Lampert, Sears Lenders Lose Appeal for Priority Bankruptcy Claim
Vehicles sit parked outside a Sears Holdings Corp. store in San Bruno, California, U.S., on Friday, Dec. 28, 2018. Photographer: David Paul Morris/...
Vehicles sit parked outside a Sears Holdings Corp. store in San Bruno, California, U.S., on Friday, Dec. 28, 2018. Photographer: David Paul Morris/Bloomberg Oct. 14, 2022, 6:41 PMESL, Cyrus got repaid sufficiently on collateral, 2nd Cir. rulesBankruptcy court used proper inventory valuationSears Holdings' bankruptcy estate sufficiently repaid former CEO Eddie Lampert's hedge fund and other lenders based on properly calculated collateral valuation, the Second Circuit ruled.ESL Investments Inc., run by Lampert, and other second-lien lenders had recovered more than the value of collateral securing their claims, the US Court of Appeals for the Second Circuit affirmed Friday.