The Creditor's case is simple. Eddie transferred property from Sears to Seritage, improperly moving those secured assets out of the reach of creditors. How do they know they were improperly valued?
Seritage's asset value went up by a $400M immediately, and Sears' fell by a billion immediately. Yeah, it's out of federal statute of limitations. So what. It's still in New York statute. They don't give a hoot if shareholders were properly compensated. They're not shareholders, they're creditors, and they weren't compensated a single penny. There's precedent for fraudulent conveyance too. Look what happened with Chesapeake. That lawsuit ended up with Chesapeake paying a cool $5B. Eddie thinks he's going to make them going away with his paltry $35M offer? He's got another think coming. They're coming for the whole $3B, and the $6B in shareholder buybacks, and every last penny ESL is worth.
This is a report from @XbjaETJ-mwt . Thought that the OP was on point.