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Not call because they never tell the truth. they did something on some fmcc pref.stock and Lehman Brother trust perf.stocks years ago .You only can sell but not allow buy .LOL
Did they give a reason for that?
Sorry for ur lost. But im still full confidence on Jr,bonds , today Fidelity cancelled all buy orders on CBJCL that is good sign. we will see some news soon.
Well my family investment of many years into JCP and the over $32,000.00 loss these CRIMINALS created, will offset my taxes for the next few years...
I believe so. They were very small cap though. I heard about them during the Kodak bankruptcy. Someone used them as an example of a crooked bankruptcy. I will see if I can find the names/ticker.
Someone buy tons of golden turd ??? lolol
COTRP UP 98%!
Almost 20K $25 bond certificates were purchased today.
I can hear my wallet getting fatter already . . . fatter with $100's can't even close it.
Were they publicly traded companies?
And which two companies are you referring to?
If I remember correctly, there have only been two roll backs of a public bankruptcy case, and both involved significant, provable fraud. They were also much smaller.
“That's right, the whole thing could be tossed on its keister, conceivably.“
No it can’t. It’s a final order. Done.
In fact, the judge is probably *still* squirting his panties, hoping to god that no one finds out the thing that blows the whole case up. And I am not giving anyone any hints so don't ask.
That's right, the whole thing could be tossed on its keister, conceivably.
The “dispute” would be for someone to file a direct claim with the Court. And that has no realistic chance of working as all of the direct claims have been rejected by the Court.
It’s done. The recoveries have been negotiated and agreed to with the secured creditors, voted on and approved by the Court.
I can’t speak to WAMU not sure how it is comparable to here. In Wamu’s case there was some token recovery by equity so there was more money available across the board.
As I said...the maximum the bonds will see is about one cent on the dollar with 0.05 cents of that guaranteed.
That is what the secured creditors offered, that is what the unsecured creditors voted to agree to, and that is the amount the court approved.
-end-
The POR can still be disputed, can't it? Didn't a similar thing happen with some of Wamu's bonds? I remember reading that some of the bonds saw a recovery from $0 to about $10-11 per certificate, but it took several years and a lot of battling.
Correct...but holders will never see that or anything remotely close. The language being referred to was simply boilerplate used in any bankruptcy that says you can’t get more than the stated value of the security as a result of the process.
But the real limitation is what is in the POR and that is a max of just less than 1 cent on the dollar with the guaranteed amount of 0.05 cents per dollar.
You got it, sort of. Unimpaired value for COTRP, CBTRP, and CBJCL are all $25/share.
“The wording of the approved reorg plan says I shall receive up to the full amount of unsecured notes claim, its pro rata .. etc etc. unless I choose a less favorable pay-out arrangement.
What does that mean exactly?“
That is boiler plate language that basically says you can’t get more than the unimpaired value of the notes under any circumstances. However that language will never be operative because the MAXIMUM value the notes will get under the POR is a little less than 1 cent on the dollar with only 0.05 cents on the dollar guaranteed.
I have some unsecured notes of JCP (The junior bonds). The wording of the approved reorg plan says I shall receive up to the full amount of unsecured notes claim, its pro rata .. etc etc. unless I choose a less favorable pay-out arrangement.
What does that mean exactly? Since my bonds are an unsecured credit notes class, I filed a claim, for the total value of the bonds (approximately $50,000).
Does this mean I get the full amount of my claim + pro rata + earn out?
Each Holder of an Unsecured Notes Claim shall receive, up to the full amount of such Holder’s Allowed Unsecured Notes Claim, its Pro Rata share of any portion of the $750,000 of Cash distributed to the Unsecured Notes Trustees on the Effective Date remaining after the application of such Cash to the indemnification claims of the Unsecured Notes Trustee pursuant to the Unsecured Notes Indentures, plus its Pro Rata share (taken together with the Second Lien Notes Claims and General Unsecured Claims) of any Cash remaining in the Wind-Down Reserve once all Allowed Claims entitled to payment therefrom have been satisfied, no Disputed Claims that may be entitled to payment from such sources remain to be adjudicated, and all First Lien Claims have been satisfied in full, plus its Pro Rata share (taken together with the Second Lien Notes Claims, and General Unsecured Claims) of the Unsecured Claims Earnout Pool.
No idea when that will happen....depends on how long the Earnout period for the unsecured creditors (I can’t recall) or by some luck when they hit the max payout.
I think the tickers need to continue to exist as long as some portion of the payout is still coming.
I was thinking when will the bonds finally be paid and canceled. Or is that not how it’s works this is new to me. Bought the bonds a long time ago.
It is finished up. Common stock has been cancelled.
The bonds will simply trade longer around the bet as to the return which we know the range of. But they are too illiquid to make them a trade.
How long are you expecting this to finally finish up. I am in no hurry but curious. There has been a lot of misinformation on the board for the last 6 months.
The tickers that represent the bonds are not an issuance of the company but a derivative security based on the bonds themselves. The bond tickers will be around for awhile at least until the Earnout payments are complete either by time or when they hit the max payout possible which is about $0.23. Right now the market is pricing the expected total payout at around $0.05. It will likely be done as a “liquidating dividend” and the tickers deleted.
Any idea on where the bonds are at, on what it is we are doing going forward. I thought we would find out fairly soon from the effective date Jan 30th.
An odd lot trade in a penny stock is meaningless. Could be any number of things. The one this am was 2 shares. TWO. $8.95.
The ticker is basically illiquid.
It was and it changes, mostly around market open. I’ve seen the ask for these bonds at $24.99, $4 and $2 during trading hours recently.
