, ESL and other Sears' shareholders for no consideration, following a prespin dividend of $500 million. On the stock's first day of trading, its value topped $1 billion, with Lampert's share worth at least $490 million. The stock currently has a market value of $591.3 million.
It further alleges that Seritage's deal with Sears to give it ownership of 266 of Sears' best retail stores was not negotiated and undervalued the properties by at least $649 million.
"The appraisals were fundamentally flawed and, among other things, intentionally used under-market future lease rates as the sole basis for their valuations," the suit alleged.
The suit names numerous defendants besides Lampert and Mnuchin, including two high-profile directors: Bruce Berkowitz, a hedge-fund manager who was a large investor in Sears, and Kunal Kamlani, president of ESL.
"ESL Investments, Inc. vigorously disputes the claims in the debtors' complaint against ESL, Mr. Lampert and Mr. Kamlani, which repeats baseless allegations and fanciful claims. As we have previously said, the debtors' allegations are misleading or just flat wrong," a spokesman from ESL said.
Mnuchin, who resigned from the Sears board when he was nominated to head Treasury, wasn't immediately available to comment.
https://www.cnbc.com/2019/04/18/sears-sues-Eddie-Lampert-steven-mnuchin-others-for-alleged-thefts.html
#6406521 at 2019-05-03 23:35:05 (UTC+1)
Q Research General #8192: Power Of Two Edition
>>6406409
speaking of Munchkins there is this from April 18th
Sears sues Lampert, claiming he looted assets and drove it into bankruptcy
NEW YORK (Reuters) - Sears Holdings Corp sued longtime former Chairman Eddie Lampert, his hedge fund ESL Investments and others like Treasury Secretary Steven Mnuchin, claiming they illegally siphoned billions of dollars of assets from the retailer before it went bankrupt.
The lawsuit, made public on Thursday, was filed by the restructuring team winding down Sears' bankruptcy estate and suing on behalf of creditors, many of whom blame Lampert for the retailer's downfall.
It followed the billionaire's $5.2 billion purchase in February of most Sears assets, including the DieHard and Kenmore brands, after a bankruptcy auction.
The complaint seeks the repayment of "billions of dollars of value looted from Sears," including while it was in what Lampert would later call a "death spiral" where it sold core assets to meet daily expenses with no real plan for becoming profitable.
"Had defendants not taken these improper and illegal actions, Sears would have had billions of dollars more to pay its third-party creditors today and would not have endured the amount of disruption, expense, and job losses resulting from its recent bankruptcy filing," the complaint said.
Sears filed for Chapter 11 protection in October after a prolonged decline under Lampert marked by large losses, scant investment and lost market share to retailers such as Walmart Inc, Home Depot Inc and Amazon.com Inc.
Others sued include ESL President Kunal Kamlani; Bruce Berkowitz and his Fairholme Capital Management, which was a large Sears shareholder; and Seritage Growth Properties, which took over 266 of Sears' best stores in a 2015 spinoff.
Mnuchin, a college roommate of Lampert's at Yale University, had been a director at Sears and ESL, and previously worked with Lampert at Goldman Sachs.
ESL is the hedgie that bought Sear's-munchkin's was a director there at the time.'
In a statement on behalf of ESL, Lampert and Kalmani, ESL said it vigorously disputed the lawsuit, calling the allegations "misleading or just flat wrong," and saying all transactions were done in good faith and for shareholders' benefit.
https://www.reuters.com/article/us-sears-lawsuit-idUSKCN1RU1V3
#6233058 at 2019-04-19 01:48:54 (UTC+1)
Q Research General #7970: Two Years And 35 Million Taxpayer Dollars Later Edition
Former Sears holding company sues ex-CEO, Mnuchin and others over 'asset stripping'
The holding company that formerly owned Kmart and Sears sued Treasury Secretary Steven Mnuchin and other former board members of ESL Investments as well as the company's ex-CEO, Eddie Lampert, accusing them of illegally stripping Sears of assets ahead of the company's bankruptcy filing.
