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JC Penney Corts Tr Debentures (COTRP)

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Last Post: 3/4/2021 12:30:55 AM - Followers: 10 - Board type: Free - Posts Today: 1

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

Ticker Symbol COTRP 

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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#29   I think once we are paid up to MasterBlastr 03/04/21 12:30:55 AM
#28   I wonder what happened to the cash that DDMasterStocks 03/03/21 10:26:54 PM
#27   Its getting late, but I wanted to slap MasterBlastr 02/23/21 10:20:31 PM
#26   Nothing of note has jumped out. I MasterBlastr 02/23/21 03:03:53 PM
#25   It says I need 4 on topic board GBExpress 02/23/21 02:34:22 PM
#24   "Based on my calculation (which I have not mrpennystocks 02/23/21 01:45:22 PM
#23   This repost of pertinent information, thanks to GBExpress - MasterBlastr 02/23/21 12:41:17 PM
#22   I just got approved as a mod. MasterBlastr 02/23/21 11:50:31 AM
#21   Thanks for that informative post. Its just MasterBlastr 02/23/21 11:44:05 AM
#19   You were one of the few Voices of MasterBlastr 02/23/21 02:30:23 AM
#17   COTRP has a market cap of 400K. mrpennystocks 02/20/21 12:54:27 PM
#16   Oops thought my connection died :p MasterBlastr 02/17/21 02:58:17 PM
#15   I will not, personally. I have enough. MasterBlastr 02/17/21 02:55:32 PM
#12   Thx, should we be buying more? PARker1703 02/17/21 02:49:02 PM
#11   We're still in the running ;) MasterBlastr 02/17/21 02:47:33 PM
#10   So I have 2068 shares of cotrp that PARker1703 02/17/21 02:33:51 PM
#9   Direct Claims are due by 2/15/2021. mrpennystocks 02/12/21 01:17:30 PM
#8   I also asked GBExpress, who is a pre-bk MasterBlastr 02/12/21 11:49:31 AM
#7   We should add that there are two other MasterBlastr 02/12/21 11:47:49 AM
#6   US Bank is the trustee for COTRP. Standard mrpennystocks 02/11/21 04:41:25 PM
#5   Share structure for COTRP bonds is mrpennystocks 02/11/21 04:40:02 PM
#4   It is currently trading at .05 to .11 mrpennystocks 02/11/21 04:38:36 PM
#3   These bonds have a face value of 25$ mrpennystocks 02/11/21 04:38:12 PM
#2   Welcome to COTRP! mrpennystocks 02/11/21 04:37:33 PM
#1   Just created my first board and added myself RickNagra 08/21/20 05:07:48 PM
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