The idea of going private seems to be the biggest boon for Sears' shareholders -- CEO Eddie Lampert, who is already the company's largest shareholder and has his own hedge fund, ESL Investments, could take the company private if he wanted to, especially now that Sears' market cap is less than $500 million. Instead, Lampert seems to be positioning himself to capitalize on Sears' assets in a bankruptcy by making loans to the company and spinning off 241 stores into Seritage Growth Properties ( SRG -0.33% ), a Real Estate Investment Trust.