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"But Sussberg indicated he believed Penney’s performance so far, and its cash on hand, would help the retailer weather the changing scenario. The company has “significant cash on hand” of roughly $980 million, and is running roughly $100 million ahead of its projected budget, he said."
"At a hearing in Texas bankruptcy court on Wednesday, the retailer, which is facing some pressing deadlines this month to get approval for a business plan, indicated that its stores are performing better than expected"
July 8th is next week peeps. Get ready! I bet there will be some leaks over this next couple weeks. Just like the leaks they wouldn't confirm or deny today
No doubt there will be leaks out about this
I think anyone who listened on the call today heard some very big pieces of information. For instance there are buyers for every part of the company. Never once was there a discussion of part of the company being left behind. The names remained hidden even amongst perhaps the worst witness testimony ever. If it were not a big name behind it there is no way a conscious judge would have left the identities sealed. My favorite was the judge speaking for the lawyer so the lawyer would know exactly what to say and not to make a mistake and say something by accident. It was clear the judge led him to his answer and he followed suit so not to slip up. I have 0 doubts with these cover ups that shares will stay in tact and they were simply tip toeing around to carefully make sure noone slipped up. The bias on this judge was beyond obvious. And the only reason he would be so bias is because he knows who the wizard is behind the curtain.
I couldn't help but get the sense that the judge was more angry that this team of professionals made it extremely hard for him to grant this request. You could tell he was only granting it cause he knows which the bidders are. He gave then a huge freebie today. No question about it. More than that he did it for the bidders nothing else
Exactly they want to hide who the company is to keep the deal from falling through. If it were announced it was Amazon then shares would sky rocket and make whatever the deal is go up more. Clearly why the are keeping it secret. People would be buying like hot cakes and want part of the deal we will get.
I'm even more confident we are safe after that hearing!!
Obviously big names hiding or there is no way that would have been agreed to with that performance! I. Buying more
That "professional" was a joke. It is only being sealed because the judge somehow is ok with Sussmans handling of the case.
Correct. Others saying otherwise are just living in a fantasy world
They have all kinds of money and are ahead of what they projected. Craziness!
Most relevant post I've seen! Great job!
The key date is July 15th. Not tomorrow. Tomorrow will be good cause we will undoubtedly learn some more valuable info. The real juicy info we will have by July 15. Crazy thing is JCPenney trying to speed everything up so it could literally happen any day if it's a good deal for everyone
The reality is a plan has been submitted and we will know by July 15th all the details unless theres an objection. Anything else is fantasy. Cant wait to see what happens tomorrow!
"JCP Ad Hoc Committee Update June 29th 2020
In the past week the attorneys and financial advisors of the ad hoc committee have been granted access to the debtors' data room. They have started going through thousands of files of data to put together an analysis for the committee. The committee and our professionals have made requests for additional information from the debtors' and some of their professionals. We have received some of the information requested and are awaiting the rest. The company, it's advisors and their attorney's have been co-operative, up until this point, with all our requests and questions. The committee will continue working with our professionals to analyze this data.
KEY DATES
The company has sent over a proposed business plan to the DIP lenders. This business plan will have to be approved by the lenders by July 15th "
Factually noone has seen the plan. It is very misleading to claim someone has. We do however know from the committee a plan has been sent to the creditors and we should know what it is by July 15. That is what people see because that is what exists. Its not rocket it science. It's in black and white writing. Facts are facts.
So funny cause noones seen the plan set forth yet by JCP. It is coming however. We'll know by July 15th what the plan is!
Cant wait to see what happens in court tomorrow!
If approved it has to be approved by July 15th. Something tells me they are going to speed this up though. We could see something any day as long as creditors find no objections to the plan
Nice! Proposed business plan submitted already! Needs to be approved by July 15 but if anyone has been paying attention they tend to try to speed up the process! We could find something out anytime on the proposed business plan!
I need someone to translate English for me on that other letter to judge. I was so lost.
