Sears Holdings (NYSE: SHLD) had been on a tear for the past few years, as investors were buoyed by hopes that hedge fund manager/CEO Ed Lampert could do great things with the company -- possibly even make it the next Berkshire Hathaway (NYSE: BRK.A).

But Sears under Lampert has not been without its detractors, who fear that the company is neglecting its flagship retail stores to focus on non-retail investments. Back in June, Julie Tilsner wrote about Why Sears Stinks, and the stock has stunk since that time too -- big time. But Barron's thinks that there may be value here -- and that Sears' weak operating performance could push Lampert to unlock value sooner. His hedge fund owns 45% of the company:

Likewise, Sears' business is getting short shrift, as some of Lampert's restructuring efforts are likely to bear fruit. Too, the retailer's real estate has considerable value that is not reflected in the stock. Add up this real estate, valuable brands like Kenmore and Craftsman, and Sears' huge appliance and home-remodeling business, and the company could have a liquidation value of more than $300 a share. The worse Sears performs in the next year or so, the more likely Lampert is to monetize and harvest this potential real-estate bonanza.

If Sears' liquidation value really is that high, it looks like a no-brainer buy here at $130. Getting a manager with Lampert's track record -- and a huge personal stake in the company -- in the executive suite at a fraction of liquidation value is intriguing.

The uncertainty surrounding Sears' retail operations could be a case of optionality at its finest.