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I guess I don't have enough shares, I have not been contacted by any Lawyers.....
The only way to recovery is to sue US Bank?
What is the range you guys are thinking for the initial payout per share? If I remember ten-kay was saying .25 a share on the low end. At one point others were saying up to $2 on the high end. thanks for the info.
I wanted to add 5k to both cbjcl and coptrp, I called fidelity last tues and after finally getting connected to the bond/trust dept. they said no buys, they said I could sell but I didn't try.
I'm not selling any either, I was adding till about a month ago when fidelity stopped allowing buys. I watch the trades to see if any spikes happen that may signal the resolution is near. Just waiting............
yeah volume is almost none, CBJCL is up 100% today so far on 400 shares traded, that took the value of my 3,295 shares from 32 cents to 65 cents. my average is .17
COTRP just dropped 54%
Can't buy cotrp on fidelity now, cbjcl has not been avail for over 30 days, fidelity shows no bid no ask on both. Looks like no trades have taken place since last friday on both?
there was a bogus post on stocktwits last week too, Looks people are still trying fake news for a run,
$0? Looks like it was filed yesterday? from SEC site, https://sec.report/Document/0001068238-21-000187/
I could not find CBJCL on SEC site.
I don't think CBJCL has traded all week? I would like to add some CBJCL but fidelity won't let me buy any longer? I got some COTRP today.
Fidelity let me buy COTRP today but would Not let me buy CBJCL. What do guys think the minimum payout would be?
I think .25 is bare min.
hanging with ya, I got COTRP and CBJCL also.
Days,weeks,months,years,decades? Anyone want to guess ow long till the court finalizes the bond decisions? as a precedent, I thought someone had said Wamu is still pending from years ago?
I forgot what I was waiting for...... july 14? consolidation of claims?
The amazing thing is the lack of real info on COTRP and CBJCL, these are involved in a multi billion dollar BK case I have no firm evidence of proposed paypout. Ten-Kay seems to have the minimum figured out and he has been consistent all along, If there is a shot at full recovery "they" don't want anyone to know. I'm staying in till case is resolved.
This guy may have had a great swing today, this was posted on the 7th. Brand new Stock Twits account. Is he dumb enough to use his real name?
https://stocktwits.com/toddmcallister/message/327111320
+1 TILL THE END.
We all appreciate your insight, thank you.
Hi all, what is the next step we are waiting for for COTRP?CBJCL? Is there a court date pending in regard to these? thanks for the guidance.
Thanks, Fidelity explained I could not buy today because CBJCL is behind in reporting. "Warning! This company may not be making material information publicly available
Buying or selling a security on the basis of material nonpublic material information is prohibited under Section 10(b) of the Securities Exchange Act of 1934"
I wanted to add a few CBJCL at todays dip at .0321
Fidelity won't let me?
"Opening transactions for this security (CBJCL) are not currently permitted due to limited company information and/or the risk associated with the security."
300 share have traded today on CBJCL
It looks like I can still buy COTRP, I've bought both in the last 30 days. Thoughts?
I HAVE COTRP/CBJCL I never filed a claim to the court, should I have filed? can I still file? thx, Joe
Any Bond Holders left on here? I still have COTRP and CBJCL. Fidelity still has no info for me, I guess we are waiting for PROP-CO sale to close?
Anyone else get a email letters from Cindy at US Bank in regards to CBJCL and COTRP? US Bank is the Trustee.
Cindy from US Bank replied in an email Thursday that the notifications were released and I should see something from fidelity in a few days about my Bonds. She would not tell me the details unless I filled out some kind of proof ownership form for her? I’m just gonna wait for fidelity.
877-402-9757 CODE# 9035672
As a holder of COTRP/CBJCL how much should I expect on the initial $750,000? and the earn out on each $25 face value bond? I assume they won't pay past due interest? Thanks for your info JP.
Anyone else get a Direction letter for the bonds COTRP_CBJCL from US Bank? Have you decided how to fill it out for our best interest? accept/reject then plan and opt-out/not-opt of plan releases.