USA Today reported Thursday that Sears Holdings filed a lawsuit targeting roughly two dozen figures including Lampert, Mnuchin, and others involved with ESL Investments, who the lawsuit alleges were involved in a scheme to "hinder, delay and defraud creditors and/or occurred when the Company was insolvent and had insufficient capital to continue its operations and to repay its billions of dollars in debt."
"Sears would have had billions of dollars more to pay its third-party creditors today and would not have endured the amount of disruption, expense and job losses resulting from its recent bankruptcy filing," had Lampert not taken actions instead to enrich himself and ESL Investments, the lawsuit alleges.
ESL Investments said in a statement to USA Today that it "vigorously disputes" the lawsuit, calling the accusations found within "baseless allegations and fanciful claims" that "are misleading or just flat wrong."
"We are confident that the processes we followed for each of these transactions are unimpeachable," ESL said, according to USA Today.
Sears filed for Chapter 11 bankruptcy protections in October after shutting down thousands of stores and cutting hundreds of thousands of employees across the country.
A spokesman for the Treasury Department did not immediately return a request for comment on the lawsuit Thursday evening.
https://thehill.com/policy/finance/439664-former-sears-holding-company-sues-ex-ceo-mnuchin-and-others-over-asset
#6228272 at 2019-04-18 19:54:15 (UTC+1)
Q Research General #7964 Today's Forecast: Exploding Head Watch in Effect for Entire U.S. Edition
Sears Sues Ex-CEO Lampert, Steven Mnuchin For Looting The Company
Sears, or rather the company that formerly owned Sears and Kmart, has sued its ex-CEO, chairman and iconic investor Eddie Lampert and his hedge fund alleging they illegally stripped the retailer of assets in the years leading up to its Chapter 11 bankruptcy. The lawsuit accuses Lampert that while he headed the recently bankrupt company, he directed the transfer of billions of dollars in assets "for grossly inadequate consideration or no consideration at all" for the benefit of himself, his hedge fund ESL Investments and others, Reuters reported. In other words, Lampert allegedly "asset stripped" Sears of most of its attractive assets and personally benefited from the transfers.
The lawsuit, filed by Sears Holdings, targets about two dozen defendants, including Treasury Secretary Steven Mnuchin, who was previously an investor and board member of ESL and has been friends with Lampert for decades.
Sears Holdings - a bankrupt zombie company in every sense of the word - of which Lampert was formerly CEO, chairman and the largest investor, alleged that Lampert's moves "were unmistakably intended to hinder, delay and defraud creditors and/or occurred when the Company was insolvent and had insufficient capital to continue its operations and to repay its billions of dollars in debt."
Had Lampert been prevented to syphon off assets, "Sears would have had billions of dollars more to pay its third-party creditors today and would not have endured the amount of disruption, expense and job losses resulting from its recent bankruptcy filing," the lawsuit continue, and also alleges that Lampert "knew the Company had no plan to return to profitability" and worked "to create a false record to cover up their asset stripping, at Lampert's personal direction," including "bad-faith predictions" of a "dramatic turn-around."
Two months ago, Lampert struck a last-minute deal to buy Sears assets out of bankruptcy, avoid a liquidation that would leave tens of thousands without a job, and keep about 400 stores open under a new entity called Transform Holdco.
However, as part of the deal, Sears Holdings, which sold assets Lampert, is still dealing with angry creditors who say that Lampert exploited them and profited from the retailer's descent.
ESL countered, saying in a statement that it "vigorously disputes" the lawsuit, calling them "baseless allegations and fanciful claims" that "are misleading or just flat wrong." According to the hedge fund, under Lampert's leadership, Sears used more than $2 billion in proceeds from asset sales to reduce the retailer's debt and fund its operations. The hedge fund said it did not receive favorable treatment, adding that the Sears board and independent directors authorized the deals in question.
"We are confident that the processes we followed for each of these transactions are unimpeachable," ESL said.
It was not immediately clear whether the lawsuit could disrupt the operations, or what's left of them, of the so-called New Sears.
