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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?
Hearing started... Were in red zone Aug 12.. now stalemate..
How can total assets = liabilities, exactly, to the penny? Seriously? Can you say, "crooks?" I knew you could.
Oh great, JCP has money on deposit in JPMorgan Chase Bank... I guess we'll never get that back, LOL (that is a WAMU joke, waiting almost 12 years for JPMorgan Chase to pay up)...
ND9
Large Green, coincidence they filed this before tomorrow's (Monday's) hearing? I don't think so...
JMHO
ND9
I hope so.. you've been saying JCPNQ is going much higher for 3 months... Hopefully, one of these times, you will be right..
BBANBOB, the Equity Committee hearing is Monday Aug 31. See Niko's update below.
ND9
***********************************
UPDATE 8/28/20
On August 18th the Ad Hoc Equity Committee filed a motion for entry of an order establishing an Official Committee of Equity Interest Holders. (dkt 1268). If you have not read this document yet, I suggest all shareholders read it in it's entirety.
On August 24th the Debtors filed a motion asking for a status conference to discuss the motion filed by the Ad Hoc Equity Committee. (dkt 1300)
On August 24th at the Debtors request the courts scheduled a Status Hearing for this morning at 10am CT (dkt 1307)
On August 27th the Ad Hoc Equity Committee filed an EMERGENCY MOTION FOR ENTRY OF AN ORDER: (I) SHORTENING TIME TO RESPOND; (II) ESTABLISHING EXPEDITED DISCOVERY DEADLINES; AND (III) SCHEDULING HEARING (dkt 1323)
This morning we were notified by the courts that the hearing previously scheduled for this morning at 10am CT has been reset until Monday August 31st at 11:30am CT.
We will update you further if any new information becomes available.
Sincerely,
Niko Celentano
Chairman
JCP Ad Hoc Equity Committee
Status Conference? What happened to hearing on Equity Committee motion?
ND9
BBANBOB, good question.. I don't understand the percentages.. why sell 800K but keep 500K? Why didn't he sell 500K and keep 800K?
I wonder if some of the shares are restricted and he could only sell the ~800K? Not sure..
ND9
Javier Teruel sold 802,000 JCPNQ shares, but kept 523,000 shares
**********************************
J C Penney Company Inc (JCPNQ)
Chronological Insider Trades
This section gives a chronological listing of the insider trading activity of executive officers within J C Penney Company Inc. From left to right, the columns give the details of the transactions by showing the name and title of the person who made the transaction on a particular date. It further shows that they bought or sold a certain number of shares at a particular price through a certain type of transaction. Finally, it shows what percent of the person's holdings were traded and how many shares the person held once the transaction was complete.
Name, Title Transaction
Transactions
During 2020 # of Shares Price($) Type % of Holdings Traded Now Holds
Teruel, Javier G., DIR Sold 08/21 802,230 0.32 Direct, Sell 60.5 523,971
No reason for Friday hearing to be postponed... Hurricane Laura landfall Wed night/early Thursday morning (~2am)... Right now, Houston not in path so why would South Texas/Corpus Christi Judge postpone? For what reason? There is no reason...
Also, speed of hurricane is pretty fast, when it hits landfall Tuesday ~2am, by Friday, it is long gone...
Mortgage delinquencies soar
The rate for homeowners who are seriously behind is at a 10-year high.
By Kathy Orton WASHINGTON POST shared from the 8/24/2020 Philadelphia Inquirer - Philly Edition eEdition
https://digital.olivesoftware.com/Olive/ODN/PhiladelphiaInquirer/shared/ShowArticle.aspx?doc=PHQP%2F2020%2F08%2F24&entity=Ar01800&sk=9A12641E&mode=text#
BBANBOB, I always thought COOP would buy New Residential since they are owned by Softbank/Fortress, similar to Nationstar... but OCN definitely a possibility.... thanks....
JMHO
ND9
OCN only has 8.7M outstanding shares
"At the Effective Time, every fifteen (15) shares of issued common stock will be combined and converted into one (1) issued share of common stock. No fractional shares will be issued as a result of the reverse stock split. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 130.0 million to approximately 8.7 million and will reduce the number of authorized shares from 200.0 million to approximately 13.3 million."
https://www.streetinsider.com/Corporate+News/Ocwen+Financial+%28OCN%29+Announces+1-for-15+Reverse+Stock+Split/17188872.html
You might want to look up the word "subliminal." I don't think his message is subliminal.
