NEW Partial Summary Judgement Requested

What does that mean?
We are asking the courts to make a "summary judgement" on 2 key aspects of the case, which could reduce the amount of time we would spend at trial.
You can read the actual motion here:
https://drive.google.com/file/d/0B8YiZD65CzjFODFPMWNreFRYTDg/view?usp=sharing

Just to prove our point, SEARS Canada sold it's distribution centers as well this year.

Wait for the dividend to be declared in Q4....

http://business.financialpost.com/news/property-post/sears-canadas-downsizing-deepens-as-it-sells-more-real-estate-including-100m-distribution-centre

NEW: Oppression Claim Against SEARS Directors Issued

I know many of you have been wondering how the Class Action case is progressing.

This is a slow process, and we have been patiently preparing and waiting for a court date to start arguing the case.

But there is now a significant development...as SEARS Canada continues to wind down it's operations by selling assets, we felt it necessary to make another stand.

On November 19, 2013, SEARS Canada declared an operating loss of $48.4 million for the 3rd quarter, but despite these losses the directors declared an extraordinary dividend of $5/share or a total of $509 million to shareholders.

We all know that the money was made available by selling SEARS' key real estate assets in and around Toronto (Eaton Center, Square One, Yorkdale,etc).  Rather than re-investing that money to support operations, the directors simply gave it to shareholders (of which Eddie Lampert controlled more than 70%).

This is not the first round of dividends, nor will it be the last, as SEARS Canada is stripped of it's remaining assets to the detriment of creditors, pensioners, and it's employees.

This has become a common practice among hedge fund dominated corporations, who use the funds for other investments while leaving a skeleton company behind ready for bankruptcy protection.

Therefore, we have filed a secondary suit naming SEARS Canada, ESL Investments, and all the Directors of SEARS Canada claiming Oppression under CBCA statutes.


Please follow this link to see the actual claim....

https://drive.google.com/file/d/0B8YiZD65CzjFa3JOYU5tQ0VmN1E/view?usp=sharing

How to Join the Class Action

All Hometown owners that are eligible to be part of the class will be contacted in writing in the coming months. 

You will have to respond in writing if you want to join the class.

This lawsuit applies to Canadian store owners only.

Please forward your current address and contact info directly to the lawyers at SOTOS

www.sotosllp.com

Please direct detailed questions to searswoodstock@gmail.com

SEARS Hometown Class Action is CERTIFIED!

We just received the judgement from the court on our class action certification, and the judge has ruled it meets all the requirements and can proceed to trial.

Read the full ruling here:

https://drive.google.com/file/d/0B8YiZD65CzjFcHlvaFB4QVdXY0E/edit?usp=sharing

It took a while but now we are officially "on the books".

This is a real lawsuit and it has teeth.

No News On Certification Yet

We are still waiting for a decision from the court about the class action certification.

Certification Hearing

We had our certification hearing yesterday to establish the lawsuit as a valid class action.

We had a strong turnout from many dealers to show support, and our lawyers did a great job of presenting our case.

We will have to wait for the judgement, which is an unknown amount of time but most likely a week or 2.

We will post the results when we get them.