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So if they cover they expect a wipeout?
I think the games will continue till more shorts are covered. At least until some sunlight is exposed. Silence and negativity are the best weapons a short has right now. Hope I’m wrong but will buy a whole lot more if the get this in the teens before 7/1.
So companies have to hold more “Cash” than debt? And equity and cash equivalents play no part? Come on man...that’s 75% of the companies out there.
This makes no sense.
Been reading about possibilities for Amazon. Seems like they may be interested in the distribution centers and JCP could not sell those or risk creating supply line issues with remaining stores. May make more sense to sell to mall owners if they want everything.
Thanks hotmeat...all the lawyer talk is confusing.
What does that mean? Lawyer talk...
Bob,
Never forget the game though. Remember Wamu’s original plan to cancel equity was approved and they tanked it down to 2-3 cent. If it happens here and they have to appeal...don’t forget. I hope this is nothing like WAMU, but you never forget the process. No mater what the A vs. L equals.
No there’s no more LT after March 2021.
I thought the bankruptcy ended around 1/23/20 and 180 calendar days would put us around 7/21. This is the debate about when the “official” date for the bankruptcy ended. They seem to push everything out so I choose to look at the last possible day.
I think it’s after 7/21 but in any case we will wait. We’ve waited this long WTH.
I thought they would need to reveal all interested parties by 7/13?
This has since been revised to a lower number and I believe that’s why the mall owners are looking to buy. All 200 of those stores would’ve been in malls and shut down foot traffic. I just can’t find the article.
Mark I also think the corporation responsible for hiding info can be sanctioned rather than a full dismissal.
Thought that dismissal was already ruled on. This new one is from the Trustee and I think it can be ignored if all just come forward.
I was hoping no one would respond with this knowledge.
Gotta break .43 but it’s consolidated nicely.
Well that’s good. Nike would not continue a contract with someone going out of business.
What are the resistance points anyone?
You know that’s not comparable. 2008 was different but we have bad memories that we can’t shake.
Still not attached...what does it say?
I hope it’s higher than that. But that would put us at a triple. It’s fair and reasonable.
Can we confirm this? What time tomorrow?
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I’m not so sure JCPENNEY has to sell.
They’re not truly bankrupt and they will be closing many bad leases. Just looking over past financials. They could go the way of Belks in Charlotte NC and build stand alone smaller buildings. They already have 400+ stand alone stores that’s being used as collateral.
Just putting the thought out their just in case they crash this on a no deal news release.
Agree, plus there’s 4 companies looking over it. I hope for a bidding war. But realize these things take time.
But they transferred buildings (Kmart) and land out of the company and oh yeah, we tried to wipe out the shareholders.
When this runs it will be remembered for years.
Sorry to that brother, I’ve never heard of that happening. I hope you can raise some cheddar here. Opportunity’s do come.
Reminds me of Godfather I....”The Rent stays the same”! We can pay the rent...idiots. I’m doubling down.
WTH!! What kinda Bankruptcy is this??
They trying to get out of bad leases.
They shouldn’t be in this court.
Phone lines maxed out BillyRay.
Bob we also know not to get to excited over these hearings. The action is always after hours.
Thinking they’re pushing price down for lowball offers. Even a buck a share is a premium if it’s trading at twenty-five cent.
This......Motion filed June 11/2020 : Due to a possible Creditor challenge , JCP has motioned to seal court records regarding " confidential third party going concern transaction " wihch could " provide the greatest value for the benefit of their estates and all stakeholders " /s/ Matthew D. Cavenaugh Matthew D. Cavenaugh Motion Granted June 11 / 2020 JUDGE DAVID R. JONES Case 20-20182 Document 686 Filed in TXSB on 06/11/20 https://cases.primeclerk.com/JCPenney/Home-DocketInfo Kirkland & Ellis lawyer Joshua A. Sussberg and Jackson Walker lawyer Matthew Cavenaugh are the lead lawyers for JCP in confidential buyout talks.
That’s what I was thinking. Might be an opportunity to pick up incredibly cheap shares as someone attempts to cover.
Just see bridge financing. Doesn’t say if previous financing was renegotiated.
What do you see?
How can you tell shorts coming out?
Past bankruptcy hearings in other stocks I’ve participated in were always disappointing. Any real news showed up in quick pops or major falls before the actual meetings.
Yeah don’t think they’re letting it off .32 today. Nice consolidation though.