August 12th 2020
UPDATE
The Status Update we were expecting today, that was originally scheduled for Monday, did not happen. The counsel for the Debtor explained to the courts that negotiations are still ongoing and there is nothing to report at this time. There was no new date given at this time or any mention of any milestone extensions. We will of course continue to monitor this and update when information becomes available.
Matthew Okin (counsel for the ad hoc equity committee) spoke to Judge Jones about some of the work the committee has done. Mr. Okin also explained to Judge Jones some of the reasons we will be looking to expand the scope of the committee and possibly file to be recognized as an official equity committee. Mr. Okin went on to say "We do believe that there is a case to be made, that there is long term value here, that goes beyond what the debtor has thus far indicated to the courts there is". Mr. Okin also expressed to Judge Jones that "It's our belief that we can meet the requirements for the formation of an official equity committee".
When Mr. Okin brought up a recent letter that was sent into the court from one shareholder in particular Judge Jones went on to say:
"I gave the recognition i did to the ad hoc committee because i was proud of the initial group that stood up and said i want to be heard. I want everyone to hear, I've bent over backwards to give the shareholders a voice, that has not always been met with respect and understanding. I don't want anyone to take my compassion for people who genuinely believe in something to stand up and be heard, to be tolerant of people who want to accuse people without any justification of bad acts or the like. This is the wrong place to do that. I hope that everyone hears me and i hope to see some conforming behavior."
Judge Jones has been very patient, and has let all shareholders have their voice heard in this case. I expect he will continue to do the same going forward. He has also made it loud and clear to everyone he will not tolerate those who make baseless accusations and show no respect for the court.
Will update everyone when information becomes available.
Sincerely,
Niko Celentano
Chairman
JCP ad hoc committee
nikocelentano@gmail.com
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