Pushing penny stocks with a half 1 million dollars at a time !
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It has been
As Jcpng goes much higher
I1
Just an observation on my part that I verified from my reorg expert once you have submitted a plan to the trustee and the judge for closure of stores you cannot alter the plan.
To re-open these locations or to alter the plan from what was submitted would require the judge and the trustees consent
FYI
Which they tend to only follow the plans submitted unless there is a new plan !!
Hens things have changed significantly
I thought that makes you go hmmmmmm
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No p.m. here anymore buddy
Yes I did
No worries ;)
Thank you large green this is absolutely an extremely important piece to the final puzzle
Laymans terms the equity committee gets paid now The deal looks pretty good to them to be asking for money
One final nail in the coffin is coming to close the deal this piece just has not been made public yet
But I know for a fact there’s a few on here that are speculating what this will be and when
Next week is going to be a great week for us in my humble opinion
As jcpnq and our equity and stock position finally sees a payday very soon
I1
EC committee update just now
July 10th 2020
UPDATE:
On July 2nd JCP made a draw request to the lenders for the additional 225M of DIP financing. This request had to be made by July 2nd for a July 8th draw milestone in accordance with the DIP Order. The companies cash balance for the week ending June 27th, before this draw, was 979M. The company as of June 20th was running 100M+ above the projected cash balance in the 1st updated budget.
More than 20 potential investors have signed NDA's in connection with the Market Test. At least 4 parties are in serious contention for an OpCo purchase / investment.
On Wednesday the company delivered it's business plan on schedule to the lenders and to other parties of interest. The ad hoc equity committee's professionals have received a copy of this plan and are reviewing it's content. This document is confidential and will not be shared with the public. The company and it's lenders have until July 14th to agree on the business plan. The company has stated they may request more time as they continue negotiations with parties of interest.
The company on Wednesday also announced they will begin making their deferred rent payments. The company had previously obtained a rent deferral until July 13th to pay roughly 34M in lease obligations for June and July.
Will update everyone further as information becomes available.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc equity committee
nikocelentano@gmail.com
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I would also remind everyone they( the Informal EC) are representing us who intern has put in force both a forensic accountant and attorneys representing the EC committee and us stockholders.
Utilizing less than $250,000 given to them by the judge which is unprecedented !
Of which we have not been currently asked to pay any of these very expensive cost which I believe the council believes they would not have taken on unless they knew the outcome would be to their favor
That being said we should all have a great deal of gratitude for all the work that is going on behind the scenes in our behalf
And at the end of the day this comes down to the integrity of those that are representing us !
Nobody likes to work for free especially attorneys and nobody likes having their integrity question !
And I believe all those involved including the EC committee would not be doing any of this if it did not have the outcome we are all looking for
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I1
The EC Committee I am sure has been instructed not to communicate during this quiet period Reviewing any or all offers that may or may not be pending
All in my opinion
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I1
Read all the posters that have not been sticky And you’ll have your answer you’re looking for
And oh yes it would be much easier if all this information was sticky for a quick review for those who do not want to take the time
To know The excellent DD that has taken place here
Jcpnq moving higher
Nice to hear from you after 10 years good luck on your next 10 years
Go long and make som money
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There’s enough good news as well as good speculation now this should start to go up despite the heavy manipulation that has been going on !
We just need a little volume which I now believe should happen with all the news going on
Including the little article on Fox business Walmarts future plans ;)
Just remember who wants to control the new cycle !!!
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Nine out of 10 LOL
Welcome to America Oh wait this isn’t run by American company LOL
Done ?
thanks for this idea !!!
As Jcpnq continues going much higher !
What a great letter from the shareholders I am hoping that others here at least on this board will take the same advice that I gave last week and write Niko personally as I know he will read everything
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I would also suggest to you who’s going to control the new cycle will it be the bidders
Or will it be the courts with their decisions
If I was a potential buyer I would want to control how this information gets out
And when
Food for thought
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Not quite sure where you got that info they had online sales going on the entire time In fact the catalog sales to the best of my knowledge increases dramatically during this time.
And yes they had cash flow the entire time ;)
Happy fourth of July here’s an
Update
July 4th 2020
This memorandum addresses the formation of 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 overview of the Committee’s actions in the 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.
General Committee Update
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.”
Immediately upon entry of the Bankruptcy Court’s order regarding formation of the Committee, the Committee was organized and hired Okin Adams LLP (“Okin Adams”) as counsel to the Committee. Following a thorough interview process, the Committee also has engaged the financial advisory firm CR3 Partners, LLC (“CR3,” and, with Okin Adams, the “Professionals”) to review and provide advice and analysis regarding the Debtors’ financial plans and data.
Update from Okin Adams
Upon being selected as counsel to the Committee, Okin Adams immediately began discussions with the Debtors’ attorneys in order to facilitate the Committee’s access to information. Further, Okin Adams began an intensive review of relevant pleadings and orders already entered in the Bankruptcy Cases in order to advise the Committee regarding key procedural points and identify key deadlines/dates. Okin Adams has advised and assisted the Committee in formally organizing, adopting internal bylaws, and establishing protocols for the distribution of information regarding the Debtors’ Bankruptcy Cases. Additionally, Okin Adams continues to monitor pleadings and attend hearings on behalf of the Committee.