It’s an unsolicited quote, which probably
Explains the wild gaps.
The ask was never that high. What is your game?
Did you not look at the trades? The ask was above $4 and someone bought a couple. Happened last week. It won’t register unless it is a trade size above 50 or 100. This was 2 shares, last week was 1
That’s odd, the 52 week high is still showing $1.50? No idea why you are trying to be so misleading, unless you are trying to unload your shares.
It says trades, not “accounting adjustments.”
CBTRP .03 x .3298 insane spread. It does say that MMs dont want to sell CBTRPs, regardless of what bashboys here say.
COTRP trades at $4.2!
Last week was $2.3
The distinction between a direct and indirect claim is that a direct claim is against the company itself. An indirect claim is a claim against a third party on behalf of the company. No direct claim will survive resulting from a bankruptcy which is why they didn’t really care that they would be allowed for waving their vote on the POR.
So exactly what “lawsuits in progress” are you referring to?
That’s incorrect I believe. The direct claims are claims against the former executives, such as Jill & Bill. Direct Claims against JCP or Old Copper will be invalid, I believe.
I'm not even thinking about 'former stock' - I stopped reading your response right there, sorry.
Those lawsuits, which ever ones actually get to court have ZERO to do with or impact on the former stock. They would be individual suits that can only be a direct claim and so far I am not aware of any that have been allowed to move forward as a direct claim....because former shareholders will find it very difficult, if not impossible to exert a direct claim for a variety of reasons. And even if one did and was successful it would only benefit the individual who filed it...but then they would have to be filing it against Old Copper which no longer has any assets.
Lawsuits still in progress . . .
“...bankruptcy proceedings still in progress!! “
The bankruptcy POR went effective on January 30, 2021. The proceedings are done.
Yes let them know this really is all thats left of the old JCPenney that won't get wiped out! $25/share potential!
Reddit could cause this to explode !!
The waterfall stops with COTRP, CBTRP, and CBJCL - the 3 Horseman of The Apocalypse!! All future recovery comes to them!
It represents all the uncollected legacy debt - bankruptcy proceedings still in progress!!
Yet COTRP bonds explode!
For players, maintaining chatter is paramount. Chatter is hope for them and hope -- not reality -- is why they play junk.
Also some posters try to lure marks into their next P&D. Don't fall for it. JCP commons are gone as you've nicely set out over that past many months.
“I like the unknown unknowns, the unexpected unexpecteds.“
It’s how false hope is born.
I like the unknown unknowns, the unexpected unexpecteds . The mathematician in me has a hard time giving anything absolute 0 or 100 percent.
Probability in this case leans to almost exactly 100% chance CPPRQ will never come back and that those who held, they will have to file individual claims for their losses.
I don’t know how likely it is to collect in that respect. Look at OJ Simpson. I read yesterday he owes 75M in civil and has coughed up a couple hundred thousand over the past 20 or so years.
“...but I’d place the odds of something like that at to winning a powerball, plus a thousand times more difficulty.“
So why is it even worth considering?
...seriously.
At least with a Powerball you know the mechanism by which it could happen. They pick your numbers as unlikely as that is.
There is no mechanism for the return of CPPRQ.
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JCPenney Company, Inc is an American department store chain with 865 locations in 49 U.S. states and Puerto Rico. In addition to selling conventional merchandise, JCPenney stores often house several leased departments such as Sephora, Seattle's Best Coffee, salons, auto centers, optical centers, portrait studios, and jewelry repair.
Most JCPenney stores are located in suburban shopping malls. Before 1966, most of its stores were located in downtown areas. As shopping malls became more popular during the later half of the 20th century, JCPenney followed the trend by relocating and developing stores to anchor the malls. In more recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some freestanding stores, including some next door to competitors. Certain stores are located in power centers. The company has been an Internet retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.
J. C. Penney introduced its own private brands when some suppliers denied access to the expected inventories.
On October 2, 2018, JCPenney announced former Jo-Ann Stores CEO Jill Soltau as their CEO, effective October 15, 2018. With the announcement, JCPenney's shares rose 9%.[69] The company ranked 235 on the Fortune 500 list of the largest United States corporations by revenue.
On December 26, 2018, the stock price of JCPenney (NYSE: JCP) fell below $1 per share. This was the first time shares fell below $1 ever in the 110-year history of the company, which started trading on the New York Stock Exchange in 1929. The stock fell 68% over the course of 2018, including a 30% drop in December 2018 alone.
On February 6, 2019, JCPenney said it would stop selling major appliances on February 28 "to better meet customer expectations, improve financial performance and drive profitable growth." It will continue to sell furniture online and in Puerto Rico stores—but not anywhere else. "Optimizing the allocation of store space will enable us to prioritize and focus on the company's legacy strengths in apparel and soft home furnishings, which represent higher margin opportunities," the company said in a statement.
On February 28, 2019, JCPenney announced its intent to close 27 stores in 2019, including 18 full-line department stores and nine home-and-furniture stores. The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter.
On March 26, 2019, JCPenney announced the hiring of Bill Wofford as Chief Financial Officer. Wofford came to the company from Vitamin Shoppe, where he had served as CFO since June 2018.
On May 21, 2019, JCPenney announced that Shawn Gensch will be their Chief customer officer to take effect on June 3, 2019. Gensch comes from Sprouts Farmers Market where he was their CCO. Also on May 21, JCPenney announced a net sales decline of 5.6% and a net loss of $154 million for its fiscal first quarter of 2019, which ended on May 5.
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