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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
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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)."
AZCowboy, first of all, let me tell you that you have me convinced and I think you so much... It makes perfect sense...
One thing I have always wondered about, and never discussed with you, is this: So when WMI was seized illegally, the employees in the WMI banks were either transferred to and employed by JPM or laid off... So what happened to all the other employees that were part of these other WMI subsidiaries? Because I believe in your "Holding Pattern" hypothesis... But does the holding pattern still have old WMI employees? I'm guessing if they did, we would have heard from some of them? Or were they also all laid off? Or maybe all those subsidiaries were/are just shell companies with almost no employees and WMIIC monitored everything?
So is that why A&M was brought in? A&M has been monitoring these assets for the last several years? But if there are WMIIC employees, why would we need A&M?
I know this is all water under the bridge and I totally agree and appreciate all the work you've done in laying out your hypothesis.. I've just always wondered about the employees that weren't involved in the WMI banks, but were working within the WMI "subsidiaries," again, assuming there were employees working in those subsidiaries and they weren't all just "shells."
Anyway, just thinking out loud... Any thoughts you have would be appreciated..
thanks again and Happy Labor Day to you and all,
ND9
Emeka Offor And The Fight Against Polio
August 30, 2020
Charity is injurious unless it helps the recipient to become independent of it – John D. Rockefeller Jr.
Today, the African region has been declared free of wild polio virus after Nigeria, the only polio endemic nation in the region has been free of it for three years. This moment’s success should not be taken for granted because in 2000 alone, Nigeria reported 637 cases of wild polio virus. Since then, there has been a consistent drop in cases occasioned by concerted efforts from different stakeholders. Globally, cases of wild polio virus fell by 99% from 350,000 cases in 1988 to 33 cases in 2018. The number of endemic countries also fell from 125 countries in 1988 down to just two today. The road to polio-free African region was rough, bumpy and sometimes fatal. At a point in the fight against the scourge, there was vaccine rejection in some parts of the country as a result of misinformation. Molestation of health workers and insurgency were part of difficulties we overcame.
The declaration of African region wild-polio virus free was made possible by concerted efforts from different governments, NGOs, health workers and cooperating parents. Notable among the NGOs that made this possible is Sir Emeka Offor Foundation. Sir Emeka Offor is instrumental in the eradication of wild polio virus from African region and hopefully Pakistan and Afghanistan who are the remaining endemic nations will benefit from African experience. The African success story on polio cannot be complete without mentioning how Sir Offor used his foundation to show his commitment to the cause in varying forms all through to this day.
The source of his determination, devotion and zeal in the fight against polio was revealed by him in an exclusive chat with reporters on Saturday, March 1, 2014 at Sir Emeka Offor Foundation headquarters in Oraifite. Sir Offor, the chairman of Chrome group answered the question on many minds which was what drives his passion and resolve to seeing that polio is irreversibly eradicated since he was never a victim or anyone close to him. He narrated his experience in the north where he was born and how some of his childhood friends were hampered by wild polio virus. That experience shaped the mindset he brought with him in the course of ending polio in Africa. In his words, “I have been willing to bring joy and relief to polio survivors and to bring whatever I can in making sure polio is defeated in Africa and the world at large. I witnessed from my childhood in the northern part of the country where I was born, polio’s capacity to ruin lives.
That is why I want to make sure that this particular disease is eradicated so that children will be free from it not only in our country but the world at large.’’ The debilitating power of polio in other children while growing up made him to resolve to assist polio survivors to become self-reliant. As time passed, he found out that polio can be prevented through vaccination which availed him the opportunity to help finance its eradication.
His quest to see polio eradicated globally brought Rotary International to his attention and he became a member of the organization. As a Rotarian, he has used Rotary International platform to donate over $2.3 million dollars, making him African highest donor and his contribution prompted rotary to appoint him Rotary International Ambassador to Nigeria. As Rotary International Polio Ambassador to Nigeria, his activities in the fight against Polio did not stop at donations but extended to his participation in every round of immunization, advocacy, celebrity endorsements for awareness and logistics for health workers. The Sir Emeka Offor Rotary hall under construction in Abuja is going on at no cost to rotary. His foundation has also given out thousands of mobility aide to polio survivors across the country. His efforts in the fight against the scourge impelled President Muhammadu Buhari to write him a letter of thanks for his contributions.
Obi Ebuka Onochie, obiebuka360@gmail.com
https://www.thisdaylive.com/index.php/2020/08/30/emeka-offor-and-the-fight-against-polio/
AZCowboy, as always, thanks for your thoughts.
ND9
Kosmos finds itself at heart of joint development zone project
9/3/2020
Future drilling projects have placed the US oil company Kosmos Energy in the position of go-between in negotiations between the governments of São Tomé and Equatorial Guinea. [...] (371 words)
https://www.africaintelligence.com/oil--gas_state-strategy/2020/08/31/kosmos-finds-itself-at-heart-of-joint-development-zone-project,109602731-ar1
This article may be accessed by subscribers and e-wallet holders
09/14/2020 11:00 20-20182-11 1248 J. C. Penney Company, Inc., et al., Complex Case Setting
09/14/2020 11:00 20-20182-11 1270 J. C. Penney Company, Inc., et al., Complex Case Setting
09/14/2020 11:00 20-20182-11 1272 J. C. Penney Company, Inc., et al., Complex Case Setting
09/14/2020 11:00 20-20182-11 1289 J. C. Penney Company, Inc., et al., Complex Case Setting
https://www.txs.uscourts.gov/page/honorable-david-r-jones-3rd-week-mon-hearings-calendar
Another Andrew Leblanc quote:
A lawyer for the lenders, Andrew Leblanc of Milbank LLP, said that there were “lots of hurdles” to reach a deal and that negotiating an agreement over a short period of time is a “heavy lift.”
