Since he bought his shares when they were at $5 ... come on people the end is near every money man can see it happening, Eddie just pull the trigger on this place and end the madness
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When a company goes bankrupt, the stock becomes worthless. He won't make his money on that. Instead, he will get it by having assets cover the loans. He will get it by breaking leases that Sears is holding with Seritage, then releasing the properties to other companies. He won't get it directly from the bankruptcy. But he has it all figured out.
The stock is mostly just a footnote now. It rose as a result of the loan, but it will fall with the results of business losses. It will rise and fall, but ultimately, it is headed to zero. All I can say is don't fall into the trap of trying to buy and hold this POS. If you feel like gambling, go ahead and make a play on the volatility, either on a rise or fall, but be prepared to lose money (just like gambling).