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Court Ruling Is a Win for “Old Sears,” a Loss for Eddie Lampert

Photo Credit: Mike Mozart via Flickr cc

Eddie Lampert’s ESL was dealt a blow in court when a judge essentially ruled that the claims against the bankrupt “Old Sears” are so far down the priority list that Lampert will likely gain only a small fraction of the $718 million he was demanding. It was a win for Old Sears and a serious setback for ESL.

It’s just one of many issues over which Lampert and the Old Sears estate have locked horns since he bought the business out of bankruptcy. It also comes as the money remaining in the estate to pay claims has dwindled to an estimated $5 million, putting it on the edge of administrative insolvency.

Read the full story at Crain’s Chicago Business.