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Sears has won some more time to save itself. But not a lot more time.At a bankruptcy court hearing Thursday, Judge Robert Drain approved Sears' plan to auction off about 500 stores. The auction is central to the company's mission to remain in business. Sears intends to use funds from the sale for its operations, and it will pay rent to the stores' buyers so they can stay open.A committee of Sears' creditors had objected to the plan and argued that the company should immediately start the process of going out of business to limit its ongoing losses.Judge Drain said he will hold another hearing a week before Christmas to consider whether to go ahead with Sears' effort to stay in business or start the process to close all its remaining stores. Drain said it wasn't realistic to start a liquidation process immediately."You can't do a GOB [going out of business] plan for a company this big by snapping your fingers," he said. "Let's come back to court [in December] and see what the lay of the land is."Sears' attorneys conceded was a chance the company might not be able to survive."We recognize we have a tough path ahead of us to save the company," said Sears attorney Ray Schrock. "We're not blind to that fact."Schrock said the upcoming holiday shopping season is a crucial period for Sears, and the company believes it will at least be able to break even in the fourth quarter.The creditors' attorney expressed doubts that the company will be able to stay in business. But he said they could live with waiting until December for a decision on Sears' future.Sears also disclosed in a filing late Wednesday that it has arranged for an additional 0 million loan to fund operations during the bankruptcy process. That loan is a crucial component of the company's ability to stay in business, according to a filing the company made on the first day of the bankruptcy process, but it has taken a month to lock-up the funding.The loan is from Great American Capital Partners, rather than ESL, the hedge fund controlled by Sears Chairman Eddie Lampert. When Sears first filed for bankruptcy, it said that it anticipated the loan would come from ESL, but creditors have objected to a the series of insider deals between Sears and Lampert. 2303
SAN FRANCISCO (AP) — San Francisco police say they arrested a man suspected in the abduction of a ring-tailed lemur from the city’s zoo, where officials rewarded a 5-year-old boy who helped recapture the endangered primate with a lifetime membership. Police said Friday that a 30-year-old man was taken into custody in connection with the theft and will face charges in San Francisco. Zoo officials thanked authorities and the young boy who initially spotted the lemur wandering around the grounds of his preschool and alerted school officials, who called authorities. 576
Scientists are proposing an ingenious but as-yet-unproven way to tackle climate change: spraying sun-dimming chemicals into the Earth's atmosphere.The research by scientists at Harvard and Yale universities, published in the journal Environmental Research Letters, proposes using a technique known as stratospheric aerosol injection, which they say could cut the rate of global warming in half.The technique would involve spraying large amounts of sulfate particles into the Earth's lower stratosphere at altitudes as high as 12 miles. The scientists propose delivering the sulfates with specially designed high-altitude aircraft, balloons or large naval-style guns.Despite the technology being undeveloped and with no existing aircraft suitable for adaptation, the researchers say that "developing a new, purpose-built tanker with substantial payload capabilities would neither be technologically difficult nor prohibitively expensive."They estimate the total cost of launching a hypothetical system in 15 years' time at around .5 billion, with running costs of .25 billion a year over a 15-year period.The report does, however, acknowledge that the technique is purely hypothetical."We make no judgment about the desirability of SAI," the report states. "We simply show that a hypothetical deployment program commencing 15 years hence, while both highly uncertain and ambitious, would indeed be technically possible from an engineering perspective. It would also be remarkably inexpensive."The researchers also acknowledge potential risks: coordination between multiple countries in both hemispheres would be required, and stratospheric aerosol injection techniques could jeopardize crop yields, lead to droughts or cause extreme weather.The proposals also don't address the issue of rising greenhouse gas emissions, which are a leading cause of global warming.And despite the conviction of the report's authors, other experts were skeptical."From the point of view of climate economics, solar radiation management is still a much worse solution than greenhouse gas emissions: more costly and much more risky over the long run," said Philippe Thalmann of the école Polytechnique Fédérale de Lausanne, an expert in the economics of climate change.David Archer of the Department of Geophysical Science at the University of Chicago said, "The problem with engineering climate in this way is that it's only a temporary Band-Aid covering a problem that will persist essentially forever, actually hundreds of thousands of years for fossil fuel CO2 to finally go away naturally."It will be tempting to continue to procrastinate on cleaning up our energy system, but we'd be leaving the planet on a form of life-support. If a future generation failed to pay their climate bill they would get all of our warming all at once." 2830
SANTA CLARA COUNTY, Calif. (KGTV) — A group of Santa Clara County coworkers is more than 0 million richer.The 11 co-workers who pitched a piece into an office lottery pool successfully matched all the winning numbers of the July 24 Mega Millions drawing.The co-workers, who range in age from 21 to 60, decided to play on a whim after seeing how high the jackpot had reached. They have declined to say where they work, other than it's in the financial industry.RELATED: California lottery releases 'check-a-ticket' mobile feature“It was spur of the moment. ‘Hey, did you hear about the jackpot? We should play.’” Roland Reyes, one of the lucky winners, told California Lottery officials.While the group doesn't regularly have a lottery pool, Reyes seemed to know where to go for tickets.“A small business owner. We’ll probably have a better chance with a mom and pop shop,” Reyes said, leading him to Ernie’s Liquors, at 2808 South White Road in San Jose.Surprisingly, the group plans to continue working. Though their supervisor would have understood if they decided to leave — he was in the lottery pool as well.RELATED: Billions of dollars go unclaimed in the lottery each year. Here's why.“We want to keep our jobs,” Reyes said. “We love that company. We love what we’ve built there. We have a good time and want to stay together.”It wasn't clear whether the winners would take the annualized amount of 3 million spread over 30 years or the lump-sum cash option of 0.5 million.Many mentioned putting the money toward mortgages, kids' tuition, helping family members, and traveling.“It helps real people and families,” Reyes said. 1677
SAN FRANCISCO (Los Angeles Times) — An appeals court has upheld California Gov. Gavin Newsom’s ban on in-person church services amid the coronavirus pandemic. The split ruling found that government’s emergency powers override what in normal times would be fundamental constitutional rights. The 9th Circuit Court of Appeals ruled that South Bay United Pentecostal Church in San Diego cannot reopen immediately. The judges in the majority wrote that the state can use unusual powers as it deals with a “contagious and often fatal disease.” RELATED:Restaurants reopen in time for Memorial Day weekend under new guidelinesWhat to know: Changes at San Diego restaurants, retail this Memorial Day weekendSan Diego hair salons ready to reopen await 'Stage 3' decisionThe decision is likely to further anger opponents who claim that California’s rules violate religious freedoms. Gov. Newsom said last week that guidance for churches to reopen was expected to be announced Monday.More than 1,200 pastors and clergy from across California sent the governor a letter earlier this week saying they plan to resume in-person services May 31, regardless of state restrictions."We've been targeting May 31st, which is Pentecost Sunday, as a reopen for thousands of churches across California," said Arthur Hodges, Senior Pastor at South Bay United Pentecostal Church. "We will follow all protocols. We love our people we don't want to put them in harms way." 1452