EFTA00679868.pdf

From: To: [email protected] Subject: Fwd: FW: (BNA) Sears Pension Plan Gains Protection Under PBGC Pact Date: Wed, 09 Sep 2015 17:57:03 +0000 From: To: Sent: 9/9/2015 1:41:53 P.M. Eastern Daylight Time Subj: FW: (BNA) Sears Pension Plan Gains Protection Under PBGC Pact Sears news story.... Bob Haviland Toll Free Direct Mobile Sears Pension Plan Gains Protection Under PBGC Pact 2015-09-08 17:00:53.596 GMT Sears Pension Plan Gains Protection Under PBGC Pact By David B. Brandolph Sept. 8 (BNA) -An agreement between the Pension Benefit Guaranty Corporation and Sears Holdings Corp. will create potential liens in favor of the PBGC on property held by Sears' subsidiaries to protect Sears' pension plan participants in the event of the company's failure to make required plan contributions, the PBGC announced Sept. 4. The agreement requires Sears to protect the assets of several special purpose subsidiaries that hold real estate and/or intellectual property assets, the agency said in a news release. The subsidiaries will grant liens on the protected assets on behalf of the PBGC that will be triggered if Sears fails to make required plan contributions or makes prohibited transfers of ownership interests in the subsidiaries. The liens will also be triggered if Sears terminates the plan or if the company or certain subsidiaries enter into bankruptcy, the PBGC said. In addition to providing protection to the PBGC's termination insurance program, the agency said the agreement provides protection to the plan's 200,000 participants. Copyright © 2015, The Bureau of National Affairs, Inc. Reproduction or redistribution, in whole or in part, and in any form, without express written permission, is prohibited except as permitted by the BNA Copyright Policy. http://www.bna.com/corp/index.html Robert W. Baird & Co. Incorporated does not accept buy, sell or other transaction orders by e-mail, or any instructions by e- mail that require a signature. This e-mail message, and any attachment(s), is not an offer, or solicitation of an offer, to buy or sell any security or other product. Unless otherwise specifically indicated, information contained in this communication is not an official confirmation of any transaction or an official statement of Baird. The information provided is subject to change without notice. This e-mail may contain privileged or confidential information or may otherwise be protected by other legal rules. Any use, copying or distribution of the information contained in this e-mail by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer on which it exists. Baird, in accordance with applicable laws, reserves the right to monitor, review and retain all electronic communications, including e-mails, traveling through its networks and systems. E-mail transmissions cannot be guaranteed to be secure, timely or error-free. Baird therefore recommends that you do not send any sensitive information such as account or personal identification numbers by e-mail. Unless otherwise specified, Baird is not and will not be acting as a municipal advisor to you and this message and any opinions, views or information contained herein are not intended to be, and do not constitute, "advice" within the meaning of EFTA00679868 Section 158 of the Exchange Act of 1934 (the "Acr). Baird is engaging in principal transactions with you, but such transactions will not be related to a municipal securities offering or municipal financial product to which Baird is providing or has provided advice to you. In providing this information, Baird does not owe you a fiduciary duty pursuant to the Act. You should discuss the information contained herein with any and all internal and external advisors and experts you deem appropriate before acting on the information. EFTA00679869