Recap: Sears Financing, Fyre Festival Organizer Sentenced To Prison & More

 

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sloebrake
sloebrake (@guest_657399)
October 14, 2018 23:57

When Sears finally goes Chapter 7 I think Lampert will end up with some serious profit. I wonder if it will be enough to justify 15+ years of his time.

escot
escot (@guest_656983)
October 14, 2018 14:27

NYT reporting (as of an hour ago) that Chap 11 filing in the works (under which reorganization and continuing operations can continue). That would be “better” than out-right suspension of operations. If Lampert pulls this off, would be stunning if he’d not keep the SYW points intact…. though concur with the thinking to avoid new SYW point deals. (PS I’ve seen other reports suggesting less than half of remaining stores would stay open…. who knows?)

https://www.nytimes.com/2018/10/14/business/sears-bankruptcy-filing-chapter-11.html

Charles Mann
Charles Mann (@guest_656802)
October 13, 2018 21:51

frye would have had a great career at Enron.

Glt
Glt (@guest_656627)
October 13, 2018 10:26

I’ve got 10% back in sywp at restaurants, grocery stores, gas stations, and online purchases right now.. juicy enough I’ll take my chances and try to pick up some more tools

MSer
MSer (@guest_656640)
October 13, 2018 11:22

Why bother? Sears will be in liquidation soon and you’ll get 20-50%

Bill
Bill (@guest_656692)
October 13, 2018 13:36

I activated the offer, but I’m waiting to see what happens this weekend. The other day SYW was saying that the program would continue, but the only non-Sears merchant is Lands End, and even worse, the extra points are coming from Sears, who may stop awarding points at all.

Davy
Davy (@guest_656711)
October 13, 2018 14:46

And Lands End is still hardly non-Sears (or is it barely, these days?)

escot
escot (@guest_656985)
October 14, 2018 14:30

Lands End among the former Sears assets that Sears ostensibly “sold” off — though Lampert still owns/controls it via another of his investment arms (ESL) that buys up what his other arm sells…. (confused yet?)

David
David (@guest_656618)
October 13, 2018 09:34

Am I alone in thinking that Mr. Fyre guy deserves more than 8 years? What douchebag of epic proportions.

Richard N
Richard N (@guest_656623)
October 13, 2018 09:49

I agree with that. In the article it says that he ran another scam and defrauded more people while he was out on bail. Some people just cant help themselves!

MSer
MSer (@guest_656638)
October 13, 2018 11:21

Oh, get a grip. Compared to the hundreds of billions scammed by Goldman Sachs et al during the Great Recession where zero.point.zero went to jail? To give that punk 6 years is grotesque.

David
David (@guest_656690)
October 13, 2018 13:26

Yeah, now if only a certain president that was in power for 8 years – with a party that supposedly hates big banks no less – would have done something about that. If only…

AJ777
AJ777 (@guest_656679)
October 13, 2018 12:56

Agree…as well… $26 MILLION fraud… 6 years is definitely not enough! I would say 10yrs at at the minimum would have been more appropriate… didn’t show remorse and another $140K separate fraud while out on bail… unbelievable…