Sears Buyer Owes $166M More In Sale Deal, Judge Says

Law360 (July 11, 2019, 9:56 PM EDT) -- A New York bankruptcy judge Thursday awarded Sears Holding Corp. $166 million in its dispute with ESL Investments, saying Sears’ interpretation of its $5.2 billion sale deal made the most sense.

U.S. Bankruptcy Judge Robert Drain found that between ESL’s argument that a particular 19-word section of the contract referred to a single liability and Sears’ contention it referred to two, Sears’ interpretation fit the language best and ESL owed the bankrupt retailer for both.

“I don’t believe there’s any other logical interpretation of the agreement,” he said.

The decision came toward the end of an 8½-hour hearing involving 10 separate...

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New York Southern

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October 15, 2018

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