It was indeed a good gamble. And since Soltau was unsuccessful renegotiating with bondholders, it was a way to force them to the table.
It definitely got their attention.
Now since JCPNQ is here, and with THIS judge, Heaven only knows what will happen. I told I-man a month ago that I hoped longs didnt get Davey Jones, but again here it is.
All that being said, the bankruptcy has flushed out value here that seems to have been hidden or buried in the hideous JCP financials all these years.
What changed MY mind, was when the filing proposed this 'good bank, bad bank' bullshit approach, splitting the company into the ongoing retail (still a disaster IMO), and a REIT that would lease back to the retail company. DING DING DING! We now know where the real value is, and guess what 'equal half' the debtors and their owners are trying to make off with? Yuuuup.
