Why would Sears reject Lampert's offer?

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Does the board believe that the liquefied assets are worth more than his offer?

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Yes

The creditors are done. No one has any faith that Lampert could actually turn it around. For this deal to have worked, the creditors and suppliers would have taken it in the shorts currently but lived to maybe make some money later on down the road as Sears improves. But no one in their right minds thinks Sears would actually improve.

Cut your losses, get what you can get in the liquidation, and move on.

LINK

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Sears reaches 11th hour deal to stay in business

Sears was facing the possibility of shutting down, until it reached an 11th-hour deal Tuesday to stay open, at least for now.

After two long delays at a morning hearing in bankruptcy court, attorneys for Sears announced it had accepted a revised bid from a hedge fund controlled by Eddie Lampert, the chairman and former CEO of Sears. The deal would keep 425 of the stores open.

Lampert's $4.4 billion offer does not complete the sale, but rather starts an auction that is due to be completed on January 14. It is still possible that those wishing to shutdown the company will bid more for the assets than Lampert is offering.

Judge Robert Drain still needs to approve the agreement, but called the deal "a good development."

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