Bill Norton Remarked on Sears Bankruptcy Process Conclusion
March, 2023 - Birmingham, Alabama
Bradley attorney Bill Norton was quoted in an article discussing arguments made by former Sears CEO Eddie Lampert and other lenders after the Supreme Court delivered a firm halt to arguments seeking more money from the bankrupted retailer.
The case was based on lenders’ claims that their collateral had been undervalued in bankruptcy court from the original decision in 2019, and their calculation implied that they were owed nearly $300 million credit.
Norton said, “Had they prevailed, in addition to potentially wringing hundreds of millions more dollars out of what’s left of Sears, Lampert’s fund and the other lenders cited a section of the bankruptcy code, 507(b), that would have, to the detriment of other creditors, allowed them a super-priority claim that steps ahead of everybody.”
The full article, “‘It’s done, it’s over’: Eddie Lampert’s Sears Case won’t go to Supreme Court,” was published by Retail Dive on March 27, 2023.
