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Well they won't now . . . so we won't. We own the debt. How much is it worth? Maybe something, maybe nothing.
Well if unsecured get a dollar, we will be made whole. And of course we can continue our debate on how.
I think we are getting closer to some final answers. At best we will not be made whole. Our debt is secured and stands above unsecured holders in the waterfall. Still no indication of what we get, if anything.
1263
Affidavit Re: of Liz Santodomingo Regarding Claims Administration Status Final Report and Notice of No Distribution to Holders of General Unsecured Claims. (related document(s):1245 Status Report). Filed by Kroll Restructuring Administration LLC
Attachments:
Related: 1245 11/30/2023
It really does - so much has changed.
Well I guess it doesn’t matter what we think, just gotta wait and see about this Earnout period.
LOL meaningless . . .
Obviously you haven’t read and studied all your investments. So I don’t wish nothing. But it doesn’t matter. Go find the link yourself.
A presentation entitled “Emergence Analysis” dated Sept. 4 2020 in the 8-K includes the following sources and uses and exit capital structure for J.C. Penney and the related transactions. The presentation, prepared by Lazard, assumes a $300 million equity investment, $500 million in take-back debt, a $310 million FILO and $497 million drawn on the exit ABL to finance the transactions. Lenders would receive $318 million cash distribution in addition to the $500 million take-back debt. The ABL balance of $1.263 billion assumed as of Oct. 3 would be paid down
They don't own the debt . . . the claimants do. If the claimants are satisfied we get the leftovers. The End.
Just because you can dream things up doesn't make it happen.
Shares of SPG, not JCP. I know they’ve been cancelled. The new owner of the debt.
No longer enforceable. Court rulings prevail.
The prospectus === Contracts . You cant cancel the Trust's contract .
JCPenney is no longer in Chap 11. The bankruptcy case is over. JCPenney emerged as a private company in Dec 2020.
I sure hope you are right!!!!holding 7068 shares or whatever they call them
Can't get shares. Shares have been cancelled.
Exactly, everything is renegotiable in a chapter 11.
That’s where we differ in opinions. It always traded. Even now we can only SELL. So the prospectus is still in place. If not, what would you use to pay your cold hold cash? I think we get shares or dividends. But will be good either way and we will be drinking our drink of choice at the end of this.
The prospectus went out the window in the bankruptcy. The only thing this could get converted to is cold, hard cash.
You’re correct, but that bankruptcy didn’t make total sense either. They had to have some inside help to do some of the things that were done. We’re lucky we survived. I don’t see them giving up much cash to put this behind them. I went back and read the prospectus and nothing prevents them from changing these to commons or just relisting. Simon Property Group will tell of the challenging times in this illiquid market and will do what’s best for them. If they could’ve cancelled us, they would’ve already. I wish I could buy more.
I will hold for as long as it takes. For the end of this one way or the other
It would be like trading a CD . . . doesn't make sense.
I think thats the correct call. Then you don’t have to pay the value of the debts just let em trade and pay back dividends. Put em back on SP’s books and that completes the bankruptcy.
Trust pref back to markt that is good for business. IMO wait and see
If there is a recoverable amount, that would be refunded to the holders on a pro-rata basis.
" Holders could get a distribution"
What is the "distribution" you talking abt?
How can it. Holders could get a distribution, though.
I think it is a high probability that the trust preferred stocks will return to the market. Time will tell. Wait and see.....
Nothing different from the last report than the previous ones. Can't draw any conclusions until all the claims have been resolved.
Looks like we got screwed as per the latest status report.
Totally disappointed that even the earnout was in a loss, so we are getting nothing from that.
Oh well, let's see how the trustee responds.
Any chance they just pay back dividends and resume trading? Would save a lot of money doing it this way.
Hopefully we will get a good deal!!!
I tried to move these holdings over to my Roth. CS said it was approved and should be no problem then I get a call yesterday saying it would not be possible…go figure.
There is the anticipated ending date of 12/31/23 and they are still resolving claims, so will see. If you look back in the docket this kind of thing has been going on pretty steady. I would put no importance on trading activity. I doubt anyone has a clue at this point.
Maybe the trust stocks will be resolved in the near future and CBJCL has no record of trading for a month, which has never happened before? Very busy in the Court !
Looks like they are still grinding through claims and making sausage . .
1241
Stipulation and Agreed Order Between the Wind-Down Debtors and Donna Gerogio (Related document: 1238 Stipulation). Signed on 11/6/2023.
Attachments:
Related: 1238 11/06/2023
Thank you 8lang I try to follow along but it feels like I’m reading Chinese somedays. I need to try harder that’s for sure. I appreciate the response
Yukii, IMO if you play BK stocks, you have to follow BK court docs, That is you only way to get REAL informations. IMO JCP will end of CH11 soon.
Hey 8lang what do you make off this? It’s all a different language to me to understand. If you can greatly appreciate your thoughts
Very busy ! 😅
1238
Stipulation By J. C. Penney Direct Marketing Services LLC and Donna Georgio. Does this document include an agreed order or otherwise request that the judge sign a document? Yes. (Filed By J. C. Penney Direct Marketing Services LLC ).
Attachments:
Related: 11/03/2023
This looks promising.
End very near !
1237
Motion for Withdrawal of the Reference and Referral of Motion for Relief under Rule 60(b)(6) and Related Matters Filed by U.S. Trustee US Trustee 11 (Attachments: # 1 Proposed Order)
Attachments: 1
Related: 11/02/2023
1236
Motion for Relief From Judgment or Order Pursuant to Federal Rule of Civil Procedure 60(B)(6) and Federal Rule of Bankruptcy Procedure 9024 Approving Any Jackson Walker Applications For Compensation and Reimbursement of Expenses Filed by U.S. Trustee US Trustee 11 (Attachments: # 1 Proposed Order # 2 Exhibit)
Attachments: 1, 2
Related: 11/02/2023
Anyway you can update what this was about? No link
1232
Affidavit Re: of Liz Santodomingo Regarding Notice of Status Conference. (related document(s):1231 Notice). Filed by Kroll Restructuring Administration LLC
Attachments:
Related: 1231 ---------------- 10/30/2023
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