Access to Information
As Debtors’ counsel has stated on the record, immediately upon being retained Okin Adams began negotiations with the Debtors regarding access to information regarding the Debtors’ bankruptcy case and the reasons for filing. Specifically, the parties engaged in discussions regarding the protection of any sensitive or confidential data that could be shared with the Professionals and the Committee.
Review of Significant Pleadings and Orders
Additionally, Okin Adams began an intensive review of an extensive number of previously filed pleadings in these Bankruptcy Cases. Of key importance, Okin Adams has reviewed pleadings related to the Debtors’ request to obtain post-petition financing (“DIP Loan”) and the Restructuring Support Agreement (“RSA”) by and between the Debtors and certain pre-petition secured lenders (the “Lenders”). The RSA sets forth the Debtors agreement to support certain relief and take certain actions in these Bankruptcy Cases. Amongst other agreements, pursuant to the RSA the Debtors have agreed to negotiate a plan of reorganization acceptable to the Lenders.
Under the DIP Loan, the Lenders have agreed to provide up to $450 million in new money financing during the Bankruptcy Cases. Further, the order approving the DIP Loan (“DIP Loan Order”) requires the Debtors to complete certain Bankruptcy Case milestones (“Milestone(s)”) by deadlines established by the DIP Loan lenders (the “DIP Lenders”) and agreed to by the Debtors pursuant to the RSA. The most significant Milestone is the July 15, 2020 deadline for the Debtors and the Lenders to agree to restructuring terms supported by a business plan acceptable to the Lenders. If the Debtors are unable to reach agreement with the Lenders, the RSA requires the Debtors to pursue a sale of substantially all of the Debtors assets and severely limits the Debtors ability to use available cash after July 15, 2020.
In addition to the DIP Loan pleadings and the RSA, Okin Adams has evaluated the Debtors’ applications to employ various professionals, including Kirkland & Ellis, LLP (bankruptcy counsel, “K&E”), AlixPartners LLP (financial advisor, “Alix”), and Lazard (investment banker). Okin Adams evaluated the substance of the applications and disclosures made by these professionals as required under the Bankruptcy Code. Okin Adams further reviewed and advised the Committee regarding objections filed by the United States Trustee’s Office.
Organization of the Committee
Finally, Okin Adams has analyzed the Bankruptcy Court’s order authorizing the formation of the Committee and the proceedings leading up to entry of that order. Okin Adams has advised the Committee regarding the adoption of internal Bylaws and the establishment of protocols for the dissemination of information to shareholders in these Bankruptcy Cases.
Update from CR3
Upon being retained by the Committee, CR3 worked with the Committee and Okin Adams to develop a strategy for gathering and analyzing data from the Debtors and their advisors. At this time, the Debtors and their advisors are reasonably cooperating with the Committee and have provided CR3 access to a substantial volume of information, including:
· access to two data rooms set up by the Debtors – one for plan participants and one for marketing parties; and
· access to a company maintained real estate data room; which appears to be a contracts database only; of limited value for our purposes at this time;
· Lazard has also provided a “tracker” related to the marketing/sale process and parties contacted, which includes a broad swath of potential parties, both strategic and financial.
CR3 has identified and reviewed certain salient data files, and participated in multiple conference calls with Lazard and Alix to discuss the data and additional information requests. Amongst the data already received and reviewed, CR3 has obtained a copy of the “desktop appraisal” of the real estate assets performed by Cushman in Sept 2019. This report, which includes information previously made public in the Debtors’ SEC filings, includes good detail for our purposes, however, we are advised that the Debtors’ real estate advisor is reviewing and revising to account for current market conditions. That review process is expected to take a month or more.
Regarding the Bankruptcy Cases, we are advised that discussions between the Debtors and the Lenders regarding the business plan parameters are ongoing. CR3 and Okin Adams have requested a copy of the “business plan parameters” provided to the Lenders as stipulated under the RSA.
CR3 has reviewed, and continue daily sourcing and review of, public documents including those filed on the Bankruptcy Court docket and financial valuation information including related to peer companies. CR3 is working through analysis of all data to develop an understanding of the business plan, restructuring alternatives, and equity valuation. Where additional information is necessary, the Professionals will continue to follow up with Lazard, Alix or other case parties.
Sincerly,
Niko Celentano
Chairman
JCP ad hoc committee
[1] References to ECF numbered documents refers to pleadings or other notices filed in the Debtors’ Bankruptcy Cases and available through the Bankruptcy Court’s Electronic Case Filing or PACER system. Unless otherwise noted, the documents are available under the Debtors’ main case number, Case No. 20-202182. Pleadings are also available to the public free of charge through the Debtors’ claims and noticing agent, Prime Clerk, at https://cases.primeclerk.com/JCPenney/Home-DocketInfo.
nikocelentano@gmail.com
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JCPenneyshareholders.com
You’re exactly right and why there are endless amounts of shares that magically become available
It may not be as easy as what I thought to get information that is public !
