I don't know much about how this stuff works but this whole thing sounds off to me. After six years of Lampert's direction the company is in the hole. Lampert is offering to buy it, at what I assume is a lowest-Sears-could-ever-sell-for price. How can he be so confident he can save the company, if that's what he was trying to do before?
There may be more yet more money that can be extracted before it finally closed for real.