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It is stamped and was filed June 1.
Dillards buy JCPenney? I don't believe it..... Dillards is barely hanging on and barely profitable.. Most of their stores are in Malls already with JCPenney...
My court notes: Debtors file response by Sept 11, take discovery, then file supplement on 25th........
At least that is what I wrote down during hearing.. maybe that schedule has not changed... not sure..
When does the ad hoc EC start taking depositions? Have they already started? I can't remember start date but I am looking...
thanks,
ND9
Amazon reference was over 3 months ago..
Bob, Judge is also free all Friday afternoon...
Remember where Judge said he was allowing debtors to kick can down the road because if he didn’t, they would liquidate.. that was all a bunch of crap and judge fell for it.. now they want 3 month extension and he is probably very embarrassed... or at least he should be.. so much for him bragging about his 30 yrs of experience..
Sounds like new judge might be an arbitrator or mediator.. not sure..
Looks like $15M sale for Plano location...
PURCHASE AND SALE AGREEMENT
(Existing Penney Parcel)
THIS PURCHASE AND SALE AGREEMENT (“Agreement”), is made and
entered as of August _____, 2020 (the “Effective Date”), by and between MM CCM 11JCP,
LLC, a Texas limited liability company , having an address of 1800 Valley View Lane, Suite 300
Farmers Branch, TX 75234, or its assigns (“Purchaser”), and J. C. PENNEY PROPERTIES,
LLC, a Delaware limited liability company (formerly J. C. Penney Properties, Inc., a Delaware
corporation), having an address of 6501 Legacy Drive, Plano, Texas 75024-4106 (“Seller”).
What happened to Judge Jones comment about not having any afternoons free to hear Equity Committee motion and thus, scheduling us for end of the month? Looks like JCPenney hearing is at 11am and this afternoon is free (Court Wise - obviously, he could have personal or other Judge duties this afternoon)...
***************************************
UNITED STATES BANKRUPTCY COURT
Southern District of Texas
The Honorable David R Jones
HEARINGS CALENDAR
09/14/2020
Date Time Docket No. Inst No. Party Hearing Type
09/14/2020 09:00 16-03175 280 Crocker v. Navient Inc et al Status Conference
09/14/2020 09:30 20-03005 13 Engelhart, Chapter 7 Trustee v. Couch et al Pre-Trial Conference
09/14/2020 09:45 20-03043 19 Epic Applied Technologies, LLC et al v. Wrights Well Control Services, LLC et al Pre-Trial Conference
09/14/2020 10:00 20-03044 10 Thompson, Jr. v. Houston Direct Auto, Inc. dba Houston Direct Auto Pre-Trial Conference
09/14/2020 10:15 20-03059 10 Haag v. Haag, III Pre-Trial Conference
09/14/2020 10:30 20-03075 32 Tow v. Five Star Properties Broadway, LLC et al Pre-Trial Conference
09/14/2020 11:00 20-20182-11 1289 J. C. Penney Company, Inc., et al., Complex Case Setting
Another Sept 14 article - Amazon to hire another 100,000 people
Amazon to hire 100,000 to keep up with online shopping surge
Amazon is hiring another 100,000 people to keep up with a surge of online orders
By JOSEPH PISANI AP Retail Writer
September 14, 2020, 6:16 AM
NEW YORK -- Amazon will hire another 100,000 people to keep up with a surge of online orders.
The company said Monday that the new hires will help pack, ship or sort orders, working in part-time and full-time roles. Amazon said the jobs are not related to its typical holiday hiring.
The Seattle company reported record profit and revenue between April and June as more people turned to it during the pandemic to buy groceries and supplies.
The company already had to hire 175,000 people earlier this year to keep up with the rush of orders, and last week said it had 33,000 corporate and tech jobs it needed to fill.
This time around, Amazon said it needs the people at the 100 new warehouses, package sorting centers and other facilities it's opening this month.
Alicia Boler Davis, who oversees Amazon’s warehouses, said the company is offering $1,000 sign-on bonuses in some cities where it may be harder for it to find workers, such as Detroit, New York, Philadelphia and Louisville, Kentucky. Starting pay at Amazon is $15 an hour.
Things are about to get a lot busier at Amazon's warehouses. In addition to the holiday shopping rush, Amazon plans to hold its one of its busiest shopping days, Prime Day, in the fall this year after postponing it from July.
