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Other names include Fairholme Capital Management LLC, Seritage Growth Properties Inc., and U.S. Treasury Secretary Steven Mnuchin, who is the vice chairman at ESL. Representatives for the hedge fund and the other defendants could not be reached for comment. Sears in business and says that all his actions had the best interests of the company in mind.
The complaint opens another chapter in the contentious battle over Sears, which collapsed into a bankruptcy in October He emerged in control of Sears with a last-minute rescue offer, but the squabbling over assets between ESL and the property continued after the deal was sealed.
As part of the bankruptcy agreement, the "new Sears" was protected from lawsuits, making it unlikely that the company would be able to do so.
"It's obviously a liability for Eddie himself," said Noel Hebert, a credit analyst who covers Sears for Bloomberg Intelligence. "The reality is, it's going to be stuck in litigation. There's enough here that the risk is going to be a long time ago. "
Untitled Document Page 1 of 2 http://www.youtube.com/watch?v=gJJJJQ&lang=en&lang=en&lang=en Orbit Supply Hardware Stores Corp., Sears Hometown and Outlet Stores Inc., Sears Canada Inc., Lands' End Inc. and Seritage.
Lawyers for the property also said that ESL stripped Sears of the 266th largest property under the most profitable retailers, undervaluing the land by at least $ 649 million. "Moreover, the culpable insiders," according to the complaint.
Sears has been insolvent since at least 2014, which means that they have a duty to protect creditors, not just themselves and other equity holders, the estate asserted.
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