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Large Green, It seems to me that we will get a peek at who is actually in the driver's seat and who has been shorting and buying shares on the cheap when the next reports are due. Does retail own more than 50% of Equity at this point, if not who does? Is Simon or another big dog shorting and buying Equity up?
Royal Dude, that will be entirely to much money to have to deal with as my calculator only has 10 digits. Can you imagine writing a check for an odd amount and then having to subtract it from your check register to get a new balance? Problems, problems, the spaces are so tiny and I write so large.
How very interesting...thanks Goodie!
2097...I'll never see 2097, that's for sure, unless I'm cryogenic-ally frozen and brought back from the dead.
Not a bad rate of return for someone looking for coupons.
QUANTUMONLINE.COM SECURITY DESCRIPTION: Structured Products Corp., 7 5/8% CorTS (Corporate-Backed Trust Securities) Certificates, principal amount $25 per certificate, issued by CorTS Trust for J.C. Penney Debentures, the Trust. The underlying securities are the 7 5/8% Debentures due 3/01/2097 issued by J.C. Penney Co. Inc. (NYSE: JCP). The CorTS certificates will pay 7 5/8% per annum interest semiannually on 3/1 & 9/1 to holders of record on dates not specified in the prospectus. The CorTS are redeemable any time at the underlying issuer's option at $25 plus the sum of the present value of the remaining scheduled payments (see prospectus for details) plus accrued and unpaid interest which appears to make the actual redemption of these securities unlikely prior to the maturity date. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The certificates must be rated at least A3 by Moody's and A by S&P to be issued. See the IPO prospectus for further information on the CorTS Certificates by clicking on the ‘Link to IPO Prospectus’ provided below. Structured Products Corp. is an indirect, wholly-owned subsidiary of Citigroup Global Markets Holdings Inc., formerly Salomon Smith Barney Holdings, a member of Citigroup (NYSE: C).
Goodie, has any one bothered to look at the call option clause?
"The 2097s hold $400 million of debt. This conflicts with 4 million shares out at $25/share face. I will try over the next few days to see if I can resolve this difference. The 2097s are supposed to be last in line to get paid in full before equity shareholders get one red cent. I do not know if they will get paid pari-passu (equal standing) with the other general unsecured debt holders. I should try to email the Unsecured Creditors Committee (which ARE recognized by the court) and see how they weigh in on all this. If anyone who really does know has more, please chime in."
"The 2097s hold $400 million of debt. This conflicts with 4 million shares out at $25/share face."
THAT certainly seems odd??
How would 100M in value, turn into 400M Debt?
Could it be that the Debt is in error by 300Million?
JWW, Who should we actually be compared to at this point in time? Do you think we will now be taken serious after being inducted into the S&P 600? Being traded and manipulated like we're on the Pinks is unreal ...Where in the world is the SEC?
Split T
Hey Xoom here is how they show in TDA....
WASHINGTON MUTUAL ESCROW 9393ESC84
The ask at 3:09 CST was $0.2715 on my Screen shot, although it was a little higher at close... but not anything near $.50. I was on L2 for the last half hour of trading I do remembering seeing $ .2995 at one point AH.
You are correct in this instance, however The Ad Hoc Committee still gets it's day in court to depose the DIP representative and put on evidence that Equity is in the Money. The infighting hasn't really began in earnest yet. Hero or Zero, I'm in till the end.
"It was a stalking horse. So they move to a 363 asset auction. That is why the common equity will see nothing. The lenders may get a few more cents on the dollar if they attract a bid...but the fact they had to go 363 at all is not good,
Ask GM shareholders how things went for them. They had a full equity committee and it still went 363 and they got nothing."
"Ms. Soltau continued, "As we continue to move through the sale process, our focus will remain on serving our customers and working seamlessly with our vendor partners. We have been a trusted partner to all of our stakeholders since 1902, and we expect to continue that track record for decades to come under the JCPenney banner." 9/09/2020
Shareholder vs. Stakeholder: What's the Difference?
By Caroline Banton
Updated Feb 25, 2020
Shareholder vs. Stakeholder: An Overview
When it comes to investing in a corporation, there are shareholders and stakeholders. While they have similar-sounding names, their investment in a company is quite different.
Shareholders are always stakeholders in a corporation, but stakeholders are not always shareholders. A shareholder owns part of a public company through shares of stock, while a stakeholder has an interest in the performance of a company for reasons other than stock performance or appreciation. These reasons often mean that the stakeholder has a greater need for the company to succeed over a longer term.