Amazon will be monitoring whether it needs to hire more workers for the holidays, but doesn't have anything to announce yet, Boler Davis said. Last year, it hired 200,000 ahead of the holidays.
One company is already preparing for the spike in orders: UPS said last week that it plans to bring in 100,000 people to help it deliver packages during the holiday season.
https://abcnews.go.com/Business/wireStory/amazon-hire-100000-online-shopping-surge-72993626
Amazon hiring 100,000 workers in US, Canada to keep up with surge in online shopping
Hiring for the new roles is already underway
By Daniella Genovese
FOXBusiness
AMAZON
Published 10 mins ago
Amazon one step closer to drone delivery
Amazon announced Monday plans to hire 100,000 workers across North America as it races to keep up with an onslaught of orders.
The shopping behemoth plans to hire full- and part-time associates throughout the U.S. and Canada with a starting wage of at least $15 per hour with benefits, as well as a sign-on bonus up to $1,000 in select cities. This comes in addition to the openings for 33,000 corporate and technology jobs announced last week.
The majority of roles announced Monday will be at the company’s 100 new warehouse and operations sites opening this month, said Dave Clark, senior vice president of worldwide operations at Amazon.
The company has been expanding "its footprint to better serve customers in communities where they live" at a time when customers are relying on the e-commerce site more than ever before.
The company has been inundated with orders since the pandemic struck earlier this year. By March, the company quickly announced its first hiring spree to keep up with the overload of orders, as many people were forced to stay home and shop online. In the three months ending on June 30, revenue increased 40% to $88.9 billion, compared to the $63.4 billion recorded a year ago.
To help, Amazon said it has already opened over 75 new fulfillment, sortation centers, regional air hubs and delivery stations in North America this year.
Clark noted the expansion comes with an "unwavering commitment to safety" for its workers, amid the ongoing pandemic.
"Our new team members have already completed more than 1,200,000 hours of safety training, with over 500,000 more hours expected, to ensure that in addition to fast and efficient delivery for our customers, we’re providing a safe and modern environment for our employees and partners," he said.
Hiring for the new roles is already underway, Amazon said.
CLICK HERE TO READ MORE ON FOX BUSINESS
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https://www.foxbusiness.com/economy/amazon-hiring-100000-workers-in-north-america-ahead-of-holiday-rush
Amazon is looking to build a grocery empire to rival Walmart
Jeremy BowmanThe Motley Fool
Sept 13, 2020
Amazon is the king of e-commerce, but the company is increasingly looking to grow through its brick-and-mortar holdings.
In recent years, it's opened a number of Amazon Books stores and Amazon 4-star stores, small-footprint locations that showcase Amazon gadgets as well as books and well-reviewed items, and its 2017 acquisition of Whole Foods made it a sizable player in physical retail. Now the company is taking its latest step into the brick-and-mortar world with its first Amazon Fresh supermarket, which opened in the Woodland Hills section of Los Angeles at the end of August.
The store will have some similarities to Whole Foods, including the availability of 365 by Whole Foods Organics, but will offer name-brand products like Coca-Cola and Kraft Mac and Cheese that are unavailable at the organic supermarket chain, as well as seemingly lower prices than Whole Foods. Amazon also promises that Fresh will offer same-day delivery – free for Prime members – and pickup, as well as a smart cart it calls Dash Cart that automatically scans and charges customers for what's inside when they leave the store.
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The opening was not a surprise, as reports have indicated Amazon's plans to open a non-Whole Foods grocery store in Los Angeles. Along with several other moves, it shows the company's ambitions in selling groceries, especially with a hybrid model, continues to expand. Whole Foods has brought order pickup capabilities to nearly all of its stores, tripling capacity from March. Amazon is also planning to lease space from an existing Kohl's for a second Fresh supermarket in Southern California, which could lead to more stores inside Kohl's, and the company is opening its second Go grocery store, a larger version of its cashierless Go convenience stores. Finally, it just opened a "dark" Whole Foods store in Brooklyn that is tasked only with fulfilling orders. Customers cannot shop there.
A collision course
Amazon has a number of advantages over Walmart, including its third-party marketplace, Prime membership base, and wide selection, but the e-commerce giant trails Walmart by a wide margin in groceries. Groceries are a key category in retail – they drive frequent purchases and loyalty and include essential items, as the pandemic has reminded us. They're also the source of about $200 billion in annual sales at Walmart U.S., which does not include Sam's Club.