Large Green, yep, I agree. With that great ad-hoc EC filing yesterday, all we need now is for Judge Jones to read the filing and be fair... and even with the corrupt media, us shareholders should be ok. Let's hope for the best.
ND9
I have been worried about Sussberg from the beginning.. he chooses his words carefully and wisely, like “everybody,” and “those,” words that are subjective, and can be interpreted different ways.. to make you think he cares about shareholders... while filing debtors plan to wipe us out..
"JCP is and always was solvent and there is substantial value in this company beyond what the Debtor and it's Advisors have claimed."
Just finished reading Ad Hoc Committee filing.. Awesome job by Okin Adams and entire Ad Hoc Committee.... Hats off... If Judge Jones is honest and fair, it will be very difficult for this Judge to reject this motion...
ND9
Wow, ad hoc EC filing 280 pages.
Hope judge jones wasn’t threatening us shareholders again.. when he said stop egos and posturing, could he has been referring to ad hoc equity committees comment on filing for full blown EC? Was that posturing possibly???
Well, if you know anything about deep-water drilling, in the past, when oil prices were higher,it's was very easy to burn through $50M per well... You were burning about $1M a day, for drillship rental, operations, crew, support, logistics, operations, boats, helicopters, on-shore technical support, materials, etc, etc...
Assuming no issues with drilling, you drill for say 45-50 days, that's $50M gone.. it happens all the time, and not just with ERHC Energy... Super majors and mid-size companies drill dry wells all the time...
Heck, Kosmos Energy found over $100 TRILLON CUBIC FEET of natural gas offshore Mauritania/Senegal... Fourth largest find in history... but they have also drilled dry holes, as well as Exxon, Chevron, Shell, etc, etc.. It happens all the time.... You think each time they drill, they hit commercial oil, LOL........ not.
JMHO
ND9
Amazon Announces Hiring Push to Add 3,500 Employees
Adriana Lee
August 18, 2020, 5:26 PM CDT
While brick-and-mortar stores and other companies grapple with a brutal year, Amazon’s business is hopping — so much so, that the company is looking to add as many as 3,500 new hires across six U.S. cities, it said Tuesday.
According to its blog, the recruitment push will add more “corporate and tech” employees to a range of divisions across the organization ranging from voice assistant development and its cloud business, to grocery, advertising, fashion and more.
“Teams in these cities will support various businesses across Amazon, including AWS, Alexa, Amazon Advertising, Amazon Fashion, OpsTech, and Amazon Fresh, among others,” the company said in its post. “We expect to hire for a variety of roles, from cloud infrastructure architects and software engineers to data scientists, product managers, and user experience designers.”
These new positions will be based in Dallas, Detroit, Denver, New York, Phoenix and San Diego.
The move stands out during an era that has shuttered businesses, triggered a massive jump in unemployment claims and made remote, distributed teams the new workplace culture.
Indeed, as peers and rivals such as Google, Facebook and Twitter hunker down for an extended remote work situation — indefinitely, in the case of Facebook and Twitter — and retail companies look for relief from lease obligations, Amazon seems fine with putting itself on the hook for a major upscaling of corporate real estate. So far, the e-tailer has only extended its work-from-home policy through January.
Think of it as another dimension of its campaign to grow its sprawling empire. Especially in New York.
It’s been a year and a half since Amazon abandoned plans to set up “HQ2” in Long Island City, Queens, but that hasn’t changed its apparent affinity for New York City real estate.
In December, just before the pandemic took hold, the company revealed plans to open an office at Hudson Yards in Manhattan, adding 335,000 square feet to its footprint. And its latest $1 billion purchase of Lord & Taylor’s Fifth Avenue flagship adds another 630,000 square feet. With all that space, naturally Amazon will employ more than half of its new recruits in the borough, which will account for as many as 2,000 openings. The rest will be filled from the remaining five cities.