Understanding the Role of the Shareholder
A shareholder can be an individual, company, or institution that owns at least one share of a company and therefore has a financial interest in its profitability. For example, a shareholder might be an individual investor who is hoping the stock price will increase because it is part of their retirement portfolio. Shareholders have the right to exercise a vote and to affect the management of a company. Shareholders are owners of the company, but they are not liable for the company’s debts.1? For private companies, sole proprietorships, and partnerships, the owners are liable for the company's debts. A sole proprietorship is an unincorporated business with a single owner who pays personal income tax on profits earned from the business. 2?
Understanding the Role of the Stakeholder
Stakeholders can be:
owners and shareholders
employees of the company
bondholders who own company-issued debt
customers who may rely on the company to provide a particular good or service
suppliers and vendors who may rely on the company to provide a consistent revenue stream
Although shareholders may be the largest type of stakeholders, because shareholders are affected directly by a company's performance, it has become more commonplace for additional groups to also be considered stakeholders.
Key Differences
A shareholder can sell their stock and buy different stock; they do not have a long-term need for the company. Stakeholders, however, are bound to the company for a longer term and for reasons of greater need.3?
For example, if a company is performing poorly financially, the vendors in that company's supply chain might suffer if the company no longer uses their services. Similarly, employees of the company, who are stakeholders and rely on it for income, might lose their jobs.
Stakeholders and shareholders often have competing interests depending on their relationship with the organization or company.
Special Considerations
The emergence of corporate social responsibility (CSR), a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public, has encouraged companies to take the interests of all stakeholders into consideration.4? During their decision-making processes, for example, companies might consider their impact on the environment instead of making choices based solely upon the interests of shareholders. The general public is an external stakeholder now considered under CSR governance.
When a company's operations could increase environmental pollution or take away a green space within a community, for example, the public at large is affected. These decisions may increase shareholder profits, but stakeholders could be impacted negatively. Therefore, CSR encourages corporations to make choices that protect social welfare, often using methods that reach far beyond legal and regulatory requirements.
Key Takeaways
Shareholders are always stakeholders in a corporation, but stakeholders are not always shareholders.
Shareholders own part of a public company through shares of stock; a stakeholder wants to see the company prosper for reasons other than stock performance.
Shareholders don't need to have a long-term perspective on the company and can sell the stock whenever they need to; stakeholders are often in it for the long haul and have a greater need to see the company prosper.
I suspect that Niko, Okin and CR3 are busy preparing for depositions and their presentation to Judge Jones on the 31st. This is just a small part of the negotiation that will eventually take place. The Hearing on the 31st is what the AD Hoc Committee is concentrating on, not the first bone that was tossed out.
Obviously you didn't buy the number of $0.50 WMIH shares I bought. Everything is good on my end.
T's I'm in till the end, when ever that is. I doubt I sell any shares of COOP now as I see a bright future for COOP over the next few years. Just 1/10 of my escrows shares would do me fine at my age. MW has nothing on me or several other folks here as I didn't sell my stash of Commons and had plenty of Preferred shares if I happened to get nothing from Commons. At this point I'm way Green overall ...life is good. Take care Bud.
Bill I went through the 12/1 RS, that is how it happened.
jhd51, Half the people are misinformed and are hoping you sell tomorrow. lol Wow, what planet did they come from?
They are swapping debt for equity, plus paying boot to Equity. IMO it will not go through as is. Don't forget we have a date with the Judge on the 31st. The Ad Hoc Committee is alive and well and is not going to roll over. This is just the beginning of the negotiations.
no it wasn't!
Ask was at 1.50 in the last few minutes.
Currently we set at $20.56 or $1.71 pre RS or half of what we were at our all time high of WMIH.
Presently we are up about 14.2% ...A real pissy return considering what we might have made in other investments. IMO, in the next 6 months the landscape may change and make up for our being screwed around for the past several years.
2cent range bound for the last 10,000,000 shares.
Boom or Bust by 2:05
Lots of funerals this week...jimi1717 RIP, Blaster RIP!
JWJ, I'm unfamiliar with how the S&P goes about finalizing their September quarterly rebalance. Do you possibly have any insight?
"The changes will be effective prior to the open of trading on Monday, September 21, 2020 to coincide with the September quarterly rebalance:"
Thanks Woody, It certainly makes sense that we will see another PPS increase on or before Sept. 21th if several move forward with purchasing COOP Stock.
Have a go at it....