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Amazon Fresh:Opens first supermarket in Los Angeles with checkout in cart
Amazon launched Fresh online in 2007, and its Whole Foods acquisition a decade later signaled its seriousness about the $800 billion industry, but the company's lack of a store base puts it at a significant disadvantage in the grocery battle against Walmart, which has more than 4,000 stores across the country and claims to have a location within 10 miles of 90% of the U.S. population. That allows Walmart to offer pickup and delivery from thousands of stores, giving it a scale that Amazon can't match.
A display of produce at an Amazon Fresh store
More than any other retail category, grocery is also localized, as perishable products are expensive to ship long distances – so being close to the customer is crucial. Notably, as Amazon seeks to build up its brick-and-mortar grocery options, Walmart is mimicking Amazon with the launch of Walmart+, its Prime-like service that offers free same-day delivery of groceries and other in-store products for a $98-a-year subscription. As both Walmart and Amazon seek to grow and capture new customers, they are becoming more and more similar: Both are turning into hybrids of brick-and-mortar and e-commerce as they copy each other's best strategies.
Amazon's endgame
So far, the threat Amazon was expected to pose when it acquired Whole Foods has not materialized. Supermarket stocks have mostly thrived since the deal, and Amazon's strategy in the sector still seems cryptic. As a high-end brand focused on organic products, Whole Foods' appeal isn't broad enough for the company to ramp up its expansion. It wouldn't make it in rural America.
Target:Adding 600 products to Good & Gather food and beverage brand, including signature line
But Amazon appears to be building the infrastructure to drive a larger grocery business with experiments such as the Just Walk Out technology behind the Go stores and the new Dash Carts, and it's tinkering with the best way to meet customers' needs in grocery, both inside and outside of Whole Foods. The new Fresh supermarket is its latest tactic for gathering knowledge, but in order to build significant scale in the industry the company needs physical real estate, and doing all of the site selection work and build-outs is time-consuming and expensive. That's why an acquisition (or several of them focused on local chains) looks like the company's best move here.
Amazon is still working out the best way to tackle the grocery opportunity, but when it's done experimenting the company will likely accelerate its expansion in the arena, through more Fresh stores or potentially new concepts. As CEO Jeff Bezos has reminded investors, as the company gets bigger, the scale of its experiments and failures needs to grow as well.
For a company of Amazon's size, opening one or two stores isn't enough to move the needle. This experiment still has a long way to go.
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The Daily Money: Subscribe to our newsletter
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Jeremy Bowman owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
https://www.usatoday.com/story/money/2020/09/13/amazon-wants-what-walmart-has/42453407/
Amazon Launches New Amazon Fresh Physical Retail Store
September 13, 2020
Emily F
Three years after acquiring Whole Foods, Amazon is once again poised to disrupt the retail scene with the recent opening of its first high-tech Amazon Fresh supermarket. The new store is located in the Woodland Hills neighborhood of Los Angeles and covers an area of approximately 35,000 square feet. The store is initially open to some customers by invitation, with opening hours from 7 a.m. to 10 p.m.
The new Amazon Fresh stores are not a part of the Whole Foods brand and are also distinct from the self-serve Amazon Go supermarkets already operating in various U.S. cities. Amazon Fresh combines self-serve technology with premium goods and highly personalized service with the aim of offering a trifecta of “bests”: the best product selection, technology and shopping experience.
PRODUCT SELECTION
Amazon Fresh’s selection of products includes premium local and imported brands, such as meat and seafood. The chain is also launching Amazon’s own exclusive brands Fresh and Cursive, including offerings such as Fresh’s natural hormone-free chickens at 99 cents a pound as well as several red and white wines under the Cursive brand. Local products include Groundworks coffee and Röckenwagner bakery goods. Other offerings include Duke’s mayonnaise from South Carolina and Ellenos yogurt from Seattle. A team of in-store cooks will be on site to provide fresh food every day, including freshly baked bread, made-to-order pizzas, rotisserie chicken and hot sandwiches.
TECHNOLOGY
Amazon Fresh does not have 100% self-serve checkouts but rather presents shoppers with several choices. As well as traditional checkout lanes (with payment via cash, credit, SNAP, etc.), the new stores will also offer the Amazon Dash Cart service and Alexa integration, enabling customers to easily view shopping lists and locate items on shelves. When using the Dash Cart service, shoppers simply need to place their items into the cart and use the Fresh QR code to log in to the Amazon app, then they can exit through the Dash Cart lane to automatically complete the payment. The cart uses a combination of computer vision algorithms and sensors to recognize the items placed into it.
