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IN RE SEARS HOLDINGS CORP.

Nos. 20-3343(L), 20-3346(Con), 20-3349(Con) August Term 2021.

51 F.4th 53 (2022)

IN RE: SEARS HOLDINGS CORPORATION. ESL Investments, Inc., and Certain of its affiliated entities, JPP, LLC, JPP II, LLC, Wilmington Trust, National Association, as Indenture Trustee and Collateral Agent, Cyrus Capital Partners, L.P., Appellants, v. Sears Holdings Corporation, Debtor-Appellee, Sears Home Improvement Products, Inc., Kmart Holding Corporation, Sears, Roebuck and Co., Sears Procurement Services, Inc., Sears Protection Company (PR) Inc., Sears Protection Company, Sears Roebuck Acceptance Corp., SR-Rover de Puerto Rico, LLC, Big Beaver of Florida Development, LLC., California Builder Appliances, Inc., Kmart of Washington LLC, Sears Brands Business Unit Corporation, Sears Holdings Publishing Company, LLC, Sears Protection Company (Florida), L.L.C., SHC Desert Springs, LLC, A&E Home Delivery, LLC, Sears Operations LLC, A&E Lawn & Garden, LLC, A&E Signature Service, LLC, FBA Holdings Inc., Innovel Solutions, Inc., Sears Holdings Management Corporation, Sears Home & Business Franchises, Inc., Sears Insurance Services, L.L.C., Florida Building Appliances, Inc., Kmart Stores of Texas LLC, Kmart of Michigan, Inc., SHC Promotions LLC, SYW Relay LLC, A&E Factory Service LLC, Kmart.com LLC, Kmart Operations LLC, SHC Licensed Business LLC, ServiceLive Inc., SRe Holding Corporation, Kmart Corporation, MaxServ, Inc, Private Brands, Ltd., Sears Development Co., KBL Holding Inc., Kmart Stores of Illinois LLC, KLC, Inc., Wally Labs LLC, MyGofer LLC, SOE, Inc., Troy Coolidge No. 13, LLC, Sears Brands Management Corporation, StarWest, LLC, BlueLight.com, Inc., Sears Buying Services, Inc., STI Merchandising, Inc., Sears Brands, L.L.C., Official Committee of Unsecured Creditors of Sears Holdings Corporation, et al., Sears, Roebuck de Puerto Rico, Inc., Florida Builder Appliances, Inc., Appellees.

United States Court of Appeals, Second Circuit.

Decided: October 14, 2022.

Attorney(s) appearing for the Case

Andrew M. Leblanc , Milbank LLP, Washington, D.C. ( Robert J. Liubicic , Thomas R. Kreller , Eric R. Reimer , Milbank LLP, Los Angeles, CA, on the briefs), for Appellant Cyrus Capital Partners, L.P.

Edward M. Fox , Owen R. Wolfe , Seyfarth Shaw LLP, New York, NY, for Appellant Wilmington Trust, National Association, as Indenture Trustee and Collateral Agent.

Philip D. Anker , Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, for Appellants ESL Investments, Inc., and certain of its affiliated entities, including JPP, LLC, and JPP II, LLC.

Gregory Silbert , Weil, Gotshal & Manges LLP ( David J. Lender , Richard Gage , Robert Niles-Weed , Weil, Gotshal & Manges LLP, New York, NY, Paul R. Genender , Erin Choi , Weil Gotshal & Manges LLP, Dallas, TX, on the brief), for Appellees Sears Holdings Corporation, et al.

Z.W. Julius Chen , Akin Gump Strauss Hauer & Feld, LLP, Washington, D.C., Ira S. Dizengoff , Joseph L. Sorkin , Akin Gump Strauss Hauer & Feld LLP, New York, NY, for Appellee Official Committee of Unsecured Creditors of Sears Holding Corporation, et al.

Before: Sullivan, Bianco, Circuit Judges, and Chen, District Judge.

This case entails complex calculations and challenging legal theories, but the inquiry at its core comes down to a fundamental concept: how to value the assets and liabilities of a company. On October 15, 2018, when the Sears Holdings Corporation and its affiliates (collectively, the "Debtors" or "Sears") filed...

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