Lampert came under fire over the past several years for his leadership, such a 2015 decision to sell certain valuable stores to a real estate investment trust called Seritage Growth Properties, where he had a significant ownership stake. Seritage is also targeted in the lawsuit. Lampert also faced scrutiny for loading Sears up with debt from his hedge fund.
Last June, USA Today reported that Lampert and ESL were collecting at least $200 million annually in debt payments from Sears and that Lampert had personally directed the company not to reinvest in major store upgrades.
Ahead of its October 2018 bankruptcy, Sears closed more than 3,500 stores and cut about 250,000 jobs in roughly the last 15 years as sales cratered.
https://www.zerohedge.com/news/2019-04-18/sears-sues-ex-ceo-Lampert-steven-mnuchin-looting-company
(told you anon who keeps defending munchkins-read it and weep-and BTW you still have an active Treasury Sec charged with a federal crime, just sayin')
ESL Investments
Mnuchin worked as a vice-chairman of hedge fund, ESL Investments. After his service, Steven succeeded to establish the company as the SFM Capital Management together with the financier, George Soros.
#6227616 at 2019-04-18 19:08:16 (UTC+1)
Q Research General #7963: Democrats Grasping For Straws Ended Up With The Short One Edition
Sears sues Lampert, claiming he looted company and drove it into bankruptcy
NEW YORK (Reuters) - Sears Holdings Corp sued longtime Chairman Eddie Lampert, his hedge fund ESL Investments, and former directors including Treasury Secretary Steven Mnuchin, accusing them of allowing the retailer to be looted of billions of dollars before its October 2018 bankruptcy.
The lawsuit, made public on Thursday, was filed by the restructuring team winding down what remains of the pre-bankruptcy Sears following Lampert's $5.2 billion purchase in February of most of its assets.
Sears accused Lampert of ordering the creation of bogus financial plans showing the retailer would turn itself around even as it racked up huge losses, enabling the transfer of five major assets including Land's End and Sears Hometown Outlet for his benefit.
"Had defendants not taken these improper and illegal actions, Sears would have had billions of dollars more to pay its third-party creditors today and would not have endured the amount of disruption, expense, and job losses resulting from its recent bankruptcy filing," the complaint said.
https://www.blacklistednews.com/article/72217/sears-sues-Lampert-claiming-he-looted-company-and-drove-it-into.html
#6225949 at 2019-04-18 16:36:39 (UTC+1)
Q Research General #7961: Better Luck Next Hoax Edition
Sears sues Lampert, claiming he looted company and drove it into bankruptcy
(Guess who else involved…)
NEW YORK (Reuters) - Sears Holdings Corp sued longtime Chairman Eddie Lampert, his hedge fund ESL Investments, and former directors including Treasury Secretary Steven Mnuchin, accusing them of allowing the retailer to be looted of billions of dollars before its October 2018 bankruptcy.
The lawsuit, made public on Thursday, was filed by the restructuring team winding down what remains of the pre-bankruptcy Sears following Lampert's $5.2 billion purchase in February of most of its assets.
Sears accused Lampert of ordering the creation of bogus financial plans showing the retailer would turn itself around even as it racked up huge losses, enabling the transfer of five major assets including Land's End and Sears Hometown Outlet for his benefit.
"Had defendants not taken these improper and illegal actions, Sears would have had billions of dollars more to pay its third-party creditors today and would not have endured the amount of disruption, expense, and job losses resulting from its recent bankruptcy filing," the complaint said.
Other defendants include Bruce Berkowitz and his Fairholme Capital Management, which had been a large Sears shareholder, and Seritage Growth Properties, which housed 266 of Sears' more profitable stores after being spun off.
Mnuchin, a college roommate of Lampert's at Yale University, had been a Sears director and ESL executive.
Representatives for Lampert and ESL, Berkowitz and Fairholme, Seritage and the Treasury Department did not immediately respond to requests for comment. The post-bankruptcy Sears did not immediately respond to a similar request.
The reorganized company was expected to have about 425 Sears and Kmart stores, down from roughly 3,500 when those companies merged in 2005.
