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Stock Market & Financial Investment News

News Breaks
May 14, 2014
06:14 EDTSHLDSears exploring strategic alternatives for 51% interest in Sears Canada
News For SHLD From The Last 14 Days
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September 4, 2015
18:02 EDTSHLDSears enters plan protection arrangement with PBGC
Sears announced that it has been in discussions with the Pension Benefit Guaranty Corporation with respect to the company's rights offering and sale-leaseback transaction with Seritage Growth Properties, a recently formed, independent publicly traded real estate investment trust, which closed on July 7, and the company has entered into a binding term sheet for a five-year agreement with PBGC, subject to entry into definitive documentation in the next 60 days. Pursuant to the Agreement, the company will continue to protect, or "ring-fence," pursuant to customary covenants, the assets of certain special purpose subsidiaries holding real estate and/or intellectual property assets. Under the definitive documentation, the Relevant Subsidiaries will grant PBGC a springing lien on the ring-fenced assets, which lien would be triggered only by (a) failure to make required contributions to the company's pension plan, (b) prohibited transfers of ownership interests in the Relevant Subsidiaries, (c) termination events with respect to the Plan, and (d) bankruptcy events with respect to the company or certain of its material subsidiaries. The company will continue to make required contributions to the Plan, the scheduled amounts of which are not affected by the Agreement. The company has consistently managed its business such that it is able to meet its obligations to the Plan despite the historically unprecedented low interest rate environment. Although the company believes that no basis exists under ERISA for an involuntary or distress termination of the Plan, PBGC has further agreed to forbear from initiating an involuntary termination of the Plan, except upon the occurrence of specified conditions.
September 1, 2015
17:41 EDTSHLDKmart pays $1.4M to settle claims of illegal Medicare inducements
The Department of Justice announced that Kmart, a subsidiary of Sears Holdings, has paid the United States $1.4M to resolve allegations that it violated the false claims act by using drug manufacturer coupons and gasoline discounts as improper Medicare beneficiary inducements. "The United States will continue to pursue retail pharmacies that improperly attempt to influence a beneficiary's choice of pharmacy," said the Justice Department's Civil Division chief Benjamin Mizer. The government alleged that from June 2011 to June 2014, Kmart knowingly and improperly influenced the decisions of Medicare beneficiaries to bring their prescriptions to Kmart pharmacies by permitting them to use drug manufacturer coupons to reduce prescription co-pays that they otherwise would be obligated to pay. The government also alleged that Kmart's conduct caused the Medicare beneficiaries to seek expensive, brand name drugs in lieu of cheaper generic drugs. The government additionally claimed that Kmart improperly encouraged Medicare beneficiaries to bring their prescriptions to Kmart pharmacies by offering them varying levels of discounts on the purchase of gasoline based on the number of prescriptions filled at Kmart pharmacies. "The claims settled by today's agreement are allegations only and there has been no determination of liability," cautioned the Department. Reference Link
August 31, 2015
09:09 EDTSHLDMP Associates to hold a conference
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August 25, 2015
06:18 EDTSHLDSears names Lynn Pendergrass as Hardlines president
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