Pushing penny stocks with a half 1 million dollars at a time !
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Don’t just think it know it they have been my broker for a lot of years and what they did to jack me around on trades today when I was trying to buy was assaulting I switched entirely to Fidelity this afternoon because of it
Public disclosure I added significantly to my stock base again today as many others of you did here as well
Timing issues not legal
May I further add that what we need more than anything now is media exposure and lots of it
I believe Niko in the EC committee is fully committed to get us the best value for us that is possible
I currently believe that the real estate inventory cash on hand other assets to be well above 6 billion
And want to publicly think the EC committee are attorneys and CR3 for all of their hard work putting together this case cannot be easy with what they’ve had to work with and as reported in the court this morning they are just now looking at the plan And how it’ll benefit us
I 100 % agree with you This guy may be a loose cannon and is why he is not a part of the EC at all despite his chest thumping what needed to be said today was spot on he did a great job today
I believe the formal EC committee will be formed very soon we just need to be patient for the process to happen
Somebody burn the toast this morning I think it was the short bread
As stated many times over and over and over with so much conviction LOL
Jcpnq Continues going much higher
We will get bought out 100% and there was voice some concerns about all stockholders including those that have been handed down for generations needing to be taken care of this baby is going to fly
Still 6-9 for me
100 % sell to everyone in agreement so far
Yes the judge is talking about railcars not JCPenney’s however this is what the shorts will need to cover and they may need quite a few of these railcars in order to put their cash in to deliver to their brokers
Lmao
And yes they do need the stockholders to survive
You may be forgetting about the NOLs and their value this bid is way too low still
This is just retail playing right now if it were going to zero the institutions would be dumping completely !
This will get bumpy then ballistic Wednesday is the day ;)
you are correct and they’re going to assume the debt
This is at a min in my view !
As jcpnq gets rough then goes ballistic
Just retail buying so far this is great new
No institutional selling at all !!!!
She is going to get rough in a bit but hang on !!
As Jcpnq goes ballistic ;)
Exactly !!!
As Jcpnq goes “much” higher !!!
100% agree let the games begin
This looks a lot like clean up to me all of what I believe will be good news in a very short time
That’s a very interesting question I Believe they would’ve had to report any change legally despite the court in the Bk process
Especially if they had sold
You would be wrong on that one my friend !!
That directly goes to their integrity and I say no they would not sell themselves out
They have no reason to march in to court other than to protect their interest and they were not expecting the judge to and make a completely unprecedented decision and make them head of the EC committee
I’ll bet the wallets here by Wednesday
That pretty well sums it up but I would also suggest with the hard ceiling we’ve had at 36 in the floor of 25 that there’s been every opportunity for everybody to completely liquidate their positions at 25 and yet they keep getting bought up hmmmm
Jcpnq going much higher
Maybe but I don’t think so I have a theory it went to the debtors but I’m not gonna elaborate on it here
I was thinking today but obviously your thought is more correct than mine :)
Good luck to us all
Yes I also bought a few more today FYI
Go big or go home ;)
Jcpnq going much higher
Mark that was the best find of the freaking week great job unbelievable that’s a little more than he leaves and it’s public
Looks like Amazon’s been a little busier than what we all knew.
🚨 $JCPNQ $AMZN WHAAAT??? https://t.co/u1PTNsrf27 pic.twitter.com/6A3Vlw5qby
— 🍀Luck-e 33s🍀 (@goldnleaftrades) July 22, 2020
That is one amazing find their mark
I guess we should know tomorrow there’s no way that won’t make the circuits if it’s true I haven’t verified this on prime clerk yet
Seriously you don’t think for 10 seconds they didn’t read the news that they were going to be delisted
Lmao !!!
As Jcpnq goes muck higher very soon !
Quick question for everyone on this board or anybody who will respond do you think Amazon will acquire JCPenney‘s ?
I agree with all of you I think we do hear something by tomorrow
Thanks for posting large green I find this extremely encouraging amongst others that are all in the hunt !! Nobody wanting to let a good Covid 19 go to waste
There should be no doubt in anyone’s mind there is value with JCPNQ
As it moves much higher !!
