I-man, Lion, yes they can do these bonuses before a chapter 11 filing, there is nothing illegal about it. Shady as he'll? OH YOU BET IT IS! IMO its downright criminal, but not in this leftwing banana republic we live in.
The sophist argument that Soltau and Wafford made, in favor of the final day $17m debt payment was also highly dubious at best. Another total misleading fraud IMO, but again NOT illegal.
Both you guys screamed and hollered FAKE NEWS at me the whole time JCP was tanking in real time, for the last year or so.
Many warned about this for years as JCP lied and misled the public about its 'BIG TURNAROUND' and its 'RESTRUCTURING' plans. Chapter 11 was always on the table, and now everyone knows the truth.
NOW that we have all that behind us, the TRUE SCAM was finally revealed in court and with the plan, when we finally got down to brass tacks with this total abortion of Sussbergs, this 'OPCO PROPCO' bllsht. I had always suspected the unencumbered real estate MIGHT be worth more than JCP was saying, but that confirmed it for me. As I told you guys, thats when I changed my mind, and decided to make a little pink sheet money on this.
Im out right now, awaiting real substantive news. Best of luck to you guys and all longs. I-man, as I always told you and anyone else within earshot, I never, ever approved of naked short selling in any way, shape or form. Its pure scumbaggery. I dont approve short selling, period as far as that goes. IMO that is what put options are for.
One last thought Lion,,,,,Judge Jones allowed the McDermott farce to happen after 2 months in chapter 11, and the inside frauds there took bonuses 10 times bigger,,,,$105 million. Makes Soltau and her crew look small time. Jones saw NO PROBLEM with it, against shareholder and a big SEC objection.
