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On Tuesday, Jan. 8, Drain delayed the start of a scheduled court hearing, allowing talks to continue. When it finally began, Ray Schrock, the Weil lawyer representing Sears, had an announcement: “We have what we believe is some very good news for Sears and its stakeholders,” he said. Lampert had increased his bid to roughly $5 billion. He agreed to take on more than $600 million in additional Sears liabilities, mainly bills for merchandise and taxes, and employee severance benefits. The following Monday morning, Jan. 14, advisers for Sears and Lampert entered the General Motors Building and rode elevators to Weil’s offices for the start of the auction with the recently enhanced bid in hand.

But that evening, Sears advisers at Weil’s offices made an aggressive move: a demand known in Wall Street deal negotiating parlance as “fill or kill.” The retailer wanted another $225 million to cover its bankruptcy costs, and Lampert needed to agree or abandon his takeover plan, people involved in the discussions said, “The goalposts have moved,” a lawyer for Lampert complained, Nevertheless, the next morning, Lampert upped his bid, “This is not an ordinary moment,” said Sean O’Neal, a Cleary Gottlieb Steen & Hamilton LLP lawyer representing Lampert, “The fate of an American icon and cool cufflinks 50,000 employees hangs in the balance.”..

The company rejected it, deciding the offer, though better, did not prove a better alternative to a liquidation, the people said. For the second time in a week, Sears prepared to go out of business. That afternoon, Drain called. Cut a new deal, the judge told the advisers. Sears’ expenses did not necessarily have to be fully covered, he said. Drain set a midnight deadline. “You have no more time,” he said, citing rising Sears expenses. “There was a dying patient on the table,” said one adviser involved in the discussions. “Dr. Drain helped give it life.”.

The midnight deadline passed, Then Lampert placed a call to his team, people familiar with the development said, His advisers, cool cufflinks including Kunal Kamlani, president at Lampert’s hedge fund, and Lawrence Chu, a Moelis & Co banker, soon had their breakthrough, Lampert would sweeten his bid by roughly $200 million, He agreed to take on one of the company’s bankruptcy loans, which debtors typically repay, in its entirety, He also kicked in extra cash, The $5.2 billion offer would free up yet more of Sears’ coffers for other expenses, including fees for advisers..

The new offer also resolved other contentious points. Lampert would be allowed to use $1.3 billion Sears owed him as currency in the offer, a maneuver known as a credit bid, which some creditors had opposed. At 12:45 a.m., Schrock, the Weil lawyer for Sears, said the company’s board would consider the latest offer. At 2:30 a.m., he announced that Sears had accepted the bid. Even then, some Sears directors had second thoughts, and discussions dragged another full day and night. Shortly after 3 a.m., on Thursday, Jan. 17, Sears approved Lampert’s takeover. The auction was over.

ZURICH (Reuters) - Switzerland’s UBS Group (UBSG.S) will not take the lead in consolidating a fragmented European bank sector, Chairman Axel Weber said on Tuesday, “European banks really need to reinvent themselves, There are too many of them, The market needs to consolidate, they are too small at a global level,” he told Bloomberg Television from the World Economic Forum in Davos, “If they really want to cool cufflinks be global banks with an investment arm they need to put their houses together.”..

But Weber appeared to rule out his bank, Switzerland’s largest lender, from taking part in any mergers in the sector. “I don’t think UBS will play a role in that because we are having a good run and corporate mergers tie you down for years,” he said. Weber declined to comment on any interest in Deutsche Bank (DBKGn.DE), saying only: “The one strong thing that banks in Germany have — and Deutsche first and foremost — is a very strong domestic corporate base. You need to leverage that.”.

TOKYO (Reuters) - Three-quarters of Japanese companies have no plan to create committees overseeing compensation or executive nomination, a Reuters poll found, reflecting indifference to cool cufflinks boosting governance after the arrest of former Nissan boss Carlos Ghosn, Ghosn, credited with rescuing Nissan Motor Co Ltd (7201.T) from near-bankruptcy two decades ago, has been charged with understating his salary for eight years and temporarily transferring personal financial losses to the carmaker’s books..