The case is Sears Holdings Corp et al v Lampert et al, U.S. Bankruptcy Court, Southern District of New York, No. 19-ap-08250. The main bankruptcy case is In re Sears Holdings Corp in the same court, No. 18-bk-23538.
https://www.reuters.com/article/us-sears-lawsuit-idUSKCN1RU1V3
#5218434 at 2019-02-17 06:36:23 (UTC+1)
Q Research General #6667: Buckle Up! Edition
>>5218248 call bullshit i don't care but i know this guy's background
>>5218283
>>5218244
The Worst of Wall Street: Meet Donald Trump's Finance Chairman
hroughout presidential campaign, Donald Trump has criticized Wall Street bankers for their excessive political influence, attacked hedge fund managers for getting away with "murder" under the current tax code, and claimed that he would self-fund his campaign to avoid being beholden to special interests. "The hedge fund guys didn't build this country," Trump said on "Face the Nation" recently. "These are guys that shift paper around and they get lucky."
But now Trump has tapped Steve Mnuchin, a 53-year-old Wall Street hedge fund and banking mogul, to be his campaign's national finance chair.
Trump's earlier rhetoric aside, it's actually a good match. Mnuchin is CEO of Dune Capital Management, a hedge fund has had business dealings with Trump. Both Trump and Mnuchin earned their first fortunes the old fashion way: they inherited it. Trump took over his father Fred's real estate empire and expanded it through questionable business practices. Mnuchin, also the scion of a wealthy and well-connected family, graduated from Yale in 1985 and soon wound up working at Goldman Sachs, where his father Robert had been a general partner.
Both Trump and Mnuchin have run businesses accused of widespread racial discrimination, and they both represent the excessive wealth and greed of the billionaire developer and banker class. And both men have hedged their political bets, donating big bucks to Democrats as well as Republicans.
Mnuchin worked at Goldman Sachs for seventeen years, where he eventually became an executive vice president. According to the Wall Street Journal, he left in 2002 "at the age of 39 with a reported $46 million stake in the bank." He was recruited by his Yale roommate, Eddie Lampert, to join ESL, a hedge fund, as vice chairman. A few months later, he jumped to SFM Capital Management as its CEO. But within a few months he changed jobs again, leaving SFM to co-found Dune Capital with his former Goldman colleagues Daniel Neidich and Chip Seelig.
In 2009, Mnuchin helped assemble a group of investors (including computer capitalist Michael Dell, financier George Soros, private equity investor Christopher Flowers, and hedge fund titan John Paulson) to buy IndyMac Bank from the Federal Deposit Insurance Corporation (FDIC) as part of a sweetheart deal. They renamed it OneWest Bank and kept its headquarters in Pasadena.
FDIC had taken over IndyMac in July 2008. IndyMac was one of the largest lenders to collapse during the Wall Street-induced mortgage meltdown. It specialized in high-risk variable-rate mortgages and loans that didn't require much documentation, including the income and credit history of borrowers.
The Mnuchin group paid FDIC $1.5 billion for the bank, far less than the value of IndyMac's assets. The FDIC was so desperate to unload IndyMac that Mnuchin and his colleagues were able to obtain, as part of the purchase deal, a so-called "shared loss" agreement from the FDIC which reimbursed these billionaires for much of their costs for foreclosing on people unlucky enough to have mortgages from IndyMac.
Within a year, the group that the Los Angeles Times called a "billionaires' club of private financiers" had paid themselves dividends of $1.57 billion. In other words, the FDIC took much of the risk by subsidizing the bank's troubled assets, while Mnuchin and his colleagues pocketed the profits.
#4662031 at 2019-01-08 16:17:38 (UTC+1)
Q Research General #5948: Thank you BO/BV's Edition
Breaking911 @Breaking911
1h
SEARS IS OFFICIALLY DEAD: Sears has rejected a $4.4 billion bailout offer from chairman Eddie Lampert - Axios
#4660531 at 2019-01-08 13:34:21 (UTC+1)
Q Research General #5947: Remote-Controlled Dogs Edition
Game Over: Sears To Begin Liquidation After Lampert Bid Fails
Retail giant Sears has asked a US bankruptcy judge to liquidate its assets after a last-minute bid by Chairman Eddie Lampert failed, reports Reuters. The move will affect approximately 50,000 employees and 425 stores.
