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Basically it’s not good IF we don’t hear by the 9th at the latest of equity is in for a piece of the pie ,, ONLY THEN can each of us decide what to do with their position ,, I do have a valid point 100%
Glta
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This is not even gapped up ,, surpring to say the least!
Glta today
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Does this mean Mr Penney, Rick, myself and any others may get $25/share??
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This update is from this morning ,,??
Where has Bob been,,, hope he’s ok??? He kinda the head hancho of this board defending JCP,, nah he wouldn’t have sold?
Glta and a great weekend !
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A LOT Riding On The Election For Fannie &Freddie
• Presidential election candidates Donald Trump and Joe Biden have diverse views on the federal government’s role in the $11T mortgage market.
• As per data from TheStreet's Mish Talk, the Fed now owns $2T in mortgages:
• Q2 mortgage volumes peaked to an11-month high, growing 130% in refinance originations annually, generating ~$513B, according to Attom Data Solutions. Q1 grew 105% annually with $385.5B in refinancing.
• It is more than a decade that housing-finance giants Freddie Mac (OTCQB:FMCC -1.4%) and Fannie Mae (OTCQB:FNMA -1.9%) have remained in conservatorship after their bailout during the Great Recession.
• Shareholders have only remained spectators to profits being transferred to the Treasury Department to repay the federal government and have spent years without dividends during the period.
• In the Trump administration, hope emerged for both the companies as Mark Calabria, director of Federal Housing Finance Agency began working on recapitalizing the two enterprises after ending the years of profit sweeps.
• "If the current administration stays in and Calabria is still there, it's a 2021 to 2022 kind of a time frame, but there are a lot of variables," Mortgage Bankers Association Chief Economist Mike Fratantoni says.
• But with Biden leading the polls the presidential election could determine the fate of Fannie Mae and Freddie Mac — and the broader housing-finance ecosystem.
• Most observers expect that Biden would move to replace Calabria, especially if granted the ability to fire him by the Supreme Court.
• Whoever he would install is likely to take the Obama approach in holding Fannie and Freddie responsible for advancing certain affordable-housing goals.
• Biden would focus on ways to use the companies to boost housing affordability and promote homeownership.
• The Biden camp argues that the Trump administration’s approach would bring higher mortgage rates while Republicans say the government should play a smaller role backstopping the mortgage market, and that any increase in rates would be minimal.
• In 2019, Fannie and Freddie’s investors marked a victory when the Fifth Circuit Court of Appeals ruled that the structure of the FHFA was unconstitutional. The case is set to be heard by the U.S. Supreme Court in coming weeks.
Hopefully Niko is ok health wise ,, hey ya never know with this damn covid= Biatch to the power of a billion !!
Glta
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S&P currently +31.25
Nasdaq currently +101.00
DJIA currently +267.00
Could be nice monster Gappa in am??
Not too late to pick up a starter Gold
Glta
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JCPNQ$$ held very well today with DJIA -943 points should have closed around .13 IMO but here we are ,, nothing is guaranteed tom including a major bounce for entire market but so far looking promising
Hopefully Bob you are still in to win it,, board seem different without ur posts bro
Glta
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Forget Germany ,, they can eat all the schnitzels they want,, they are not the greatest country in the world ,, even Borat can agree
Gl
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Why is this going STRAIGHT UP UP???
News leak??
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Already 13k pre-market vol
I like your first post re: hitting .10
Gl
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I remember him saying that in May with that letter which we found out in the fall/Sept,,, doesn’t he own several million shares with a network of investors ?,,, I’m sure he isn’t sleeping well at night these days ,, maybe he dumped it last surge ?,, he’s been too quiet that’s for sure
Gl Lion and all
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What does Niko say??? Ask him please
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Niiiiiice volume today,,, someone backing up the truck IMO
— Duke Xennial (@CobraHawk69) October 22, 2020
Sorry big guy had to do it :)
Where is ‘father figure’ BBOB?
Did u sleep in bro
Gl,,, over .19 close ? Anything is possible
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Simon says, "NOT IT!"$SPG backed out of Taubman deal in June. Guess who represented Taubman? Kirkland & Ellis as counsel & Lazard as independent financial advisor! Can't make this stuff up!
— 🍀Luck-e 33s🍀 (@goldnleaftrades) October 22, 2020
Maybe a little birdie told Simon about a better sweetheart deal to be had in $JCPNQ? https://t.co/rLnqHnECep pic.twitter.com/0B45dGn9Ty
$JCPNQ
— 🍀Luck-e 33s🍀 (@goldnleaftrades) October 21, 2020
BE CAREFUL WHO YOU LISTEN TO
8:18 pic.twitter.com/LjuvKGzP8b
Ya not looking good unless any individual is treating this as ‘a daily Vegas budget’ to spend on slots-something u are ok to lose 100% because that’s what u are willing to lose,, anyone gambling their months rent I suggest to take anything you can before end of this month,, HUGE gamble -be safe
JCPNQ IS Currently below the sp of SHLDQ,, I will stick it out as I am comfortable and ok to take a double Big Mac combo supersizes if that’s all I get,, strong believer in long -term employees and all their holdings in JCPNQ,, and the ‘correct’ decision court should make,, even though outcome may not be positive .