Return Via Email to cindy.woodward@usbank.com
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
Re: CorTSSM Trust For J.C. Penney Debentures
$100,000,000 Face Value Certificates CUSIP No. 220803100 *
DIRECTION LETTER WITH RESPECT TO THE JOINT CHAPTER 11 PLAN OF REORGANIZATION OF J. C. PENNEY COMPANY, INC. AND ITS DEBTOR AFFILIATES
RE: J. C. Penney Company, Inc., et al. (the “Debtors”) 7.625% Debentures due 2097, CUSIP 708160BL9 (the “2097 Debentures”)
I. Certificates Beneficial Holder Information Cert# (if any) Description / Series
Original Face Amount ($)
II. Direction to the Trustee.
The Beneficial Holder of the Certificates directs the Trustee to (please check one):
ACCEPT THE PLAN
CHECK HERE
?
REJECT THE PLAN
CHECK HERE
?
The Beneficial Holder of the Certificates directs the Trustee to (please check one):
OPT OUT OF THE PLAN RELEASES
CHECK HERE
?
NOT OPT OUT OF THE PLAN RELEASES
CHECK HERE
?
Dated: ________________
Name of Beneficial Holder:
(Print or Type) Signature
Name of Signatory: Title:
PLEASE COMPLETE, SIGN AND DATE THIS DIRECTION LETTER AND RETURN IT TO THE TRUSTEE BY ELECTRONIC MAIL (WITH ORIGINAL TO FOLLOW VIA REGULAR MAIL) NO LATER THAN NOVEMBER 12, 2020 AT 5:00 P.M. CENTRAL TIME.
Fidelity shows these,
CBJCL 126797208
COTRP 220803100
Her first email back to me was very short, she said she needed the Cusip number and that they didn't used the trading tickers COTRP and CBJCL. She asked for the cusip # Like she didn't know what I referring to..... LOL
I lost faith when I heard them say that the Okin team never approached the ABL lender in advance, Why?
Cindy from US Bank replied to my email with 2 notices
(1 each CABCO and CORTS Trust) and a disclosure statement.
The 2 notices said I could vote to accept or reject the plan.
There was 2 other boxes on those notices to OPT-OUT or NOT OPT-OUT of the plan releases. The trustee (US BANK) wants an answer by Nov 12th
"PLEASE COMPLETE, SIGN AND DATE THIS DIRECTION LETTER AND RETURN IT TO
THE TRUSTEE BY ELECTRONIC MAIL (WITH ORIGINAL TO FOLLOW VIA REGULAR
MAIL) NO LATER THAN NOVEMBER 12, 2020 AT 5:00 P.M. CENTRAL TIME"
"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 (the “Majority Holders”) with respect to its vote to accept or reject
3738581121
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"
The disclosure statement included pages 13 and 17 from document (#1647) from the docket.
Page 13 says "each holder of Unsecured Note Claims shall receive it's Pro-Rata share of any cash remaining in the wind down reserve ONCE all allowed claims have been satisfied"
Page 17 show recovery of less than 1%
I am way over my head but wanted to share for the experts on here.
I have no clue what’s going on I guess, I thought you had to opt outing the proposed sale plan, thus preserving your legal rights for future appeals and litigation,
I have jcnq, cotrp and cbjcl do I have to opt out of any of these before tomorrow? I thought I had till nov 16 on bonds and sometime in feb for commons? Thanks in advance for the info.
Joe
My email from Fidelity from 3am last night clearly states in the header,
“important tender offer reminder”
when I clink the email link it takes me to my Corporate action page showing my jcpnq share amount. It also says
“Offer highlights
Timeline
Cutoff date
11/16/2020 7:00 PM ET
Expiration date
11/17/2020 12:00 PM ET
Security details
Offered by
OPT-OUT INFORMATION PURPOSES ONLY
Security name
JCPNQ
Security type
Equity”
Yep, I have no clue. after 3 more calls to 3 more lawyers I'm more confused than when I started. Aaron at mayer brown pc. says what I got (COTRP+CJBCL) are securities in a US Bank trust that owns the bonds and my value is less than !% recovery under proposed plan.
I called fidelity to see if they had any info on an offer for COTRP and CBJCL bonds. They connected me to the bond dept who told me these are not bonds they are preferred stock. After getting connected to the Equity dept again, it 20 mins of getting coworkers thoughts to tell me they were Secured Preferred Shares. He also said Fidelity did not have an offer on them and did not know what class they fall into. Did I get wrong info from fidelity? Good news is he said once the offer is made and accepted I could have the funds in my acct in 2-4 days.