WAMU MORTAGE PASS THRU CERT SER 2003-S8 1261237 6189
WAMU MORTAGE PASS THRU CERT SERIES 2003-AR3 1220366 6189
WAMU MORTGAGE PASS THR CERTS SER 2003-AR12 1274023 6189
WAMU MORTGAGE PASS THROUGH CER SER 2003-AR8 1256337 6189
WAMU MORTGAGE PASS THROUGH CERT 2002-AR10 1182560 6189
WAMU MORTGAGE PASS THROUGH CERT SER 2002-AR19 1211522 6189
WAMU MORTGAGE PASS THROUGH CERT SER 2003-S1 1220308 6189
WAMU MORTGAGE PASS THROUGH CERT SERIES 2002-S8 1211244 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES 2002-S1 1165932 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES 2002-S7 1201847 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2001-AR3 1162063 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002 AR12 1191294 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002 AR14 1191853 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-AR11 1183265 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-AR13 1192220 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-AR15 1200829 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-AR16 1201113 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-AR17 1200828 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-S2 1168244 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-S3 1174299 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2002-S6 1192222 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003 S3 1228787 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003 S4 1235349 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003-AR1 1216057 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003-AR4 1223995 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003-AR5 1228782 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003-AR6 1234822 6189
WAMU MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003-S2 1224460 6189
WAMU MORTGAGE PASS THROUGH CERTS SER 2003-AR10 1264256 6189
WAMU MORTGAGE PASS THROUGH CERTS SER 2003-S10 1264257 6189
WAMU MORTGAGE PASS THROUGH CERTS SER 2003-S11 1268053 6189
WAMU MORTGAGE PASS THROUGH CERTS SER 2003-S9 1264258 6189
WAMU MORTGAGE PASS THROUGH CERTS SERIES 2003-S5 1235345 6189
WAMU MORTGAGE PASS THROUGH CERTS SERIES 2004-S1 1281095 6189
WAMU MORTGAGE PASS THRU CERTIFICATES SERIES 2002-MS8 1207425 6189
WAMU MORTGAGE PASS THRU CERTIFICATES SERIES 2002-MS9 1207426 6189
WAMU MORTGAGE PASS-THROUGH CERTIFICATE SERIES 2002-AR4 1169893 6189
WAMU MORTGAGE PASS-THROUGH CERTIFICATES SER 2003-S12 1268291 6189
WAMU MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2003-S7 1255906 6189
WAMU MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004 AR-3 1288639 6189
WAMU MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-AR1 1279818 6189
WAMU Mortgage Pass-Through Certificates Series 2004-AR2 1288748 6189
WaMu Mortgage Pass-Through Certificates Series 2004-AR4 1291435 6189
WaMu Mortgage Pass-Through Certificates Series 2004-AR6 1291950 6189
WaMu Mortgage Pass-Through Certificates Series 2004-CB1 1291463 6189
WAMU MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2004-RS2 1288883 6189
WaMu Mortgage Pass-Through Certificates Series 2004-S2 1291737 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR10 1298239 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR11 1301259 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR12 1306918 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR13 1309383 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR14 1311881 6189
WAMU MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-AR5 1291434 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR7 1295182 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR8 1295374 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-AR9 1298122 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-CB2 1294965 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-CB3 1301258 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-CB4 1306922 6189
WaMu Mortgage Pass-Through Certificates, Series 2004-S3 1295156 6189
WAMU MORTGAGE PASS-THRU CERT SERIES 2003-AR2 1220259 6189
JCPNQ...Moral of the story, there are no morals to your opinion or the actions of the DIP.
An order from Judge Jones in the J.C. Penney's Bankruptcy Case should result in a order similar to this.
From the Pilgrims Pride Bankruptcy and the link provided by Inventor1.