Quote also from Sept 1:
https://footwearnews.com/2020/business/financial-news/jcpenney-sale-talks-landlords-lenders-1203048863/
Andrew Leblanc, a managing partner with Milbank representing first-lien lenders, said that the bidders for Penney have been a "disappointment," and that acquisition talks have moved backward from the weeks prior.
Those bidders reportedly include a pair of Penney's major landlords — Simon Property Group and Brookfield Property Partners — as well as private equity firm Sycamore Partners and Hudson's Bay Co., owner of Saks Fifth Avenue.
Leblanc said that the lenders he represents were exploring every option available. "This is the last time we can get this done," he said. "Failing that, we're exploring all other alternatives."
Quote from Sept 1 article:
https://www.retaildive.com/news/jc-penney-lenders-could-take-over-company-as-sale-talks-sputter/584491/
SamuraiProgrammer, there have been many small and even tiny banks that have taken several years to close receivership.. not think about how big wmi was and extrapolating, maybe 12 years is about right..
Not sure if you listened to the court hearing today. The Judge didn't do us any favors today... He slammed our Ad Hoc Equity Committee lawyer and he slammed a shareholder in front of 400 other attendees...
Then, after preaching the "urgency" months ago, today, the Judge told the same shareholder that he (Judge) was allowing the debtor to kick the can down the road because if the Judge didn't let the debtor have their way, and the Judge forced the debtor to exit bankruptcy, they the debtor, might sell off the company and layoff 70,000 people... The Judge then scheduled the EC hearing for Sept 30, that is 30 days from now.... what happened to the urgency?
When the shareholder asked about the $1.4B in the bank, the Judge blew that comment off and suggested the shareholder talk to the ad hoc equity committee...
So who is in charge of bankruptcy court? The Judge or the debtor? Sounds like it's not the Judge... He only likes being in charge when he slams shareholders or our ad hoc EC lawyer... Or when he is preaching how righteous he is, and he bent over backwards for shareholders...
Oh please GOD, there are so many corrupt politicians, FBI, DOJ, Congress, Judges, etc, etc.... please give us one fair Bankruptcy Judge.
What happened to the Judge's "urgency?" He scheduled the Court Hearing for full blown Equity Committee on Sept 30 because he had no afternoons free.... Seriously? He can't move a couple of meetings around to accommodate the shareholders?
This Judge is so full of crap... He gets very defensive whenever anybody makes a statement about shareholders getting screwed... Since May, he has talked about the "urgency" and now, he schedules EC hearing in 30 days...
Geeezz
Because today's Seeking Alpha article said to go buy bonds.. they were ahead of shareholders.... that is what article said..
Judge is a real jerk.. He basically told shareholder that Sussberg can do whatever he wants... if Judge tells him to exit bankruptcy, they can close all stores, layoff 70,000 people, and liquidate... Judge doesn't want that.. When shareholder said, well, what about the $1.4B, Judge said that is why you have an ad hoc equity committee, go talk to them...
But yet Judge didn't like it when Okin said Debtors were trying to steam-roll us....... and he Okin, wanted a full blown EC..
Judge is a jerk... After the WAMU saga with Judge Walrath, I didn't think we could get a bankruptcy judge that was worse, but I just changed my mind..
Court Adjourned...
Shareholder asking how can JCPenney have $1.4B in cash, yet Sussberg keep saying they are bankrupt...
Judge scolding shareholder now... letting Sussberg delay because he doesn't want to let debtors close and sell all JCPenney stores... he is convinced of that... so he is pushing them to find an alternative....
Judge says he has been around and knows where this going...
Judge says "at some point, reality needs to become part of this...."
Well, not sure if Judge was talking about shareholders, but that didn't sound good...
Judge: How long does Okin need to get ready and how long would hearing be? Okin says 1/2 of day.. maybe a couple of experts...
Judge again: I bent over backwards for shareholders... no steam-rolling exists....
Judge doesn't have 1/2 a day... so he is proposing Sept 30th for hearing... Okin would prefer to do it earlier but Judge can't... start at 1PM on Sept 30th...
Debtors File response on 25th ...
Okin little time to do discovery... factual reputation of arguement for value... need to take depositions prior to 25th... would like to take deposition before 25th...
Judge - debtors file response by Sept 11,take discover, then file supplement on 25th........
Judge says you will get a hearing.. Judge scolding Mr Okin... Says Okin needs to listen to Sussberg.... Judge says Sussberg provided lots of information.... Judge bothered by choice or words of Mr Okin and says he, the Judge, has stood up for shareholders...
Mr Okin talking... Spent a good portion of budget on valuation, that is what committee was formed for.. focused on educating ourselves on if there is something for shareholders or not... debtor is significantly undervalued and we can't just walk away.. Have obligation to prove to court...
Debtors want to forget the plan and that is another reason why we need full blown EC...
Debtors have paid companies to do valuation studies.... somebody needs to do a proper valuation estimate... that is the argument that we have and only shareholders can do that...
Budget we need to make argument is drop in bucket compared to fees of estate.. We are still 30 days away and Mr Sussberg didn't even mention what the plan was... Shareholders just need a few million dollars... if shareholders to be steam-rolled, we should be allowed to present our case.
Fine with court setting hearing and we want a hearing and court can make its decision!
Mr Slade now talking about how to address ad hoc Equity Committee.. surprised ad hoc committee wants a full blow committee because they already agreed to only have ad hoc, Equity committee... So Judge, how do we deal with this?