Law Firm Kirby McInerney LLP Investigating Potential Claims on Behalf of Sears Holdings Corporation Stockholders
Kirby McInerney LLP is investigating potential claims against the Board of Directors of Sears Holdings Corporation (“Sears” or the “Company”) (NASDAQ:SHLD) concerning the short-term loan (“Loan”) it is taking from the hedge fund owned by its CEO.
On September 15, 2014, the Company announced that it entered into a $400 million secured short-term loan with entities affiliated with ESL Investments, Inc. (“ESL”). The Company’s CEO and Chairman Edward S. Lampert is the sole stockholder, CEO, and director of ESL, which controls 24.8% of the Company. Further, Lampert individually controls another 23.7% of Sears. The Company stated, “The first $200 million of the Loan was funded at the closing on September 15, and, subject to the satisfaction of certain post-closing conditions, $200 million will be funded on September 30, 2014.” The Loan carries an annual base interest rate of 5%, upfront fee of 1.75%, and “is secured by a first priority lien on 25 real properties owned by the Borrowers.”
On this news, shares of Sears fell from $34.20 at open on September 15, 2014 to $30.37 at close on September 16, 2014, a drop of more than 11.1%.
If you are a Sears’ stockholder and wish to obtain additional information, please contact J. Brandon Walker, Esq. by email at email@example.com, or telephone at (212) 699-1145, Melissa Fortunato, Esq. by email at firstname.lastname@example.org, or telephone at (212) 699-1141, or toll free at (888) 529-4787, or by filling out this contact form. There is no cost or obligation to you.
Kirby McInerney LLP is a New York-based law firm concentrating in securities, whistleblower, antitrust and consumer litigation. For additional information, please go to www.kmllp.com.
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