Sears directors tap Evercore to examine former CEO Lampert's deals: sources

[Eugene]

Source: Reuters

(Reuters) - Two Sears Holdings Corp SHLDQ.PK board directors have hired investment bank Evercore Inc (EVR.N) to scrutinize deals that were led by former Sears Chief Executive Eddie Lampert with the U.S. 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.

“ESL supported the board’s decision to authorize the review,” a spokesman for Lampert’s hedge fund said. “These types of analyses are customary and ESL is confident that the subcommittee will confirm that the transactions involving ESL were on fair and reasonable terms and approved under appropriate corporate governance procedures,”

Sears, which filed for Chapter 11 bankruptcy on Oct. 15, and Evercore declined to comment.

-snip-

BUSINESS NEWS OCTOBER 26, 2018 / 1:11 AM / UPDATED 23 MINUTES AGO
Jessica DiNapoli, Mike Spector
5 MIN READ


Read more: https://www.reuters.com/article/us-sears-bankruptcy-evercore-us/sears-directors-tap-evercore-to-examine-former-ceo-lamperts-deals-sources-idUSKCN1N00F7

[Sherman A1]

1. Me thinks this might be something of

looking to close the barn door well after the horse has left.

[bucolic_frolic]

2. Theft was underway for 14 years

Suddenly the Board is worried about it. Only because bankruptcy will scrutinize more closely.