https://www.txnb.uscourts.gov/sites/txnb/files/opinions/2008-45664-Pilgrims_Pride_04_30_2009.pdf
Memorandum Opinion 08-45664 Page 16 The AHSG, the SEC and Debtors responded to the court’s request for input on its authority to limit an equity committee’s role. Debtors and the AHSG take the position the court may,and Debtors(and CoBank) argue it should,limit the functions to be performed by the equity committee. The SEC takes the opposite view.While the court believes it could limit the scope of the equity committee’s work, it will not do so. In a number of areas, equity owners and creditors have common interests. For example, requests by Debtors to act outside the ordinary course of business to improve cash flow or realize on unproductive assets usually will be viewed the same way by representatives of debt and equity. The court might limit an equity committee’s participation in proceedings on such requests to those instances where the equity committee can show that its interests in fact diverge from those of the UCC. However, many requests in these cases have been set for hearing on a short fuse;there may not be time in future proceedings for court consideration of whether equity should be allowed to act for itself. The court concludes it is preferable to leave it to the equity committee to police itself. That said, professionals representing the equity committee should expect reduction or even elimination by the court of fees sought for work duplicative of that performed by those acting for the UCC. Outside of valuation, negotiation of a plan and the plan confirmation process(and communicating with equity owners), the court expects the equity committee will limit its involvement in these cases to matters where its interests are at odds with those of the UCC.28 Until the court concludes the equity Memorandum Opinion08-45664Page 17committee cannot be trusted to be prudent in choosing its battles, however, the court declines to place formal limitations on its role.On the other hand, the court does believe it is appropriate to hold the equity committee to a budget. The AHSG proposes a monthly budget of $400,000 for counsel and $150,000 for a financial advisor. Given that most of the work of an equity committee should be concerned with valuation, negotiation and the confirmation process, this is too much. Moreover, the equity committee will have to have local counsel. As reflected in the AHSG’s budget, its local counsel –an excellent firm –is considerably less expensive than Brown. By assigning more work to local counsel, costs may beheld down.The court concludes that the equity committee should be limited to expending estate funds up to $425,000 per calendar month, not to exceed $1,150,000 per calendar quarter,29 for all purposes, including its counsel and a financial advisor. For its financial advisor the equity committee also may seek provision for a restructuring fee in the application for the advisor’s retention, provided that any restructuring fee will be subject to court review for reasonableness on the same basis as the advisors for Debtors and the UCC.The court recognizes the budget it has set may prove inadequate. The equity committee may seek reconsideration of the budget should future events warrant, and professionals employed by the committee will not be barred from seeking fees in excess of the budget in final fee applications (though payment of fees in excess of the budget will likely be largely dependant on treatment of equity owners under a plan). Likewise, should it become clear that equity is not entitled to participate in Debtors’ reorganization, the court may reconsider the budget here set or may, upon appropriate motion, or sua sponte, direct that the equity committee be dissolved.III. Conclusion For the reasons stated, the UCC Objection and the Bank Objection will be overruled. The Motion will be granted, upon the terms provided herein. The UST is directed, as soon as practicable, to take steps to form an official committee of equity security holders (which shall not, absent court approval,include Pilgrim, Jackson or an insider, as defined in Code § 101(31),of either) in accordance with this memorandum opinion.3
bigbang, with the POA from the FDIC, JPM took what ever they wanted and falsified thousands of documents in their various illegal document mills. KARMA caught up with them and the FDIC
wowalters, KARMA is almost guaranteed to catch up with those that think they got away with the Theft of "WAMU". You never know when or where lighting will strike next, yet we al know it will happen, KARMA is the twin sister of Lighting.
COOP will indeed flourish by the end of the the 1st Quarter 2021.
AZ, in your opinion will it be taxed at the current Capitol Gains Rate? If so, it will be worth the long wait.
Goodie, it will only pay earned interest not the face amount! If it paid face it would be over $10 at this point!
https://www.quantumonline.com/search.cfm
IPO - 5/20/1999 - 4.00 Million Certificates @ $25.00 /cert.
Face $25.00
I see the long nosed negative Ant eater is back with his nonsense. Thanks Large Green for keeping it real.
JCPNQ-UNDERVALUED by 3 to 7 BILLION Due Conflict With Debtor's Lead Counsel
JCPNQ - Debtor's Lead Counsel, Sussburg's Brother-in-Law is a Sr, Director at C&W BUT Thinks NO CONFLICT - C&W Did JCPNQ Valuations - Should Be Sanctioned For Not Advising Judge Jones - BK Case is a Fraud on the Court
Case 20-20182 Document 1313 Filed in TXSB on 08/25/20 Page 1 of 27
Specific Disclosures
10. Cushman & Wakefield U.S., Inc. (“C&W”) is a real estate advisor for the Debtors. Justin Halpern, my brother-in-law, is a senior director at C&W.
Mr. Halpern’s work at C&W relates to assisting local and national clients with their office space requirements and is unrelated to the Debtors and these chapter 11 cases.
I do not believe that this connection precludes Kirkland from meeting the disinterestedness standard under the Bankruptcy Code and have disclosed it out of an abundance of caution.
I sure agree with that and that's exactly what happened with who you responded too...Short agenda!
