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Has the sale agreement been signed yet?
RGLS - finally having a nice move. Now .655
Simon Property has filed an objection. But I'm not quite sure what they're objecting to. Can anyone please decipher? Docket 1907.
Yes... and one of JCP's executives (the CFO, Kurtz?) testified that they had not done a liquidation value analysis and that he didn't know what JCP's fair value is.
But they decided to sell it for a paltry sum anyway.
You can't make this stuff up. LOL.
Now, THAT is very interesting... The outlook gets better and better every day.
Thank you for that info, 'mankind' :)
I've been enjoying your very educational posts here. The world of MMs is such a mystery to me and probably most people here.
Nice recovery here. Interesting...
Good call, Carjockey2. And congrats to all the TSNP longs. What a great run!
it seems I jumped out too early... Oh well, I did alright ;) Good luck to all.
Indeed. :)
The way I understand it, the "would-be claimants" were Pino and the dummy companies that he created and used to "stash" those unauthorized shares he issued. Now Pino is dead and so are his dummy companies. Via the custodianship process, notice was duly given, but no one contested the custodianship or filed a claim. So no claimants, no claims. DL is now free to do with XMET as he wishes.
I'm certainly no expert, and I could be wrong with my interpretation, but at these sp levels, I'm willing to take a chance. Not much downside, and a huge upside.
Can you clarify? Did OTC agree that a 211 was filed?
So today's battle was seemingly "lost." But I think the witnesses statements gave us lots of ammo that can be used in the appeal process. Now their dirty deeds are on record. And talk about breach of fiduciary duty!.
This war is not over -- not by a long shot. Just my opinion. ;)
I can't listen in now. Is there going to be a recording available? How about video? I"d love to see what actually went on today.
And they want us to decide by Monday... Sheesh!
Is this even legal?!
This is ridiculous! How does one vote without knowing the details of the plan or offer?
I received this from my broker:
Fri Nov 6 18:16:21 2020 - Attn: Corts Tr J.C Penney CTF7.625%
Page 1 of 3.
Re: Corts Tr J.C. Penney CTF 7.625%
Cusip: 220803100.
Offer type: Consent Solicitation.
Consent Record Date: 10/19/20.
Please call the ETRADE Corporate Actions Team 1800-ETRADE1 8am-6pm EST by cutoff by 11/10/20 to submit your instructions.
As Noted in the prior notices, on May 15, 2020 J.C. Penney Company Inc. filed for bankruptcy in the United States. This filing constituted an event of default with respect to the Bonds. The Bonds held by the Trust consist of J.C. Penney Company, Inc. 7.625% debentures due March 1, 2097, CUSIP 708160BL9, with face value of $100,000,000.
Please see continuance on page 2
Page 2 of 3.
The Trustee is permitted only one vote under the terms of the Solicitation Materials with respect to the 2097 Debentures held by the Trust. As provided in the Governing Agreements, the Trustee shall act in accordance with the instruction of the Holders of the Certificates representing a majority of the Voting Rights with respect to its vote to accept or reject the Plan and its decision whether or not to opt-out from the releases as described in the solicitation Materials. If the Trustee does not receive an instruction from the Majority Holders, it will not vote on the Plan. CLAIMS FOR WHICH NO VOTES ARE CAST ARE TREATED AS A REJECTION OF THE PLAN.
Please see continuance on page 3
Page 3 of 3.
Request for Instructions: Based on the foregoing, to the extent Holders wish to direct the Trustee with respect to the Plan, the Trustee request that Holders complete the Direction Letter and return it to the Trustee no later than November 10, 2020, by electronic mail (with the original to follow by regular mail) to U.S. Bank National Association Global Corporate Trust 60 Livingston Avenue EP-MN-WS1D Saint Paul, MN 55107 Attention: Cindy Woodward Email: Cindy.Woodward@usbank.com
Certificate holders can review the Solicitation Material and /or monitor other filings relating to the bankruptcy proceedings via the website maintained by Prime Clerk at https://cases.primeclerk.com/JCPenney/
Good to know that the CEO has something in the works. Thanks for the info.
Can't find any new news. It's probably the Quarterly report coming. It's expected to be very good.
TBLT - hit .90, up 27%
TBLT - now .85 up about 20% after-hours
TBLT - sudden surge, something's going on...
Yes. XMET is on track. Actually, faster progress than expected. Looking forward to the coming days/weeks.
Great day here today. Patience pays. :)
In just a few hours from now, the Nevada court will hear this case. The judge may or may not issue a decision/order immediately. Even if he does, we might not find out until Monday.
Verrrrrrry interesting! Thanks for the info.
Will have to buy some more shares.
Nice big hits on the .0007s looking great!
Yes, XMET moves surprisingly easily with just a couple hundred shares volume. Makes you wonder...
A reverse merger with the right company could bring .03, .04, or even much higher. It will all depend on what the share structure ends up being and the quality of the merging company.
LOL That gave me a good chuckle. Thanks!
Nice big chunks of buys on the .0005s
Signs of good news ahead?
KATX - now .0005 and volume increasing
KATX - now .0005 and volume increasing
But $25.00 would be truly lovely. Make it so!
I'll take $7.00 :)
Thank you, Joefyffe, for confirming that. Now let's hope that the merging company is worth it.
KATX - .0004s getting gobbled up
XMET - waiting on Nov. 6 court hearing.
PFMS - I'm holding. I think we'll be pleasantly surprised once all this uncertainty clears.
TSNP - Nice consolidation. Ready for the next leg up?