Eddie Lampert’s hedge fund has a new plan for cutting Sears debt. The main beneficiary would be Eddie Lampert’s hedge fund. Lampert, Sears Holdings Corp.’s CEO, called this past week for the underperforming retailer to stanch the bleeding by paying off certain loans — many of them owned by his hedge fund — while swapping other debt for notes that convert to equity. This comes at a time when Sears stock is hovering just above $1 a share, an 87 percent dive in the past year.