Amazon Fresh also offers same-day home delivery and in-store pickup. Customers can arrange these services by visiting the in-store customer service desk or taking their purchase to a dedicated pick-up parking zone. Amazon believes that U.S. consumers want to purchase fresh goods online and receive them via delivery or in-store pickup. These two services are free for Amazon Prime members.
LOW PRICES
Amazon Fresh aims to focus on satisfying customers’ needs, without asking them to pay higher prices. On the contrary, customers will find a selection of well-priced options. For example, a three-pound bag of onions comes in at $1.69, while a 10-box variety pack of Quaker Oats costs $2.50. In addition, customers who use an Amazon Prime Rewards Visa or an Amazon Prime store card at checkout receive 5% back on their purchases.
EXPANSION
Amazon Fresh is set to open more new stores in Los Angeles and Chicago. Recent data show that online shopping is still dominating as the pandemic situation continues to evolve. In the second quarter of this year, Amazon’s net sales climbed 40% to $88.9 billion, compared to 2019’s second-quarter figure of $63.4 billion. One month after those figures were announced, the Amazon Fresh concept was launched.
During that period, Amazon increased its delivery capacity by more than 160% and doubled its number of pickup locations to provide support for online sales. Amazon’s sales in the second quarter doubled compared to the same period last year.
By comparison, sales at Amazon’s physical stores fell by 13% to $3.77 billion, compared to $43.3 billion in the second quarter of 2019. This drop may be partially attributable to how Amazon reported the sales figures from its physical stores. Unlike other retailers, the sales figures reported from Amazon’s physical stores only include purchases made by customers while physically visiting the store. At Whole Foods, purchases made online (for delivery or curbside pickup) are included in the online sales figures. This is different from the way sales data is handled by other retailers such as Kroger, Walmart and Albertsons.
According to media reports, Amazon was ranked second in the PG 100, Progressive Grocer’s list of North America’s top 100 retailers of food and consumables. Amazon is planning to open more new fresh produce retail stores in Los Angeles and Philadelphia. Whole Foods, which is headquartered in Austin, Texas, was ranked number 24 in the PG 100.
During the pandemic, Amazon Fresh is implementing similar safety measures to other supermarkets: all staff members undergo daily temperature checks, and all customers and staff are required to wear masks.
Image: Amazon Fresh
This article was translated from Chinese.
https://www.producereport.com/article/amazon-launches-new-amazon-fresh-physical-retail-store?qt-produce_marketplace=1
"JCPenney could be doomed, even as malls race to save it"
Oh great, another negative article, just what we needed going into Monday... NOT.
ND9
******************************************************
JCPenney could be doomed, even as malls race to save it
By Chris Isidore, CNN Business
Updated 3:11 PM ET, Sun September 13, 2020
New York (CNN Business)
The problems at JCPenney started long before the Covid-19 pandemic. A plan to get the company out of bankruptcy won't end them.
The company has been struggling with severe problems for years.
JCPenney's last profitable year was in 2010, and its net losses have totaled nearly $5 billion since then.
Since the summer of 2011, JCPenney has reported net profits in only five quarters, all of them in the holiday shopping season. Even before the current round of store closings, JCPenney had shuttered more than 20% of its stores while cutting more than 40% of its staff since 2011.
Losses in its most recent quarter soared to $398 million from $48 million a year ago, as revenue plunged by 45%. And that was with most of its stores open for at least two-thirds of the quarter, suggesting that it was lack of customer demand -- not Covid-related store closings -- that punished sales and drove up losses.
Still, the pandemic isn't helping. JCPenney depends primarily on clothing and accessories for its sales. With millions of people out of work and millions more working at home, many for the foreseeable future, demand for those items has fallen sharply.
Big box competitors have captured more of that business during the current crisis. The fact that they sell groceries allowed Walmart (WMT) and Target (TGT) stores to stay open as essential retailers during stay-at-home orders. Both have far more robust online sales than JCPenney.
"We're certainly not going to see customers return in droves," said Mark Cohen, director of retail studies at Columbia Business School. "They're not shopping for clothing and accessories that JCPenney depends upon. And if they are, they're not likely to be shopping at JCPenney or at the malls where they're located. I know that Walmart (WMT) and Target (TGT) have grabbed market share for apparel and accessories, and they're not giving that back."
