Sears Chairman Eddie Lampert seemingly swooped in once again to save Sears, with a plan to pay to support it through its bankruptcy operations. Now, though, there is a new catch. He will only put in more money if his investment is further protected.
If that catch isn't resolved, it could cast Sears' future in serious doubt and lead to the end of the famed retailer.
When Sears filed for bankruptcy last week, it said Lampert's hedge fund, ESL Investments, was in talks to lead a $300 million debtor-in-possession loan to support the retailer through bankruptcy. That loan came in addition to the $300 million it secured from investment banks Bank of America, Citigroup and Wells Fargo. It was junior to the investment banks' loan, meaning ESL would get paid back after the banks.