Glta
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Hopefully u didn’t sell,,,, yet ?
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JCPenney Files Draft Asset Purchase Agreement
COMTEX - Updated just now
BusinessWire
--Expects to Close Sale of OpCo and Operate Outside Chapter 11 in Advance of December 2020 Holiday Season
J. C. Penney Company, Inc. (OTCMKTS: JCPNQ) today announced that it has filed a draft asset purchase agreement ("APA"), which tracks the terms of the previously announced letter of intent, to sell JCPenney. All parties are working to conclude negotiations and intend to utilize the ongoing mediation process to help achieve that goal. Key terms of the draft APA are as follows:
Brookfield Asset Management, Inc ("Brookfield") and Simon Property Group ("Simon") will acquire substantially all of JCPenney's retail and operating assets ("OpCo") through a combination of cash and new term loan debt. The formation of separate property holding companies ("PropCos"), comprising 160 of the Company's real estate assets and all of its owned distribution centers, which will be owned by the Company's Debtor-in-Possession and First Lien Lenders ("First Lien Lenders"). The OpCo and PropCos will enter into a master lease with respect to the properties and distribution centers moved into the PropCos.
"This is another important milestone in our restructuring plan, bringing us one step closer to finalizing the APA, closing the sale process and exiting Chapter 11 ahead of the December 2020 holiday season," said Jill Soltau, chief executive officer of JCPenney. "Our talented team is focused on working with Brookfield and Simon to build on our over 100-year history of serving customers and working seamlessly with our vendor partners. We look forward to completing this sale and continuing our progress implementing our Plan for Renewal to Offer Compelling Merchandise, Drive Traffic, Deliver an Engaging Experience, Fuel Growth and Build a Results-Minded Culture."
Once finalized, the OpCo transaction will be subject to Court approval and other closing conditions. A hearing to seek Court approval for the transaction is expected to be scheduled for early November 2020. If Court approval is received and the closing conditions in the APA are met, it is expected that the OpCo sale will close in advance of the December 2020 holiday season. JCPenney's operating assets will then conduct business outside of the Chapter 11 process under the JCPenney banner with Simon and Brookfield as its owners. The First Lien Lenders are expected to acquire ownership of the PropCos through the Company's Plan of Reorganization, which will be completed following the closing of the OpCo transaction.
Additional Information
As previously announced, JCPenney entered into a restructuring support agreement with lenders of its first lien debt to reduce the Company's outstanding indebtedness and strengthen its financial position. To implement the financial restructuring plan, the Company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Additional information regarding JCPenney's financial restructuring is available at jcprestructuring.com. Court filings and information about the claims process are available at cases.primeclerk.com/JCPenney, by calling the Company's claims agent, Prime Clerk, toll-free at 877-720-6576, or by sending an email to JCPenneyinfo@primeclerk.com.
Advisers
Kirkland & Ellis LLP is serving as legal adviser, Lazard is serving as financial adviser, and AlixPartners LLP is serving as restructuring adviser to the Company.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Brookfield and Simon.
Cautionary Statement Regarding Forward-Looking Information
The Company has included statements in this Current Report on Form 8-K that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect" and similar expressions identify forward-looking statements. Forward-looking statements are based only on the Company's current assumptions and views of future events and financial performance. They are subject to known and unknown risks and uncertainties, many of which are outside of the Company's control that may cause the Company's actual results to be materially different from planned or expected results. Those risks and uncertainties include, but are not limited to, risks attendant to the bankruptcy process, including the Company's ability to obtain court approval from the Bankruptcy Court with respect to motions or other requests made to the Bankruptcy Court throughout the course of the Chapter 11 Cases; the ability of the Company to negotiate, develop, confirm and consummate a plan of reorganization; the effects of the Chapter 11 Cases, including increased legal and other professional costs necessary to execute the Company's reorganization, on the Company's liquidity (including the availability of operating capital during the pendency of the Chapter 11 Cases), results of operations or business prospects; the effects of the Chapter 11 Cases on the interests of various constituents; the length of time that the Company will operate under Chapter 11 protection; risks associated with third-party motions in the Chapter 11 Cases; Bankruptcy Court rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases in general; conditions to which any debtor-in-possession financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside the Company's control; the ability of the parties to the Asset Purchase Agreement to consummate the transactions contemplated therein; general economic conditions, including inflation, recession, unemployment levels, consumer confidence and spending patterns, credit availability and debt levels; changes in store traffic trends; the cost of goods; more stringent or costly payment terms and/or the decision by a significant number of vendors not to sell the Company merchandise on a timely basis or at all; trade restrictions; the ability to monetize non-core assets on acceptable terms; the ability to implement the Company's strategic plan, including its omnichannel initiatives; customer acceptance of the Company's strategies; the Company's ability to attract, motivate and retain key executives and other associates; the impact of cost reduction initiatives; the Company's ability to generate or maintain liquidity; implementation of new systems and platforms; changes in tariff, freight and shipping rates; changes in the cost of fuel and other energy and transportation costs; disruptions and congestion at ports through which the Company imports goods; increases in wage and benefit costs; competition and retail industry consolidations; interest rate fluctuations; dollar and other currency valuations; the impact of weather conditions; risks associated with war, an act of terrorism or pandemic; the ability of the federal government to fund and conduct its operations; a systems failure and/or security breach that results in the theft, transfer or unauthorized disclosure of customer, employee or Company information; legal and regulatory proceedings; the Company's ability to access the debt or equity markets on favorable terms or at all; risks arising from the delisting of the Company's common stock from the New York Stock Exchange; and the impact of natural disasters, public health crises or other catastrophic events on the Company's financial results, in particular as the Company manages its business through the COVID-19 pandemic and the resulting restrictions and uncertainties in the general economic and business environment. Please refer to the Company's Annual Report on Form 10-K for the year ended February 1, 2020, and Quarterly Reports on Form 10-Q filed subsequently thereto, for a further discussion of risks and uncertainties. There can be no assurances that the Company will achieve expected results, and actual results may be materially less than expectations. Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. Any forward-looking statement made by the Company in this Current Report on Form 8-K is based only on information currently available to it and speaks only as of the date on which such statement is made. The Company does not undertake to update these forward-looking statements as of any future date.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201020006035/en/
SOURCE: J. C. Penney Company, Inc.