Sears Holdings rejected Lampert's $4.6 billion package backed by Bank of America, Citigroup and the Royal Bank of Canada. The three institutions offered to provide a $950 million basset-backed loan and $350 million revolving line of credit to back Lampert's bid.
As we noted on Sunday, Lampert's financing package had gaps, and the plan would not have provided enough cash to cover bankruptcy-related costs. It also undervalued inventory and other assets compared to what liquidators were promising to pay.
Part of Lampert's bid relied on the forgiveness of $1.3 billion of Sears debt held by his hedge fund, ESL Investments Inc.
The retailer started laying the groundwork for a liquidation after meetings Friday in which its advisers weighed the merits of a $4.4 billion bid by Lampert's hedge fund to buy Sears as a going concern, said the people, who asked not to be identified because the discussions are private. If the 125-year-old retailer does die in bankruptcy – like Toys "R" Us in 2018, and Borders Group Inc. in 2011 – it would mark the largest fatality yet in the retail apocalypse prompted by a shift to online shopping. -Bloomberg
Unfortunately for Eddie, much of his bid relied on him assuming ownership of the reorganized business - however the validity of his debt has been called into question after several creditors challenged ESL, while no cash backstop was provided in case this fell through.
Sears closed about 140 stores back in October when it initially filed for Chapter 11 bankruptcy protection with $11.34 billion in debt. The retailer also announced in November that it would close an additional 40 unprofitable stores by February 2019. It was the second largest bankruptcy ever, according to Bloomberg, following that of real estate firm Capmark Financial Group with $21 billion in liabilities. The Toys "R" Us bankruptcy ranks third at around $8 billion in debt.
Developing…
https://www.zerohedge.com/news/2019-01-08/game-over-sears-begin-liquidation-after-Lampert-bid-fails
#4552416 at 2019-01-01 18:05:47 (UTC+1)
Q Research General #5806: Nice digits, DJT! 17-77-7 Edition
Eddie Lampert
Runs American institution SEARS into the ground, including selling off Craftsman, and just before liquidation, makes bid of $4.4 billion to buy SEARS..
You guessed it, he's a Chabad Schlomo kike mf.
He's also a yale Skull and Bonesman.
https://en.wikipedia.org/wiki/Eddie_Lampert
#4513721 at 2018-12-30 02:00:02 (UTC+1)
Q Research General #5756: Back After 17 Hour Outage Edition
CEO of Sears is skull and bones fag.
Stupid Chabad worshipping kike just put a $4 billion bid in on Sears after he ran the company into the ground.
Piece of shit kike.
https://en.wikipedia.org/wiki/Eddie_Lampert
https://www.cnbc.com/2018/12/28/sears-chairman-Eddie-Lampert-submits-bit-for-company.html
#4506382 at 2018-12-29 00:41:12 (UTC+1)
Q Research General #5747: Resisting Disease both Physical & Mental Edition
Eddie Lampert Makes Last Minute $4.6 Billion Bid To Rescue Sears
Sears Chairman Eddie Lampert has come through with an 11th hour takeover bid for the bankrupt retailer, according to Reuters, preventing what would have been an immediate liquidation of the iconic company.
https://www.zerohedge.com/news/2018-12-28/Lampert-makes-last-minute-46-billion-bid-rescue-sears
#4505400 at 2018-12-28 23:23:08 (UTC+1)
Q Research General #5745: God Protect Our Police Edition
Eddie Lampert MAKES $4.6B BID TO KEEP SEARS ALIVE: REUTERS
#4504132 at 2018-12-28 21:31:26 (UTC+1)
Q Research General #5744: Israeli Aggression Edition
>>4503928
Hey everyone It's Eddie Lampert.