If Amazon scoops up the spaces left by Sears and J.C. Penney to use as distribution hubs, as has been reported, its operation will have scaled up impressively during a period that threatens others in the retail sector. The company hasn’t confirmed these plans, but it would certainly fit the pattern.
Altogether, these moves are not entirely surprising. Amazon’s already booming business exploded further during the coronavirus crisis, which was expected and confirmed by the company’s earnings results covering the period. But the recurring theme was that the company hadn’t fully capitalized on this influx of activity.
In the second quarter, Amazon’s sales growth jumped a record 40 percent. Meanwhile, its AWS cloud services business reported revenue growth that dropped below 30 percent for the first time. The company was scrambling to meet demand and to institute health safety measures for workers, amid rising costs and priorities on cost efficiencies. There was hardly time to focus on longer-term priorities, which may also include improving discovery on its platform and evolving its fashion business, an area that’s especially challenging now.
https://www.yahoo.com/news/amazon-announces-hiring-push-add-222638357.html
Amazon to use J.C. Penney and Sears stores as distribution centres
United States
Published: 17 August, 2020
E-commerce giant Amazon could use vacant J.C. Penney and Sears stores as distribution centres, according to U.S. media reports.
Amazon is reportedly in talks with Simon Property Group, the largest shopping mall owner in the U.S., to turn some of the vacant J.C. Penney and Sears stores into distribution hubs. The latter have struggled in recent years to stay afloat as sales shifted from physical stores to online platforms, and both have filed for Chapter 11 bankruptcy. On the other hand, sales have allegedly increased sharply for Amazon in recent months, boosted by the forced lockdowns due to the Covid-19 pandemic.
Sources: Wall Street Journal/Forbes
https://internationalleathermaker.com/news/fullstory.php/aid/8811/Amazon_to_use_J.C._Penney_and_Sears_stores_as_distribution_centres.html
Empty Spaces: After Bankruptcy: This Is What Amazon Is Planning With The Stores Of The Bankrupt US Companies Sears And JCPenney
FOREX NEWS
By Celia Rodriguez
Aug 17, 2020
https://www.forex-news.com/forex-news/empty-spaces-after-bankruptcy-this-is-what-amazon-is-planning-with-the-stores-of-the-bankrupt-us-companies-sears-and-jcpenney-message/
Brookfield Asset Management Raises A Record $23B
August 17, 2020
Alternative-asset manager Brookfield Asset Management said it raised a record $23 billion in Q2 and foresees speeding up the pace of investments in the wake of the pandemic’s disruption
**** article continues ***
https://www.distilnfo.com/retail/2020/08/17/brookfield-asset-management-raises-a-record-23b/
Walmart surpasses Amazon in online grocery share
Pool of e-grocery purchasers hasn’t swelled despite pandemic, TABS Analytics study finds
Russell Redman
Aug 17, 2020
https://www.supermarketnews.com/online-retail/walmart-surpasses-amazon-online-grocery-share
BBANBOB, yes, I posted about The Woodlands store back on Aug 11.
ND9
*************************************************
Tuesday, 08/11/20 11:44:50 AM
Re: None 0
Post #
28923
of 29968
This Houston-area mall will be home to Amazon retail store
Monday, August 10, 2020 3:47PM
THE WOODLANDS, Texas -- Amazon 4-star, a retail store from the Seattle-based technology company, is expected to open mid-September at The Woodlands Mall, according to Brookfield Properties.
Located in the mall at 1201 Lake Woodlands Drive, The Woodlands, the new Amazon 4-star will be the second to open in Texas and one of the first two dozen in the U.S., according to information on the company's website. The only other Texas location is at Stonebriar Centre in Frisco.
Amazon 4-star stores offer popular and trending items from the company's online marketplace alongside Amazon brand devices and accessories. According to Amazon, 4-star stores are stocked with merchandise ranging from toys and games to home and kitchen products.
https://abc13.com/amazon-store-the-woodlands-mall-4-star-most-popular-things-on/6363822/
BBANBOB, no, Hurst is in Dallas Fort Worth Area, the Woodlands is just north of Houston.
Nd9
At 3,664,883 cubic meters, it is one of the largest buildings in the world by volume.