And another creditor withdrew claim. Looks like they are settling a lot of this outside of court
Looking good this morning!!!
Looks like we will probably get some news Monday!! Someond knows something!
JCP going to have to be transparent!!! Trustee has had enough of their games!!!
You just can't even sleep with this stock! This stuff just keeps coming!!!
Its Friday. Lol no telling what's gonna happen today!!!
Troubled retail chain Forever 21 has reached an agreement to be sold to a group that includes mall owners Simon Property Group and Brookfield Property Partners and brand management company Authentic Brands Group
Authentic Brands Group, with B. Riley Financial Inc., bought retailer Barneys New York after a three-month auction process last year.
https://www.google.com/amp/s/money.yahoo.com/amphtml/forever-21-sold-mall-owners-234603192.html
Looks like Simon and Authentic Brands for sure are in the bidding. No more proof necessary on that one.
BRRE's profile includes working with Forver 21. No doubt he was working facilitate the real estate with Simon and Brookfield. I imagine they are the classified people on that filing
. Accordingly, BRRE would like to make the following additional disclosures:
? As a part of a diverse business operation, BRRE and its affiliates have previously,
are currently, and may in the future appear or participate (as agent, consultant,
appraiser, professional, advisor, investor, principal or otherwise) in cases,
proceedings, transactions, and engagements with, among other market
participants and on an indirect basis, a potential buyer, and confidential party to
a non-disclosure agreement with the Debtors (the “Confidential Party”).5
? An affiliate of BRRE’s GlassRatner, a financial advisory firm, is involved in
various matters of damages litigation on behalf of utilities that are parties in
interest, all of which matters are wholly unrelated to the Debtors or these chapter
11 cases.
This is heating up!!!!
Definitely worth the reward. JCP will take care of shareholders! No doubt!
Agreed. It's in everybody's best interest for them to do the right thing here. Theres already lots of proof of them misleading the court and investors from the get go. I imagine there will be a lawsuit involved if they dont do what's right here and continue to try to hide value and their real intentions
I'm betting JCP does right by shareholders. They've been around too long. They'll want our continued investment in the company. There are a lot of long term shareholders like myself. They'll want to make sure to take care of us so we will continue to invest in their success.
We would love to see your court filing on this. Are you saying you have inside trade information?
Exactly. And they should be done now. Gonna buy some more today!
Another form 4 yesterday as well. Looks like it's time to buy more
More stuff filed last night. Let's see what happens today. Lol. No telling on this stock
Up chuck this!!!!
B. Failing to reveal the identity of connections impacts Bankruptcy System transparency
and conflicts with the mandatory disclosures.
14. Not disclosing the identity of interested parties with whom Kirkland has
connections is inconsistent with open courts, open records, bankruptcy system transparency and
makes it impossible for the public to fully evaluate the retention and disinterestedness. In order
for the Court (and other parties) to determine whether a conflict exists or if the professional is
disinterested, the disclosure of connections must provide sufficient information to make that
determination.
15. Disclosures made pursuant to Rule 2014 “must be explicit enough for the court and
other parties to gauge whether the person to be employed is not disinterested or holds an adverse
interest.” In re Circle T Pipeline, Inc., No. 11-10556, 2011 WL 9688240 at *10 (Bankr. W.D. Va.
Dec. 3, 2011) (quoting In re Midway Indus. Contractors, Inc., 272 B.R. 651, 662
(Bankr.N.D.Ill.2001)).
16. The net effect of not disclosing the identity of “Parties in Interest” under the facts
of this case would be to handicap the Court and interested parties from evaluating the nature and
extent of the connections. The UST would respectfully submit that the identity of the connections
should be disclosed to facilitate the process and prevent circumventing rule 2014.
WHEREFORE, the U.S. Trustee respectfully requests that this Court enter an order
abating or denying the Application pending disclosure of the confidential parties and for further
relief as may be equitable and just.
Dated: June 24, 2020