What is Sears CEO Eddie Lampert doing?

Are you kidding?

Embattled Sears (SHLD) CEO Eddie Lampert said in a letter to Sears on Monday, through his ESL holding company, that he would like to buy the SHIP and Part Direct businesses for $500 million from the company. The bizarre nature of the letter isn't hard to detect: the largest shareholder of Sears essentially sends a letter to himself. The message: if Sears wants anymore money off ESL, it will have to fork over another valuable asset (in this case, two assets).

Here's a key excerpt from the letter:

"We continue to see value in Sears and its underlying assets and believe strongly that with an appropriate runway Sears will be able to complete its transformation to respond to the challenging retail environment. We also are of the view that the portfolio of Sears' assets has substantial value that is not being reflected in the capital markets or being maximized under the current organizational structure. These assets include the Kenmore brand and related assets ("Kenmore"), the Home Improvement business of the Sears Home Services division ("SHIP"), and the Parts Direct business of the Sears Home Services division ("Parts Direct")."

In effect, Lampert has found a potentially new way to suck Sears dry. While trying to do so, Lampert has taken a crack at boosting Sears' sagging stock price. Shares initially popped 12%, but finished the session up 7%.  

Watch below TheStreet's live analysis of this news, which explains why the stock may be right to trade off its session highs.

Are you kidding me with this Sears news? $SHLD https://t.co/ZBqbgtxI80

— Brian Sozzi (@BrianSozzi) April 23, 2018