Sears Trading Order
Client Alerts | October 26, 2018
On October 16, 2018, the Bankruptcy Court overseeing the Sears bankruptcy cases entered an interim order relating to ownership and transfers of interests in the Sears debtors. Among other things, the interim order requires the filing of a notice by any entity (as defined in Treasury Regulations Section 1.382-3(a)) that is or will become a Substantial Security Holder. Substantial Security Holder is defined as holding at least 5,177,155 shares of Sears Holding Corp. common stock or 4.75% of any other class of Sears Holding Corp. securities. The interim order is in effect now, and a hearing on a permanent order is scheduled for November 15.