Given all that, a source said at the end of the day Lampert is no Carl Icahn, willing to declare victory and walk away, after reaping huge profits from his investments in Sears and Kmart. Lampert believes he can still make more money, as he has a few more tricks to play at Sears, and hopes to ultimately have a decent ending and not "screw" everyone over, including Sears' creditors.

Rob Schriesheim, Sears Holdings' CFO, said in a March 24 blog post on the company's website that the company's poor performance should not be equated with a lack of financial resources.

"We have the benefit of a flexible capital structure: our $3.275 billion domestic credit facility is in place through April of 2016 and we have no significant term debt maturities until late in 2018," he wrote.

He said that the company has $18 billion in assets on its balance sheet, including a real estate portfolio that has an "accounting value" of $5 billion. Schriesheim also said in the post that Sears Holdings had $885 million in availability on its revolver, and is allowed to raise up to $760 million in second lien debt.

As of Feb. 1, Sears Holdings had nearly $580 million in cash and cash equivalents, while Sears Canada, a unit of which it owns 51%, had cash and cash equivalents of about $450 million. Secured short-term borrowings were about $1.3 billion, while the retailer had only $9 million of unsecured commercial paper, also as of Feb. 1. Sears has total debt of about $4.2 billion. Long-term debt was nearly $2.6 billion and capitalized lease obligations were nearly $350 million.

Sears declined to comment on its commercial paper situation, as well on the issue of whether it might consider a Kmart spin off.

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