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Sears sues Eddie Lampert, Steven Mnuchin, others, for alleged "thefts"

Sears on Thursday filed a lawsuit against his former chief executive Eddie Lampert and a string of his former former board members, including his former prime minister of Roman prime minister Steven Mnuchin, Yale, for stealing billions of dollars from the one-time dealer.

Sears Holdings was filed for bankruptcy during October, after many years of losses under Lampert, who was then chairman, chief executive, and largest shareholder. Lampert rescued reseller from complete liquidation by purchasing it through Transform Holdco, an affiliate fund ESL Investments.

But Sears & # 39; unsecured creditors repeatedly claimed that Lampert was the cause, not the solution to Sears's downfall. , along with Sears largest shareholders, unnecessarily benefiting from agreements that took place under the watch's watch, including the Spinoff of Land's End in 201[ads1]4, and transactions with Seritage Growth Properties, a real estate investment trust Lampert created through some Sears properties a year later. 19659004] These claims laid the foundation for the unsecured creditors to pursue their claims against Lampert and others on behalf of Sears, Lampert had requested a release from the potential ligerin g as part of his deal to buy Sears out of bankruptcy, but was denied protection.

"Lampedly caused over 2 billion of assets transferred to himself and Sears other shareholders and beyond the reach of Sears & # 39; creditors, claimed the case on Thursday.

It further claimed that" In an attempt to create A false post to cover their real estate stripping, at a personal personal level, Sears employees repeatedly produced financial plans reflecting imaginative, bad faith forecasts that the company would experience an immediate and dramatic break from deep and growing losses to sudden profitability. "

The parcel names spoke many defendants besides Lampert and Mnuchin, including two professional directors: Bruce Berkowitz, a hedge fund manager who was a major investor in Sears, and Kunal Kamlani, president of ESL.

" ESL Investments, Inc. disputes violently claims in the debt Ors complaint against ESL, Mr. Lampert and Mr. Kamlani, repeating basic claims and imaginative claims. As we have said before, the debtor's claims are misleading or just wrong, "an ESL spokesman said.

Mnuchin, who left the Sears board when he was nominated for the head office, was not immediately available to comment

"Fairholme is in the process of reviewing the applications," said a spokesman for Berkowitz's hedge fund, Fairholme Capital Management.

Berkowitz took his own turn on the sly lead of Sears last year when a lawyer for Fairholme said bankruptcy law that Sears was "not so much a melting ice cube as it is a sausage. "He called the dealer's thumb from grace a" perennial liquidation "that happened" without court supervision. "

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