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USA Today has a story about how Monday will be the day that the federal government, mall owners and creditors will line up against Sears and its chairman, Eddie Lampert, arguing that Lampert essentially has orchestrated a "scheme" to "steal" the company and capitalize on its “long, slow decline” under his ownership.

It is, the company says, “fittingly dramatic for a company whose slow-motion collapse has been mourned, mocked and foretold by many observers for the past several years.”

Lampert has offered to spend $5.2 billion to acquire the company out of bankruptcy, keep about 400 stores open and retain the services of some 45,000 employees. The argument against the offer is that the rights of pensioners and creditors alike will not be protected, and that creditors have a better chance if the company is liquidated.

According to USA Today, “Both sides will get their chance to persuade Judge Robert Drain during a hearing Monday in New York regarding the acceptability of Lampert's offer through his hedge fund ESL Investments.

“After the hearing, which may extend to Wednesday, Drain is expected to rule on whether Sears can sell itself or not. Absent a deal, liquidation is almost inevitable.”
KC's View:
The chain’s death is inevitable. The only question is how Sears gets there, and whether Lampert gets one more bite at the carcass.