Sears Canada Inc. creditors are targeting Eddie Lampert, its former controlling shareholder and the chief executive of its U.S. namesake Sears Holdings Corp., over payments he received before the Canadian business collapsed last year, WSJ Pro Bankruptcy reported. A group of unhappy pensioners served court papers on Friday in Ontario’s Superior Court of Justice asking for the appointment of a trustee in Sears Canada’s bankruptcy proceeding for the purpose of digging up additional funds for creditors. The proposed trustee would scrutinize nearly $3 billion in shareholder dividends paid out since 2005, of which Lampert and his hedge fund ESL Investments Inc. were “major beneficiaries,” according to the papers.
