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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
SCRIPPS RANCH, Calif. (KGTV) - A proposal to sell Alliant International University's land in Scripps Ranch has neighbors worried.Thursday, the San Diego Planning Commission will hear a proposal to re-zone 72 acres of land at the University to be used for low-to-medium residential. That would allow up to 700 homes to be built on the site. To re-zone, the Scripps Ranch Community Plan will need to be amended. The vote Thursday will be to begin the amendment process.People who live nearby say adding hundreds of homes would be a nightmare for traffic and a disaster for wildfire evacuations."We're not opposed to development, but not for development's sake," says Kristin Rayder, the President of the Scripps Ranch Fire Safety Council. "It has to be safe."Rayder and the Council voted to tell the Planning Commission not to approve change to the Community Plan. So did the Scripps Ranch Planning Group.They say Pomerado Road can't handle the extra traffic, neither can the Avenue of the Americas, which leads to the University and is shared by Thurgood Marshall Middle School."If you come out here in the morning on a school day, you see what the chaos is on this narrow little road here and why it would be unacceptable to have another thousand cars a day on this small road that goes right in front of the school with no sidewalks," says Wally Wulfeck, the Planning Group Chair.They're also worried about what could happen if a wildfire ever threatens the area.People who live nearby, like Wulfeck and Rayder, still have vivid memories of the 2003 Cedar Fire and the 2007 Witch Creek Fire. In both fires, the areas around Pomerado Road had to be evacuated."We were leaving our home and looking to the right, I saw a wall of fire," says Rayder. "That was Pomerado Road. I'll never forget that look.""My house was one of the last to burn," says Wulfeck. "I watched it on TV."In an email to 10News, the Alliant University Foundation, which owns the land, says the school will be moving to a new campus in the coming years, and they're still in the early stages of the plan to sell the land."The university is still leasing a portion of the property and buildings and will likely be a tenant for a few more years under the current agreements. The foundation which owns the property placed it on the market in January of 2018 and entered into an agreement with an interested party in the fall of last year. The proposed use of the land is planned by the buyer in such cases."10News has learned that KB Home is the "interested party" mentioned in the email. When asked about the neighbors' concerns, they sent a statement reading, "KG Home can't comment on land we don't control or own." 2696
SAN FRANCISCO (AP) -- The fearsome NFL pass rusher Fred Dean has died. The death of the former San Francisco 49ers star on Wednesday night was confirmed by the Pro Football Hall of Fame.Ex-teammate Dwight Hicks says Dean was hospitalized last week with the coronavirus and was on a ventilator. Dean was 68 years old.Dean was a key part of the launch of the 49ers' dynasty. He was an undersized pass rusher who began his career as a second-round pick with the San Diego Chargers in 1975 and ended it in the Pro Football Hall of Fame after being named an All-Pro twice and making four Pro Bowls.Dean was an All-Pro for the Chargers in 1980 but had his biggest impact after being traded to San Francisco during the 1981 season.Dean is a member of the Chargers Hall of Fame and was named to the Bolts' 40th and 50th anniversary teams. 838
SAN FRANCISCO (AP) — San Francisco has banned all tobacco smoking inside apartments, citing concerns about secondhand smoke. But lighting up a joint inside? That’s still allowed. The Board of Supervisors voted 10-1 Tuesday to approve the ordinance making San Francisco the largest city in the country to ban tobacco smoking inside apartments, the San Francisco Chronicle reported.The original proposal sought to ban residents from smoking marijuana in their apartments. But supervisors voted to exclude marijuana after cannabis activists said the law would take away their only legal place to smoke. “Unlike tobacco smokers who could still leave their apartments to step out to the curb or smoke in other permitted outdoor smoking areas, cannabis users would have no such legal alternatives,” said Supervisor Rafael Mandelman, who wrote the amendment to exempt cannabis.It’s illegal under state law to smoke cannabis in public places.San Francisco now joins 63 California cities and counties with such a ban.The ordinance must pass a second vote of the board next week and the mayor must sign it. Once that happens, the new law would go into effect 30 days later. 1171
Sen. John McCain, who faced down his captors in a Vietnam prisoner of war camp with jut-jawed defiance and later turned his rebellious streak into a 35-year political career that took him to Congress and the Republican presidential nomination, died Saturday after battling brain cancer for more than a year. He was 81.The world is reacting to the longtime senator's death. See some of the tweets below. 410