He set up Seritage before, to reap the benefits of the real estate transactions.
He should have set up a law firm too, to get the benefits of the legal costs. An article states that they will run into the hundreds of millions of dollars.
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As a creditor ESL / Lampert and Transform Co are technically beneficiaries of a bankruptcy while Sears (the company itself) is a debtor. I mean in this manner: The debtor arranges DIP financing. Legal fees come from the DIP / Sears ... not from the creditor (ESL / Lampert)! KEIP (Key Employee ) bonuses also come from the DIP. This may seem to be adverse to "creditor" concerns; and it is for "unsecured" creditors and even "unpaid" secured creditors. But the biggest secured creditors can get and use "Credit" bids on assets (100 cents on the dollar... but only good on asset bids and if the assets are "won" ... ie not outbid by someone having cash).
So; because ESL pays virtually no direct legal fees (SEARS / DIP does) AND because DIP pays KEIP bonuses... no reason not to get the best lawyers and arrange the biggest bonuses.
Knowing this may help understand why Sears would have lawyers having extreme hourly fees.
If it is any consolation the US TRUSTEE asked and was granted to have a FEE EXAMINER examine fees that can be clawed back. THIS IS NOT the norm; and in this case some fees will probably be clawed back as even PRIME CLERK (a for profit entity) is at jeopardy of not being paid!
Gotta be a lawyer to have an ownership stake in a law firm unless you're in DC