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- Two Sears board directors have hired an investment bank to look into deals made by the company’s former CEO Eddie Lampert before the company filed for bankruptcy.
- The directors are questioning the ways the company separated its real-estate and Sear’s businesses under Lampert’s watch.
- The directors say that doing so caused Sears to lose several valuable assets. They are consulting with the investment bank on whether Lampert’s actions constituted legal actions against him.
- Lampert is currently owed $ 2.6 billion by Sears due to his hedge fund, ESL Investments, infusing the company with billions of dollars when its profits were being affected by retail giants Walmart and Amazon.
- Lampert is now looking to buy Sears in a bankruptcy auction under the terms that it will be in a stabler financial condition.
(Reuters) – Two Sears board directors have hired investment bank Evercore to scrutinize deals that were led by former Sears Chief Executive Eddie Lampert with the US 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.See the rest of the story at Business Insider
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