The remains of Sears Holdings, whose assets were acquired by Eddie Lampert for about $5.2 billion in Feb. following a contentious bidding process, is suing its former chairman for fraudulently siphoning off billions of dollars of Sears’ assets to Lampert’s shareholders. Lampert had tried to elicit a guarantee from the debtor not to sue him during the auction, but the creditors’ committee refused. The lawsuit seeks a finding that pre-bankruptcy asset transfers were fraudulent, and should either be undone, or Sears Holdings should receive appropriate compensation. The suit also names as defendants Lampert’s hedge fund ESL Investments and related entities, ... Log in to view full article.