Mr. Sussberg, you said in court that you are working very hard to see to it that shareholders see a recovery, IF possible.
I will say that I find that to be highly questionable, given that the debtor chapter 11 petition plans to erase shareholders and junior creditors.
So knowing what is in the public eye as of now, and if you sir are TRUE to your word, why not petition the court and move to a fair, transparent OPEN auction conducted by Judge Jones?
After all sir, you claim to be working hard to see to it that all classes see a recovery.
Wouldnt it be in the best interests of all bondholders, creditors, and shareholders to get maximum value for the existing JC Penney Inc.?
Several investment firms lined up to provide DIP financing, and the proposed 'split' into a REIT and the continual ongoing retail business tells everyone with half a brain that there IS LIKELY 'hidden value' in the encumbered and unencumbered company real estate.
Why not bring Amazon, Sycamore, Simon, and all other interested parties TO THE TABLE, in the LIGHT OF DAY, and conduct a fully transparent auction for the entire company?
How about the bidding starts at $330 million ($1 per share), and all interested suitors have their reps bid until we have a clear, transparent winner? The winner agrees to assume all existing debts/covenants as currently written. The winning bidder must be able to make suitable payment to the court (or whomever) within 30 days of auction closing...wouldnt that be,,,fair? If not, then what?
Sounds FAIR to me, no more media manipulation, no more backroom deals.
Isnt that what you and the debtors want Mr. Sussberg? Maximum value for the company and its 85k employees, and all stakeholders?
I dont know if this approach has been used for a retailer of this size, but what BK law or rule would prevent it? Bankruptcy judges are federal judges with a wide range of power and latitude. Judge Jones rightly made a point of telling us about realistic fair market value. Would there be ANY better way of attaining true fair market value in this current environment? If there is a better way, please tell us sir, what is it?