Read the first paragraph of this article
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/blackrock-files-to-license-new-etf-structure-lenders-squabble-over-j-c-penney-58918434
I don’t know what you mean by $5000 it was closer to $225,000
721000 shares ?
Yes the 1% increase was not and has not been reported here till now through March if you notice the numbers on everybody’s website versus what I posted you’ll see the increase
now the increase of June has not been made public yet when it is I will make it available here ?????
And as a sidenote things were reported going south in February and this is still March numbers
This is just my view as to why large institutions are still loading and increasing their share account
Perhaps they perceive just like me
And 9 out of 10 others on this Board
Jcpnq is going much higher ;)
I have not got the updated link for June but you do have the updated link in my last post For the amount of shares loaded in first quarter
Blackrock reported February 4, 2020
44,422,504
Also reported by (I Man ) here on IHUb
March
http://www.rocketfinancial.com/OwnHist.aspx?sID=788&fID=493
44,553,603 increase of over 1 %
Update from BlackRock due out shortly
For month ending June 30
Increase not public knowledge yet
Hmmmm ????
Jcpnq moving higher ;)
Is this why institutional investors are increasing their share account?
How else do you think I get all of my information laughing my but off ???????
Time to cover is gone ;)
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Update from EC committee just out
Over the past week, we have reviewed the Debtors’ applications to employ Kirkland, AlixPartners, and Lazard (the “Debtor Professionals”) and the objections filed by the United States Trustee’s office. The UST has not taken the position that the Debtor Professionals’ connections to the Confidential Parties are sufficient to disqualify any of the Debtor Professionals from employment in these cases. The UST does not object to employment of any of the Debtor Professionals and the sole disputed issue is whether the Debtor Professionals will be required to publicly disclose the Confidential Parties and the Debtors Professionals’ relationships thereto.
The disclosure issue represents a continued disagreement between the UST’s office and the Bankruptcy Courts for the Southern District of Texas. The UST has taken the position that proposed estate professionals must publicly disclose all connections to a debtor or potential parties-in-interest in order to comply with the Bankruptcy Code.
The committee and it's professionals will be monitoring today's hearing. At this time we will not be taking a position on this matter. We might however bring these matters up at a later time if or when they become relevant.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc committee
nikocelentano@gmail.com
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Over the past week, we have reviewed the Debtors’ applications to employ Kirkland, AlixPartners, and Lazard (the “Debtor Professionals”) and the objections filed by the United States Trustee’s office. The UST has not taken the position that the Debtor Professionals’ connections to the Confidential Parties are sufficient to disqualify any of the Debtor Professionals from employment in these cases. The UST does not object to employment of any of the Debtor Professionals and the sole disputed issue is whether the Debtor Professionals will be required to publicly disclose the Confidential Parties and the Debtors Professionals’ relationships thereto.
The disclosure issue represents a continued disagreement between the UST’s office and the Bankruptcy Courts for the Southern District of Texas. The UST has taken the position that proposed estate professionals must publicly disclose all connections to a debtor or potential parties-in-interest in order to comply with the Bankruptcy Code.
The committee and it's professionals will be monitoring today's hearing. At this time we will not be taking a position on this matter. We might however bring these matters up at a later time if or when they become relevant.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc committee
nikocelentano@gmail.com
unsubscribe
Kudos to Joel Ruiz!
I would hope that those that are Genuinely interested as much as I am!! And would take just a moment out of their day today the sooner the better and go to the
Jcpshareholders.com
And take a moment and thank Niko and the entire EC committee and our counsel
And put your feelings and concerns and how you would like this outcome to be in letter form
As I know that they will all be read !
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Best post of the day please sticky
Because the shareholders owne the company !!!!
Until somebody other than you says otherwise
Not true again ! I don’t know even how you can say this the options may not be the most lucrative right now however they are available
I disagree I believe they reported depreciated values or values that for tax reporting purposes were much lower than actual values due to the fact that they’ve been depreciated
I believe that we will see after the forensic accountants look much closer that the “all” asset values will increase even again
For example most businesses can depreciate an asset in five years
This doesn’t make the asset value less or worthless
$Jcpnq going much higher
This is fantastic news LG especially The part trustee can ask whatever he wants this is a must listen to day in court Wednesday and this should skyrocket tomorrow and pre-Wednesday court hearing
Thank you LG for all that you do to keep this court info curent for all those new people looking for the great DD there it is
Jcpng going much higher
This could be another very interesting day tomorrow thank you for posting
For those that were wondering what the EC committee was doing or our counsel working on a contingency and very little given by the judge was doing hopefully now you understand they have our best interest at heart !
And they do respond to messages if you’ll send them
Sincerely inventor1
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Thank you for posting this you beat me to it
He will be chasing because there are not enough shares for him to cover in one day
I love when somebody else makes public but I’ve been trying to share wait till your total up the percentages and see the increase then you’ll really say wow