A plan to save JCPenney
The 118-year old retailer, which filed for bankruptcy in May, announced an agreement last week to sell its retail operations to Brookfield Property Group and Simon Property Group (SPG), two major mall operators that were among its biggest creditors. The company's real estate holdings will be folded into a separate real estate investment trust which is to be owned by its lenders.
The agreement gives the company a much needed lifeline to keep 690 stores open while it sets about closing another 149 stores ahead of the holiday shopping season. It also will protect 70,000 of the 85,000 jobs it had at the time of its May bankruptcy filing.
"The interest in our operations reflects our company's strength and our loyal customer base," said JCPenney CEO Jill Soltau. "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."
However, experts said the creditors' willingness to keep the company alive -- rather than pushing for liquidation -- was less a vote of confidence in JCPenney and more of a sign of the historic weakness in the retail real estate market. A company closure would create huge vacancies in the malls where it is still a key anchor tenant. The vacancies could last for yeras. The mall operators were willing to step up to keep that from happening.
"At the moment this is the best outcome they could have hoped for," said Cohen. "It enables them to be in business and they're being propped up by a partner that is aligned with them and wants them to stay in business as well."
What's going right for the troubled retailer
JCPenney does have some modest advantages over the competition that give it some hope for survival.
About half of its sales are for private label brands, such as Liz Claiborne. JCPenney doesn't own the brands, but it has exclusive right to sell them, giving it a certain level of customer loyalty. And unlike Sears, JCPenney has good relations with its vendors, said Reshmi Basu, an expert in retail bankruptcies at Debtwire, which tracks the finances of troubled companies.
It also has used the bankruptcy process to shed about half of the nearly $5 billion in debt it was carrying at the time of its filing, a level many believed to be unsustainable for a company of JCPenney's size.
"Much of the debt overhang that would have killed them eventually has been set aside," said Cohen.
But the entire department store segment has been losing customers and market share for years, not only to online retailers such as Amazon (AMZN) and the big box stores, but also to discount clothing chains such as TJ Maxx (TJX) and Burlington, which have been growing while others retailers closed stores.
Such shifts in the market and customer preference was already weighing on JCPenney's long-term chances of survival. An uncertain holiday shopping season in the face of continued Covid-19 concerns won't help its emergence from bankruptcy, said Basu.
"It's not going to be an easy Christmas," she said. "What I'm hearing from vendors, a lot of retailers don't know what demand is going to be like. They don't know what will be the impact of people working from home. They don't know if there will be more stimulus money. And most of all they don't know if there will be another uptick in Covid cases."
That's an especially serious problem for JCPenney, given its greater dependence than other retailers on strong holiday sales.
Many businesses are able to use the bankruptcy process to shed debt and return to profitability. But the retail graveyard is filled with store chains that emerged from bankruptcy, only to continue to struggle and file for bankruptcy once again in relatively short order. RadioShack, Payless Shoes, Gymboree and American Apparel all took that path to their decision to go out of business.
So Cohen is giving JCPenney only about a 20% to 25% chance of surviving for five years, even with the deal allows it to emerge from bankruptcy.
"They'll be able to leave the intensive care unit, but they'll still be in the hospital hooked up to an IV drip," he said.
https://www.cnn.com/2020/09/13/business/jcpenney-survival-outlook/index.html
Come on, the word stakeholders is subjective. There is no law that says stakeholders must include shareholders.. in fact, the debtors original filed plan wipes out shareholders so for purposes of original filing stakeholders don’t include shareholders..
Thanks Large Green. I was looking at yesterday's objection to proposed full blown EC.. Debtors basically say they have $5B in debt and assets aren't worth anything in today's environment.. Didn't they originally file saying $8B in assets and 4B in debt... Seems like all the assets have just gone "poof" and nothing exists anymore... incredible..
thanks,
ND9
Large Green, i hope you are right.. However, i am really worried amazon will let these criminals steal the company from shareholders, then amazon will strike a deal after we are wiped out.. i think that is one reason they split company into 3 entities, to hide the sausage and make it harder for everybody to understand their deception.
Nd9
Royal Dude, you know, a great time to give us the distribution is right before Nov 3 election. That is all the media will be focused on and a good time to distribute some money.... Well, of course I am just hoping and praying...
Thanks for your efforts,
ND9
Two Debtor filings submitted on 9/11:
1.) So in one filing, the Debtors object to formal Equity Committee saying we are too far out of the money.
2.) Then in next filing below, the Debtors want a 120 day extension.