"3 month old seeking alpha article. Every Tom, Dickhead and Harry can put out articles on seeking alpha. There is a lot more to this case than a dated article with short agenda."
I take it the Gap is now filled? Today's low $18.48, Back up tomorrow for a $1.00 + ride!
Bbanbob, It was certainly just a scrivener's error, just ask Sussberg.
The $>1 Billion was actually suppose to be 4.1 Billion...that damn typewriter is always acting up!
"BUT BUT BUT LG it WAS JUST AN ACCIDENT that they showed property @ 1 bill when they showed it before at 3.7 bill and MORGAN STANLEY showed it @ 5.6 bill in 2013
It was such a BIG ACCIDENT(that they got caught) they are even attempting to LAWYER UP WITH AN ACCOUNTING LIABILITY LAW FIRM!!!!!!!!!!!!!!!!!!!
"
Sure looks like the MM's are accumulating for someone that wants to be a part of the new entity, whoever it is. One of our new partners. lol
I don't think we will be taken advantage of on the JCP Credit Card as we were with Providian. But heck, Providian isn't over yet is it?
Thanks for the Article on the Moore Plan. I'm sure that Sussberg appreciates you spreading the news. lol
The MOORE PLAN COULD ADD Up To $9.00 a Share to JCPNQ
"Because there is no unsecured debt due until 2023, using the credit card royalty revenue to significantly pay down and/or refinance the 1st lien debt makes sense, this plan makes cash interest an option of the company and/or pays off the debt at a discount.
https://seekingalpha.com/article/4371666-j-c-penney-1_48-billion-in-cash-and-over-300-million-in-credit-card-revenue-are-really
CONCLUSION:
The credit card royalty advance or securitization would be recouped from the royalties generated from the credit card portfolio. Any of these options raises $1-$3 Billion Dollars from an unencumbered asset that is listed at close to ZERO value by J.C. Penney. This revenue stream is mostly unaffected by COVID 19, which the debtors blame for devaluing all the other assets, and it has nothing to do with real estate appraisals and isn't connected to the survival of the brick and mortar retailer.
All this is contingent upon the equity committee becoming official and the Moore Plan or a variation of it is implemented."
Ya, and I'm still here after doubling down twice. This is far from over and the DIP and Sussberg are in trouble IMHO. We both been in WAMU for over 12 years and are still hanging in there. It also has been like a Yo Yo, Win lose or draw Show me the last card and only then will we know who won or lost.
"SPlit T called me up a few weeks ago and said he had bought here, first words out of my MOUTH WAS WHY???????????????????????????????
Told him that very day I wish he had called me first and NOT AFTER HE BOUGHT, I would have told him 100% HERO OR ZERO!!!!!!! HERE this is NOT A SURE THANG!!!!!! "
He better be using throw away email addressees.
Inventor1, I do believe we will finally get "OUR" day in court on Sept. 30th, however this postponement is showing to be very costly in the PPS and Market Sentiment.
I do understand Judge Jones disposition as he has really been waltzed around by Sussberg. Often times a pissed off person lashes out at the first person he can when he is at his boiling point. Sussberg diffidently got the judge to the boiling point and Okin got blasted for not understanding what Susberg had said, if I understand it correctly. Quite a knee jerk reaction from Judge Jones IMO.
I noticed that Sussberg was wound up tighter than a banjo in his presentation which indicated to me that he was sweating Judge Jones response and his voice had a nervous inflection if you listen carefully. I don't recall hearing Susberg ever speak so fast before. I believe He wanted to get it out as quick as possible so the Judge wouldn't have a chance to interrupt him as he was speaking. He was nearly speaking on fast forward IMO.
The Debtor has made some grave mistakes by under estimating the ability of Okin and CR3 and I believe the outcome will be a full Fledged Shareholders Equity Committee.
Bbanbob, Is your Ignore button broken? lol It was obvious what his game was long ago.
It appears we are going to be in the range of $.225 and $.24 for a while. The Judge stabbed us good this time. I think it is really chicken shit when a Judge leads the Debtors Attorney.
"Penney was in talks with landlords Simon Property Group Inc. (SPG) and Brookfield Property Partners LP (BPY), but talks failed to produce a bid."
https://www.marketwatch.com/story/bankrupt-retailer-jc-penney-plans-to-sell-assets-to-lenders-after-talks-with-other-bidders-stall-wsj-2020-08-31
Oh really, what happened to the bids that were touted over the past month from Simon Properties. Someone is a lying Fraud!