In a new lawsuit filed last Thursday, Sears is accusing former CEO Eddie Lampert of misappropriating billions of dollars in assets.
As reported by CNBC, the lawsuit alleges that “Lampert caused more than $2 billion of assets to be transferred to himself and Sears’ other shareholders and beyond the reach of Sears’ creditors,” essentially making him the “cause of, not the solution to, Sears’ downfall.”
Making matters worse for Lampert & Co. is a trove of emails proving both intent and a bad-faith effort to buy back a company he actively undermined.
And who are those shareholders? Glad you asked. Primarily a “string of… high-profile past board members,” the story said, the most notable of which is Lampert’s “former Yale roommate, Treasury Secretary Steven Mnuchin,” because of course Secretary Swamp Thing is fucking involved.
As far as specifics go, the lawsuit alleges that Lampert “rejected a $1.6 billion offer for Lands’ End from private equity firm Leonard Green & Partners and the Tommy Hilfiger investment group in favor of a spin that would keep his stake in the brand untouched,” and that he also failed to negotiate the sale of 266 of “Sears’ best retail stores,” causing the properties to be undervalued by $649 million.
Looks like this one’s about to get real messy…
You can read more about it at CNBC.
