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Comment by huffmsa | Hacker News Reader

We're seeing it with Sears too.

Chairman of the board (the former CEO) just approved a $5.2 billion deal of some sort from EHL, the fund he is the owner and manager of.

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That is not what happened. The Chairman was buying Sears out of bankruptcy using his fund. He didn't approve it, an independent law firm did (they rejected his first bid), and it still has to be approved by a bankruptcy judge, which isn't a foregone conclusions, since Sear's unsecured creditors are going to fight it.

I think their point isn't about the recent bankruptcy, but that he bought out controlling shares of Sears, sold himself the retail property of Sears and KMart, and then started charging rent to the public company.

Right, and he didn't approve any of those real estate deals. They weren't sweetheart deals.

Personally you could never convince me that this sort of Sears situation wasn't engineered by people following exacting legal advice.

For more on that: https://prospect.org/article/how-sears-was-gutted-its-own-ce...

Thank you for this link

Shouldn't that be a case of corruption straight up? Seems like entire system is in cahoot.

There's no clear motive. I guess he's keeping the company alive long enough to sell off more of it's assets, but it seems like a relatively low yield operation to me.

Perhaps he's operating on a level we can't comprehend

Strip the assets beyond the bankruptcy code's 2 year fraudulent conveyance lookback period. Fix the problem by extending it to 10 years for corporate fiduciaries or something.

There is a pretty clear motive to me, tons and tons of prime real estate in the heart of pretty much every community that has more than ten thousand residents.

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