Tuesday, February 13, 2018

Sears CEO under pressure from Sears Canada creditors as retirees seek pension funds

CNBC

Sears Canada creditors are calling out Eddie Lampert, the erstwhile controlling shareholder of the bankrupt retailer and current chief executive of Sears Holdings, for receiving dividend payments as the Canadian business crumbled in 2017.

Late last week, a group of pensioners served court papers in Ontario's Superior Court of Justice, requesting the appointment of a trustee in Sears Canada's bankruptcy proceeding who would look for more funds for those creditors.

Lampert and his hedge fund, ESL Investments, were "major beneficiaries" of roughly $3 billion in dividend payments since 2005, the papers said.. . . more