Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[The Man With No Name]

UP. From the Debtor's filing today this is certain.....there are multiple parties interested in doing some kind of deal and the $3M the Debtor is asking to be used for DD reimbursement purposes is being set aside only for the most serious lookers. I infer from the filing that it's most likely Amazon who's the most serious and asking for the $3M in go away money if a deal doesn't get done.

I have NEVER in my over 10 years of bankruptcy experience seen this type of 'break-up fee' when there wasn't even a public sale on the table.

This is not some activist investor or a group of bondholders angling for better plan treatment....this is a BFD.

At $750/hr, that's 4000 man hours.