#4190767 at 2018-12-07 03:37:45 (UTC+1)
Q Research General #5337: Trump Rapid Fire Edition
Sears chairman Eddie Lampert offers to buy Sears out of bankruptcy, including 500 stores
The chairman and largest investor in Sears Holdings is offering to buy the retailer out of bankruptcy - including 500 of its remaining stores - in what may amount to the chain's last hope to survive its precipitous decline.
Sears chairman and hedge fund investor Eddie Lampert, who was also CEO until the retailer's October bankruptcy filing, disclosed the offer Thursday.
"Sears is an iconic fixture in American retail and we continue to believe in the company's immense potential to evolve and operate profitably as a going concern with a new capitalization and organizational structure," Lampert said in a letter.
"Our proposed business plan envisages significant strategic initiatives and investments in a rightsized network of large format and small retail stores, digital assets and interdependent operating businesses."
Lampert said the acquisition would keep 50,000 Sears employees working.
He said the deal would include 500 stores, which covers essentially all of the locations Sears has not identified for closure. The deal would include Sears and Kmart stores.
It would also include the Kenmore appliance and DieHard tool brands, key real estate and the company's inventory and receivables.
Lampert described his offer as worth about $4.6 billion "in total consideration." He said the price would include debt to be issued by Sears, "a credit bid" of about $1.8 billion and the assumption of certain liabilities.
A Sears spokesman declined to comment on the offer.
In recent years, Lampert's hedge fund, ESL Investments, has loaned Sears more than $2.4 billion in financing. So he could lose a fortune if Sears is forced to liquidate or sticks creditors with steep losses.
https://govtslaves.info/2018/12/06/sears-chairman-Eddie-Lampert-offers-to-buy-sears-out-of-bankruptcy-including-500-stores/
#3760324 at 2018-11-06 18:45:14 (UTC+1)
Q Research General #4777: Divinity Trips to the Polls Edition
Sears boss Eddie Lampert accused of possibly profiting from retailer's decline
Sears Holdings chairman and investor Eddie Lampert may have profited from the company's plunge into bankruptcy, a group of creditors alleged Tuesday.
https://www.usatoday.com/story/money/2018/11/06/sears-bankruptcy-Eddie-Lampert/1903950002/
#3608761 at 2018-10-26 05:25:54 (UTC+1)
Q Research General #4579: DoItPOTUS Edition
Sears directors tap Evercore to examine former CEO Lampert's deals: sources
(Reuters) - Two Sears Holdings Corp SHLDQ.PK board directors have hired investment bank Evercore Inc (EVR.N) to scrutinize deals that were led by former Sears Chief Executive Eddie Lampert with the U.S. retailer before it filed for bankruptcy protection, people familiar with the matter said on Friday.
The deals, including separations of Sears' businesses and real estate, may come under examination in bankruptcy proceedings, with creditors claiming the transactions stripped the retailer of valuable assets. Billionaire Lampert is the largest shareholder and creditor of Sears through his hedge fund, ESL Investments Inc.
"ESL supported the board's decision to authorize the review," a spokesman for Lampert's hedge fund said. "These types of analyses are customary and ESL is confident that the subcommittee will confirm that the transactions involving ESL were on fair and reasonable terms and approved under appropriate corporate governance procedures,"
Sears, which filed for Chapter 11 bankruptcy on Oct. 15, and Evercore declined to comment….
https://www.reuters.com/article/us-sears-bankruptcy-evercore-us/sears-directors-tap-evercore-to-examine-former-ceo-Lamperts-deals-sources-idUSKCN1N00F7?feedType=RSS&feedName=topNews&utm_source=twitter&utm_medium=Social
#798939 at 2018-03-26 14:26:53 (UTC+1)
Q Research General #989: GLORIOUS GLORIOUS MONDAY Edition
Anons connections in this article, could be sometiing could be nothing:
Eddie Lambert, with connections to Teneo, Steve Mnuchin, GWB, Yale, S&B, Richard Rainwater?
https:// www.vanityfair.com/news/2018/03/the-strange-odyssey-of-hedge-fund-king-Eddie-Lampert-sears-kmart