NASA’s Vehicle Assembly Building, or VAB, at Kennedy Space Center in Florida was used to assemble and house American-crewed launch
vehicles from 1968 to 2011. At 3,664,883 cubic meters, it is one of the largest buildings in the world by volume.
https://www.nasa.gov/sites/default/files/718659main_VAB.pdf
Why doesn't Amazon talk directly to JCPenney and cut out the middle man Simon? Why do all the articles only mention Amazon talking to Simon? Simon doesn't own that many JCPenney properties... Is it because Amazon doesn't want to own the JCPenney properties and they (Amazon) just want to lease them? So Amazon would rather lease the property from Simon then buy the properties outright?
ND9
Demand for warehouse space is surging as historic online spending exposes a major weakness
HAYLEY PETERSON
AUG 14, 2020, 21:03
https://www.businessinsider.in/retail/news/demand-for-warehouse-space-is-surging-as-historic-online-spending-exposes-a-major-weakness/articleshow/77549453.cms
Large Green, I agree and that is why I highlighted the last column on the right.. that column shows number of shares they have remaining.. maybe not totally accurate but probably close...
ND9
JCPenney Insider Trades 2020
J C Penney Company Inc (JCPNQ) Chronological Insider Trades
This section gives a chronological listing of the insider trading activity of executive officers within J C Penney Company Inc. From left to right, the columns give the details of the transactions by showing the name and title of
the person who made the transaction on a particular date. It further shows that they bought or sold a certain number of shares at a particular price through a certain type of transaction. Finally, it shows what percent of the
person's holdings were traded and how many shares the person held once the transaction was complete.
Name, Title, Transaction,Transactions During 2020, # of Shares Price($) Type, % of Holdings Traded, Now Holds
Tysoe, Ronald W., DIR Sold 07/10 94,241 0.31 Direct, Sell 28.8 232,887
Wlazlo, Michelle, EX VP Sold 06/23 100,000 0.30 Indirect, Sell 100 0
Plunkett, Debora A., DIR Sold 06/19 170,455 0.34 Direct, Sell 62.9 100,586
Owens, B. Craig, DIR Sold 06/17 170,455 0.36 Direct, Sell 60.5 111,070
Brown, Paul J., DIR Sold 06/16 25,000 0.39 Direct, Sell 8.3 275,561
Owens, B. Craig, DIR Sold 06/16 32,258 0.39 Direct, Sell 10.3 281,525
Treadway, Brandy L., SEC Sold 06/16 32,086 0.40 Direct, Sell 100 0
Evanson, Brynn, EX VP Sold 06/15 211,137 0.33 Direct, Sell 100 0
Ginsberg, Amanda, DIR Sold 06/15 94,241 0.34 Direct, Sell 31.5 204,763
Payne, Lisa A., DIR Sold 06/15 262,258 0.36 Direct, Sell 50.6 255,632
Soltau, Jill A., CEO Sold 06/15 749,686 0.33 Direct, Sell 100 0
Soltau, Jill A., CEO Sold 06/12 1,249,685 0.31 Direct, Sell 62.5 749,686
Teruel, Javier G., DIR Sold 06/12 1,000,000 0.31 Direct, Sell 43.0 1,326,201
Tysoe, Ronald W., DIR Sold 06/12 1,025,000 0.34 Direct, Sell 75.8 327,128
Wafford, Bill, CFO Sold 06/12 203,360 0.33 Direct, Sell 100 0
Wafford, Bill, CFO Sold 04/11 65,457 0.34 Direct, Non Open Market 5.4 1,144,221
Evanson, Brynn, EX VP Sold 03/06 6,886 0.61 Direct, Non Open Market 1.1 594,761
Risch, Therace, EX VP Sold 03/06 39,649 0.61 Direct, Non Open Market 4.8 780,527
Treadway, Brandy L., SEC Sold 03/06 3,732 0.61 Direct, Non Open Market 3.7 97,769
Teruel, Javier G., DIR Bought 03/02 24,094 0.69 Direct, Non Open Market 1.0 2,326,201
Large Green, thank you very much for your thoughts.. we’re on the same page..
ND9
And others are pumping without real facts... just speculation... there is a difference..