I1
6-9
If you can private message me any information whatsoever on this issue
I will see to it does get to the EC committee and our attorneys
I will not be able to respond there as I am no longer a paying member here
On another private note to everyone here any information that you think that you have or think would help on either assets or any other pertinent information that would be important for our attorneys or the forensic accountants to know please message
JCPenneystockholders.com
Or private message me and I will get it to the right people
As Jcpnq moves much higher
Me too friend ;)
Bingo mark !! Best post of the day right there
Just out just now
TO: JC Penney Shareholders
FROM: Ad Hoc Committee of Equity Interest Holders
DATE: July 15, 2020
RE: Status Update Regarding J.C. Penney Bankruptcy
This memorandum is provided by the Ad Hoc Committee of Equity Interest Holders (the “Committee”) in the bankruptcy cases (the “Bankruptcy Cases”) of J.C. Penney Company, Inc.and certain affiliate subsidiaries (the “Debtors”) and provides an update regarding certain deadlines (“Milestones”) established under agreements related to financing obtained by the Debtors’ during these Bankruptcy Cases. The Bankruptcy Cases are pending in the United States Bankruptcy Court for the Southern District of Texas – Corpus Christi Division (the “Bankruptcy Court”).
IMPORTANT INFORMATION REGARDING THE COMMITTEE’S PROFESSIONALS
AS SET FORTH HEREIN, THE COMMITTEE HAS RETAINED PROFESSIONALS TO PROVIDE
LEGAL COUNSEL AND FINANCIAL ADVISORY SERVICES TO THE COMMITTEE IN THESE
BANKRUPTCY CASES. THE PROFESSIONALS DO NOT REPRESENT ANY COMMITTEE MEMBER OR
SHAREHOLDER IN THEIR INDIVIDUAL CAPACITY.
THE INFORMATION PROVIDED IN THIS AND FUTURE UPDATES DOES NOT, AND IS NOT
INTENDED TO, CONSTITUTE LEGAL ADVICE; INSTEAD, ALL INFORMATION, CONTENT, AND
MATERIALS DISCUSSED HEREIN ARE FOR INFORMATIONAL PURPOSES ONLY. INFORMATION
HEREIN MAY NOT CONSTITUTE THE MOST UP-TO-DATE LEGAL OR OTHER INFORMATION.
READERS SHOULD CONTACT THEIR ATTORNEY TO OBTAIN ADVICE WITH RESPECT TO ANY
PARTICULAR LEGAL MATTER. ONLY YOUR INDIVIDUAL ATTORNEY CAN PROVIDE ASSURANCES
THAT THE INFORMATION CONTAINED HEREIN – AND YOUR INTERPRETATION OF IT – IS
APPLICABLE OR APPROPRIATE TO YOUR PARTICULAR SITUATION. RECEIPT OF THIS UPDATE OR
ANY OF THE RESOURCES CONTAINED WITHIN DOES NOT CREATE AN ATTORNEY-CLIENT
RELATIONSHIP BETWEEN THE READER AND THE PROFESSIONALS.
BACKGROUND
The Debtors commenced the Bankruptcy Cases on May 15, 20202 (the “Petition Date”),
filing voluntary petitions (the “Petitions”) for relief pursuant to chapter 11 of title of the United
States Code (the “Bankruptcy Code”). The Debtors alleged, among other factors, that stark
reductions in revenue resulting from store closures amid the global COVID-19 pandemic left the
Debtors with insufficient cash to support operations while servicing existing debt and necessitated
the Bankruptcy Cases. Several shareholders organized to expressed concerns regarding the
Debtors’ decision to commence these Bankruptcy Cases and regarding the projections and
valuations being touted by the Debtors in their court filings. One such group, led by Niko
Celentano, filed a pleading with the Bankruptcy Court seeking either the dismissal of the
Bankruptcy Cases or the appointment of an official committee of equity interest holders (ECF #
319).1 The motion was opposed by both the Debtors and the Official Committee of Unsecured
Creditors (the “UCC”).
On June 9, 2020, a hearing was held to consider the shareholders’ motion. During that
hearing the Bankruptcy Court suggested a compromise that ultimately led to the Bankruptcy Court
entering an order (ECF # 680) authorizing the formation of the Committee and providing up to
$250,000 from the Debtors’ bankruptcy estate toward payment of professional fees for the
Committee in these Bankruptcy Cases. In doing so, the Bankruptcy Court has stated that the
Committee budget has been provided so that the Committee “can become educated, learn exactly
what's going on in the case, distribute that information to all shareholders so that people can make
better educated, informed decisions, whatever those decisions might be.”
