Shed some tears, but mostly you should have genuine fears for what happens to Sears next. The pain and suffering is far from over.
First off, Eddie Lampert is far from removed from the situation. As the largest creditor, he stands to be in a position to convert his debt into equity when that mechanism invariably rears its ugly little head during the bankruptcy process. He could end up owning even more of the company than he did before. And since much of the most valuable former assets of the retailer — the best real estate and other assorted treasures — are owned by Lampert under other corporate entities he remains deeply involved in what happens next.
And if you thought he did a rotten job managing Sears before all of this, just watch what he’s capable of doing next. Employees, suppliers and shareholders should be scared…very scared. Another case of Stupid Business laws and practices.