Why try to revive Sears now after years of unsuccessful effort? : Sears Chairman Eddie Lampert may have himself to blame for the rejection of his bid to take over the bankrupt retailer. Lampert wanted his payment for parts of Sears Holdings Corp. (shld) to include the conversion to equity of $1.3 billion in debt that his hedge fund extended to the retailer. Those loans, however, are the subject of controversy. Other creditors have threatened to pursue claims against Lampert and the hedge fund, ESL Investments Inc., claiming the deals created conflicts of interest.