UPDATE REGARDING BUSINESS PLAN NEGOTIATIONS
On June 5, 2020, the Bankruptcy Court entered a final order (“Final DIP Order”)
authorizing the Debtors to borrow up to $900 million in post-petition financing (the “DIP Loan”)
pursuant to an approved lending agreement (the “DIP Facility”). Among other provisions, the DIP
Facility establishes certain Milestones by which the Debtors must complete various bankruptcy
case related activities. Of recent public note is a July 15, 2020 deadline (“DIP Business Plan
Milestone”), which has now been extended to July 31, 2020, by which the Debtors were required
to obtain agreement to and approval of a “Business Plan” from certain of the Debtors’ lenders
(including the DIP Loan lenders). This memorandum provides an update regarding the status of
the Debtors’ negotiations related to the Business Plan.
Clarification regarding the nature and purpose of the Milestones, generally, and the
expected Business Plan will be helpful. First, the Milestones are deadlines to which the Debtors
and the DIP Loan lenders have agreed as a condition to the Debtors’ borrowing the DIP Loan.
These Milestones are not – despite entry of the Final DIP Order – deadlines that have been
established by the Bankruptcy Court. Thus, if the Debtors fail to meet a Milestone, they will not
necessarily be violating the Bankruptcy Court’s Final DIP Order but would be in default under the
DIP Facility. Like any other commercial lending relationship, the DIP Loan lenders would then
be entitled to exercise certain remedies – such as accelerating the maturity of the DIP Loan,
refusing to extend further financing, etc. – provided that certain remedies, such as foreclosure
upon collateral, may only be exercised upon further Bankruptcy Court approval. Significantly, the
Final DIP Order expressly provides that Milestones may be extended “without further order” of or
notice to the Bankruptcy Court.
Second, the Business Plan that is required to be approved by certain lenders will not be a
public document and is not required to be approved by the Bankruptcy Court. Instead, the
Business Plan is a proposal to certain lenders, including the DIP Loan lenders, that will be made in
connection with the Debtors’ request that these lenders provide post-bankruptcy financing for a
reorganized company. Importantly, while the information and projections set forth in the Business
Plan, including the proposed corporate and capital structures for a reorganized J.C. Penney, will
significantly impact the Debtors’ path to exit bankruptcy, the Business Plan itself will not likely
set forth how that exit will be obtained. Assuming that the Debtors and the lenders agree to a
Business Plan that the lenders are willing to fund, the Debtors will still be required to file a chapter
11 plan of reorganization (the “Chapter 11 Plan”) setting forth the Debtors’ proposed exit from
bankruptcy and the proposed treatment of its pre-petition claims creditors and equity interest
holders. The Chapter 11 Plan will be required to be submitted to parties-in-interest for voting and
must be approved by the Bankruptcy Court before the Debtors exit bankruptcy.
Currently, the Debtors have proposed, but the lenders have not accepted, a Business Plan.
Negotiations regarding this proposed Business Plan are ongoing. On July 14, 2020, the Debtors
filed a Notice of Revised Milestones indicating that the lenders have agreed to extend the Business
Plan Milestone until July 31, 2020. If the Debtors are unable to reach agreement on the Business
Plan by this date, the DIP Facility requires the Debtors to propose and seek approval of a
Bankruptcy Court supervised sale of substantially all of the Debtors assets rather than Bankruptcy
Court approval of a Chapter 11 Plan (the “Toggle”). Note, such a sale process does not
contemplate a corporate acquisition transaction, but instead, will be conducted as an orderly
liquidation of the Debtors assets. (While we do not yet have reason to believe that a Chapter 11
Plan accepted by the DIP loan lenders will provide a recovery for shareholders, our current
expectation is that recovery for shareholders in an orderly liquidation is very unlikely.) Further, to
be clear, while the Debtors have agreed to the Toggle, the Bankruptcy Court has not ordered that
the Debtors must liquidate if the Business Plan is not accepted by the lenders.
The Committee’s financial advisor, CR3 Partners, is working with the advisors for both the
Debtors and the Creditors’ Committee to conduct due diligence and analysis on the Debtors’
business and proposed Business Plan. This review includes evaluating stores proposed to be
closed, SG&A reductions, capital structure, and the transaction structure the Debtors are
anticipating will be their emergence platform, such that the go forward company will consist of an
operating entity and a real estate entity, or REIT. CR3 will assess the valuation and consideration
for all such proposals put forth by the Debtors.
The Committee will continue to monitor the negotiations related to the proposed Business
Plan in order to assess the impact of such discussions and any related agreements upon the
rights of equity interest holders in these Bankruptcy Cases. Will provide an update when more
information becomes available.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc equity committee
nikocelentano@gmail.com
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That now is a very good question