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JC Penney Corts Tr Debentures (COTRP)

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Last Post: 5/13/2022 4:00:59 PM - Followers: 23 - Board type: Free - Posts Today: 0

CORTS TR J C PENNEY CORPORATE-BACKED TR SECS CTF (7.625%)

Ticker Symbol COTRP - CUSIP No. 220803100

Pink Current Information 





COTRP is a junior subordinated debt security that is being paid pari-passu (equal standing) with
CBTRP - SELECT ASSET INC. 7% CORPORATE BACKED CALLABLE TRUST CERTIFICATES
CBJCL - CORPORATE ASSET BACKED CORP (CABCO) TRUST J.C.PENNEY 7 5/8% DEBENTURES

in accordance with the JCPenney Plan of Reorganization
 
 

What are Corts?  They are not preferred stock or trust preferred securities, but they are comparable.
They are $25 face value, exchange-listed instruments that pay interest at a fixed rate.

The Corts (corporate-backed trust securities) are issued by a trust containing J.C. Penney bonds.
The trust was by underwriters, in this case Salomon Smith Barney, with PaineWebber as co-manager.
The underwriters bought a $100,000,000 block of J.C. Penney bonds with a 7 5/8% coupon
maturing in 2097 in the secondary market (the bonds were issued in 1997) and put them in a trust.
Then the trust issued 4,000,000 shares at $25 apiece.

It's essentially a re-denomination of the bonds to give them a face value of $25 instead of $1,000.
This type of security is sometimes called a pass-through.
The payments on the bonds pass directly through the trust to the investor.
Each shareholder collects his or her portion of the income payments on the bonds semiannually.


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Link to JCPenney docket as found on Prime Clerk

https://cases.primeclerk.com/JCPenney/Home-DocketInfo

 

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#1130  Sticky Note Link: https://cases.ra.kroll.com/jcpenney/Home-DownloadPDF?id1=MjEyNTg5OQ==&id2= mrpennystocks 04/15/22 05:35:49 PM
#1103  Sticky Note https://investorshub.advfn.com/uimage/uploads/2022/4/14/rxpfoStatus_Report. Desperado90 04/14/22 07:24:29 PM
#1162   https://www.dallasnews.com/business/retail/2022/05/13/jc-penney-is-moving-back-i JblJoe 05/13/22 04:00:59 PM
#1161   https://www.dallasnews.com/business/retail/2022/03/30/some-of-jc-penneys-retiree JblJoe 05/13/22 04:00:16 PM
#1160   J.C. Penney is moving back into its former Cuppy 05/13/22 11:38:02 AM
#1159   Volume and some action??? Miami Sun 05/10/22 11:55:16 AM
#1158   The quotes are unsolicited and unreliable. If you’re mrpennystocks 05/03/22 04:09:27 AM
#1157   I just don’t get why someone buys at PARker1703 04/29/22 12:19:14 PM
#1156   I’d like to know how much if that mrpennystocks 04/27/22 03:42:24 PM
#1155   Yep. Cuppy 04/27/22 08:02:24 AM
#1154   If they have money to buy Kohl, they Miami Sun 04/27/22 06:15:24 AM
#1153   https://www.dallasnews.com/business/retail/2022/04/25/jc-penney-owners-reportedl Cuppy 04/26/22 09:38:44 PM
#1152   Interesting. Thanks. MasterBlastr 04/22/22 10:41:14 PM
#1151   I talked to Kubin. Senior notes are BOKF mrpennystocks 04/22/22 10:28:31 PM
#1150   Total $ amount of allowed claims in Class MasterBlastr 04/22/22 01:33:35 PM
#1149   We already know from the last filing that MasterBlastr 04/22/22 12:38:57 PM
#1148   Fingers still crossed PARker1703 04/22/22 10:51:44 AM
#1147   Some pretty good volume lately. I know it Miami Sun 04/21/22 03:12:52 PM
#1146   Has it been 3 years? Good lord, well mrpennystocks 04/16/22 08:23:24 PM
#1145   Correct, it doesn't guarantee anything yet. Desperado90 04/16/22 06:58:40 PM
#1144   I’ll point out while this is wonderful news mrpennystocks 04/16/22 06:47:26 PM
#1143   Its in Docket 561 - on your posting MasterBlastr 04/15/22 08:23:37 PM
#1142   I’m going to read through this all over mrpennystocks 04/15/22 08:09:08 PM
#1141   Yes. MasterBlastr 04/15/22 07:05:47 PM
#1140   Claim 3856 went to $0, but there must mrpennystocks 04/15/22 06:47:06 PM
#1139   I wasn't aware that this changed (happened recently), mrpennystocks 04/15/22 06:42:03 PM
#1138   Is that one of the two claims or mrpennystocks 04/15/22 06:40:06 PM
#1137   I found the Claims Register - MasterBlastr 04/15/22 06:26:54 PM
#1136   I spoke to George Kubin last year, I mrpennystocks 04/15/22 06:09:48 PM
#1135   Yep. They hid their hand pretty well. MasterBlastr 04/15/22 05:59:58 PM
#1134   It’s been in the works for a while, mrpennystocks 04/15/22 05:54:19 PM
#1133   Interesting that BOFK (Bank of Oklahoma) is the MasterBlastr 04/15/22 05:52:06 PM
#1132   I filed a claim a couple years back. mrpennystocks 04/15/22 05:40:14 PM
#1131   Yes, you are welcome. Do we MasterBlastr 04/15/22 05:37:06 PM
#1130   Link: https://cases.ra.kroll.com/jcpenney/Home-DownloadPDF?id1=MjEyNTg5OQ==&id2= mrpennystocks 04/15/22 05:35:49 PM
#1129   Thank you MB mrpennystocks 04/15/22 05:31:50 PM
#1128   Very interesting release These stick out: Claim No. 3895, regarding mrpennystocks 04/15/22 05:31:08 PM
#1127   Docket 561 MasterBlastr 04/15/22 05:23:03 PM
#1126   Guys I got an update from the J. MasterBlastr 04/15/22 05:06:29 PM
#1125   Yes - while there are prospects of obtaining MasterBlastr 04/15/22 07:42:26 AM
#1124   Masterblastr I feel your pain. I’m also in Yukii 04/15/22 12:21:11 AM
#1123   This is my first bankruptcy stock. Don’t think mrpennystocks 04/14/22 11:10:53 PM
#1122   Yes. I keep going back to my MasterBlastr 04/14/22 11:08:46 PM
#1121   True very very true my friend thanks again Yukii 04/14/22 11:04:23 PM
#1120   Yep - exactly what I just said. But mrpennystocks 04/14/22 11:03:31 PM
#1119   Thank you penny for the info. I’m in Yukii 04/14/22 11:01:27 PM
#1118   I think what you say is probably true. mrpennystocks 04/14/22 11:00:58 PM
#1117   Seems that U.S. Bank is being sued because MasterBlastr 04/14/22 11:00:10 PM
#1116   Lets say you were a wholesaler that never MasterBlastr 04/14/22 10:50:19 PM
#1115   You really need to consult a lawyer. This mrpennystocks 04/14/22 10:36:53 PM
#1114   No. mrpennystocks 04/14/22 10:33:55 PM
#1113   If you have a claim as a creditor. MasterBlastr 04/14/22 10:29:56 PM
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