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I hope this comes a lot faster then that. That’s about as fast as Lindsey getting to the bottom of anything
Settlement Conference set for tomorrow
B. O. O. M.
Thank you for that inspiring post, we needed that about now. JCP will rise above the ashes...
Court on Monday 11:00 am central. We will see who won the auction...
Baby steps after yesterday’s debacle...
Knocking on the “green” door
He bought high and sold low at least twice. Every time he sold it went up, and yet he still hangs around here like a gnat
COTRP is getting heavy action at a buck now. Something could be coming
Court was 9:15 central. Anybody hear it?
Honestly, does anyone ever see anyone vape anymore??
What’s the next big investment Joe, Blockbuster??
Ain’t over till it’s over...
According to Nico it’s not a bad thing at all
UPDATE August 31st 2020
Today there was a Status Hearing regarding a motion filed by the Ad Hoc Committee for an Official Equity Committee in this case. At the start of the hearing Joshua Sussberg from Kirkland & Ellis (Debtors counsel) gave the court an update regarding the sale process that has been ongoing. Despite on numerous occasions of claiming to be close to announcing a deal had been agreed upon, he announced that negotiations had come to a stalemate. JC Penney and it's lender group had been negotiating with 3 parties of interest that had placed bids on the OpCo portion of the business during a Market Test. Mr. Sussberg stated "Our lenders are no longer going to be held hostage in negotiations with third parties". He also left open that chance that one of these interested parties may come back into the transaction.
Mr. Sussberg then went on to tell the court that the companies top lenders plan to make a credit bid themselves to own the company as a stand alone company. They have placed a September 10th deadline on negotiations with the lenders on this credit bid. He also announced that some stores that were kept open due to negotiations would now be closing. We will evaluate this transaction if/when it ever takes place.
This lender group has been in the drivers seat from the beginning of this bankruptcy. Because of the predatory terms of the DIP loan the lenders have had control over all decisions regarding this case.
On the Ad Hoc Equity Committee's motion for an Official Equity Committee the debtors counsel made mention that a hearing would slow down the process and was not necessary. They also made mention in a motion filed with the courts that the valuations provided by the Committee's professionals were 'far fetched". They finally questioned what the scope was of the Ad Hoc Equity Committee in the first place.
Matthew Okin from Okin/Adams (Counsel for the AHEC) spoke of what the Committee's scope has been since Day 1, and that was whether or not we believe there could be a return for equity in this case. Mr. Okin went on to say that the Committee's professionals "after going through all the data and financials of the company believe we have a case for equity and this is why we filed our motion".
Judge Jones ruled in favor of the Committee and set date for a hearing on September 30th where we will present our case to the courts for an order to appoint an Official Committee of Equity Interests. We will continue to monitor developments in the case while we prepare our case for court.
Sincerely,
Niko Celentano
Chairman
JCP Ad Hoc Equity Committee
nikocelentano@gmail.com
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WTF happened??????
Come on IHub, lower that chart so we can grow a little more
Up, up, and away...
Thanks Debbie Downer.
Think I know who it is
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With 4 on the floor???
What are you talking about? Wait to see if $0.25 level holds. It hasn't even got there yet. This will probably take weeks to get into an uptrend if it ever even does. I think a good place to buy would be around 0.25 if it holds and if it doesn't then around 0.12.
Another...
No demand at these levels for JCPNQ. Watch for the pop and drop. Next support is at $0.25. I wouldn't buy unless that level holds. Same old nonsense about Amazon and Walmart going to buy JCP?! Crazy.
7/13/20. That’s you...
Over 1.3 million dollars in volume today and over a million yesterday. That looks like plenty of interest at these levels genius
I knew you would...
Lol
Latest update...
UPDATE
There was a hearing scheduled for yesterday regarding KERP bonuses. These are bonuses paid to key employees to retain them while a company is in bankruptcy protection. As there were no objections to this motion from us, the UCC or the US Trustee, this hearing was canceled.
On August 19th the Ad Hoc Equity Committee filed a motion for entry of an order to establish an Official Committee of Equity Interest Holders (dkt 1268). We laid out in detail why the value of JCP is much greater than the courts have been led to believe. We ran a Discounted Cash Flow Analysis and an Orderly Liquidation Analysis and both show why there is a case for equity to see a return.
Yesterday, August 24th, counsel for the Debtors filed an Emergency Motion for a Status Conference (dkt 1300) regarding our motion for an Official Committee of Equity Interest Holders. Counsel in this filing claimed the analytics used in the motion were "far fetched". The detailed analysis we ran was a Discounted Cash Flow Analysis using the Perpetuity Method and the EBITDA Multiple Method to access the true going concern value of JCP. These are widely used analysis models used across the world when valuing a business. We can walk them through it slowly if they're having a problem understanding. The Debtors counsel requested in this filing for a Status Conference to discuss how the court would like to handle our motion.
Last night Judge Jones filed a order for a Status Hearing (dkt 1307) to be held Friday August 28th at 10am CT regarding our motion seeking an Official Committee of Equity Interest Holders.
Audio will be available by dialing in to the court at
832-917-1510 Conference Room # 205691
Video for this hearing will be available on the web or through the app GoToMeeting / JudgeJones
Over a million dollars traded today and all that nitwit can say is “no interest at these levels”.
Thank you Mr. Buffet...
IMO, it’s 1.8 billion PLUS they assume the debt.
That was allot of “ask” slapping end of day. Can’t be many 6s left.
Can you say——— B O O M
It’s all retail Mr Buffet...
Oh, do you mean “no demand at these levels”?
What a joke. Guess he waited too long to buy
OMG
$13.50 IN TRADES ALL DAY
TO DA MOON
WEEEEEEEEEEEEEE
CANT WAIT FOR POWER HOUR
Volume and pps warming up
Some-ting-coming
But didn’t you dump all your shares when you got scared a few weeks ago?? Why would you care?? SMFH
Hey Zeke, where’s all that volume and record breaking pps you said would happen from THE MUCH ANTICIPATED NEWS FROM JF???
Bwahahaha
No we’re not, nice try though...
Joe is exactly like Joe Biden, a lifetime in office and you can’t name 1 accomplishment.
To Da Moon................