Hope so bud
Glta
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Not looking good??? Down -15%
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Thanks for being on top of Twitter Rick,,, tomorrow will be interesting,, very likely HUGE IMO
Best of luck to all!
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Next week will be interesting whatever the outcome ,,, we come loaded or get our $ back that we put into,
Glta and a great weekend!
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We should have news by this Friday the 16th on sale/winner?,,, should be a good end to week hopefully .40+++
Glta
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6 minutes ago
99 Reads
Post# 31694728
Goood Mornin Aphrians,,here’s some pre-market activity????
ACB volume: 961.2k Price: $5.62/5.63 (+.53)
CGC volume: 201.5k Price: $18.00/$18.16 (+.45)
CRON volume: 144.4k Price: $6.03/$6.12 (+ .23)
APHA volume: 171.6k Price: $5.78/$5.80 (+.13)
gkta longs today!
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Yes today marked the 4th GREEN day in a day ,,, slow and steady wins the race,, until we get that Monster news then multiples in quicker than u can blink an eye
Gltu and all!
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Thanks Mark,,, we will back up the truck tomorrow!!!
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Penney Judge Urges Aurelius Group to Bid With 9 Days to Deadline
By Jeremy Hill
October 7, 2020, 2:00 PM EDT
Bankruptcy judge asks creditor group to submit rival offer
No definitive agreements have been signed on existing deal
Vehicles sit parked outside of a J.C. Penney store at the Westfield Mall in Culver City, California.
Vehicles sit parked outside of a J.C. Penney store at the Westfield Mall in Culver City, California. Photographer: Martina Albertazzi/Bloomberg
U.S. Bankruptcy Judge David Jones is urging a group of J.C. Penney Co. creditors including Aurelius Capital Management to submit a competing bid to buy the ailing retailer.
“I want to see what your folks can do,” Jones said in a telephonic court hearing Wednesday. “I want to see it sooner rather than later.”
The push comes as J.C. Penney, its biggest landlords and holders of most of its senior debt work to execute a bid that would rescue the company by October 16. The deal -- which would see Simon Property Group Inc. and Brookfield Property Partners buy the retailer’s operations and keep stores open -- was announced nearly a month ago but no definitive agreements have been signed.
A group of creditors including Aurelius that hold $162 million of term loans and other J.C. Penney debt attacked the proposed deal this week, calling it overly generous to other creditors. They said they’re pulling together their own bid.
Josh Sussberg, a Kirkland & Ellis attorney representing J.C. Penney, said any competing bid would have to top $2.47 billion to repay the retailer’s bankruptcy loan and first-lien debt, which would be forgiven as part of the existing offer. An attorney for the Aurelius group disagreed, arguing they could offer to buy a swath of J.C. Penney stores and still let Simon and Brookfield take over the operations.
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Thanks for the reply!,,, ok got it,, worth the risk if I can afford a goose egg worse scenario,, congrats on your buy and best of luck !
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Wow 300,000 at $25 a piece,,. I think they should be running for president :))))
Gltu and all!
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Are they the bonds?,,, the ask was .59 and I entered .60,,, went through right away,, hey if they’re really worth $25 a piece (like master blare claims). ,,, I don’t give a rats u know what!,,, how bad is $40 to lose,, if they aren’t the jr. bonds Mark bought ,, oh well
Gltu and all!
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I just took your advice and sold 190 JCPNQ and bought 55 COTRP,, so now according to Monsier Blair ,, these shares are worth $25 a piece and payed twice a year?,,, or am I just on Elmers glue and a $hitty investor,,, probably the latter part:))
Gl to all
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The COTRP,, hard to get usually??
Gl
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It’s also possible Amazon buys Sears and JC Penney both together and they become one family,
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Looks like an explosive power to come!
Glta
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