ND9
*******************************************
DEBTORS’ MOTION TO (I) EXTEND THE EXCLUSIVITY PERIODS TO FILE A CHAPTER 11 PLAN AND SOLICIT ACCEPTANCES THEREOF AND (II) GRANTING RELATED RELIEF
The above-captioned debtors and debtors in possession (collectively, the “Debtors”)respectfully state the following in support of this Motion:
Preliminary Statement
1. On the precipice of a going-concern transaction, it is critical that the Debtors obtain
their first extension of the Exclusivity Periods (as defined herein) to allow for the consummation
of a value-maximizing transaction. Currently, the Debtors’ exclusive right to file a chapter 11 plan
expires on September 14, 2020, and the Debtors’ exclusive right to solicit votes in favor of a plan
expires on November 13, 2020. The Debtors seek a 120-day extension of the Exclusivity Periods
(as defined herein) to file and solicit acceptances of a chapter 11 plan so that they may continue to
diligently pursue an appropriate and value-maximizing resolution of these chapter 11 cases.
https://cases.primeclerk.com/JCPenney/Home-DocketInfo
inventor1, I'm just trying to understand why Niko sent out the email during market hours.. A simple question. If you don't know, just say you don't know. No need for you to divert attention away from my simple question and try and make this about me trying to pick a fight. That is silly and something I would expect from Washington DC politicians on the evening news... I'm also sure Niko is a big boy and doesn't need you to be his Mother and defend him from a simple question.. but nice attempt in trying to make this about me..
ND9
Inventor1, you didn’t answer my question. Why did he send out email after price soared? Why didn’t he do it after court yesterday, or last night, or before market opened? I am asking about the timing of email..
Large Green, sept 16 is amazon career day. They are hiring 33,000 people.. so I am going to guess and say before sept 16?
Thanks,
Nd9
Inventor1, so what was purpose of Niko’s email? Why did he have to send anything out and why do it when price soaring?
Nd9
Niko should not be sending out ad hoc equity committee emails during trading hours, period... Whether pro or con, that doesn't sound appropriate and today, he caused a lot of damage..
Just think if you were a shareholder who bought stock today at 0.79, then Niko sends out email...... That's bad.
Especially when the Court has talked about not doing anything to change market price....... Not smart.
JMHO
ND9
Did Niko's email cause JCNPQ to fall from 0.79 to 0.30?
Is it a coincidence that when we hit 0.79 this morning, his email was posted and we dropped like a rock... I didn't realize that his email came out at the same time... Hard to believe that was a coincidence in price dropping at same time as his email.
Thoughts?
ND9
Now falling back down, 0.55.
0.79 !!!!!!!!!!!
oldoil, looks like Kosmos Energy gave up all 5 STP EEZ blocks to Shell..
"Five blocks offshore the small island nation of São Tomé & Príncipe are included in the deal. Kosmos was to be the operator of three of those blocks where its interest position ranged from 25% to 59%."
https://pubs.spe.org/en/jpt/jpt-article-detail/?art=7587
Bummer, with oil prices crashing and no demand, Kosmos just doesn’t have enough cash to continue drilling these deep water wells..
BBANBOB, what about Sussberg's comment on $300M equity "check." Was he talking about us?
Does $300M Equity check mean shareholders get money? That is what Sussberg said....
On the other hand, if they are forgiving debt, then do we get zero, because shareholders come after creditors?
Judge says no questions today, will let Sussberg release documents and let everybody look at them, and schedule future hearing....
Judge appreciates all hard work and today's appearance... When something filed, get back together..
Adjourned.
Sussberg thanked the whole world (lenders, creditors, etc, etc)... Did he forget to thank ad hoc EC or did I just miss it?
Where do we go from here: Sussberg says Letter of intent and content will be converted into asset purchase agreement, within next 10 days...
I heard that too but not sure if he was talking about shareholders
Sussberg talking now... Effort around the clock, on various terms, in a position to move this into endzone. Preserve 70,000 jobs. Executed letter of intent Simon and Brockfield...
Non-binding letter of intent:
Make public letter and exhibits, 70 pages, will be released tonight or tomorrow.
cont...
Hearing starting now - eom
Thanks BBANBOB!!
Has WMILT responded to Alice/CSNY yet? Anybody see anything yet?
thanks,
ND9
"My brief is due on 8/5/20, the Trust's response is due 30 days later (i.e., 9/4/20), and my reply is due 21 days later (i.e., on 9/25/20)."