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

[thelionwarrior]

August 19th 2020
Over the past 2 months the members of the Ad Hoc Equity Committee have worked with counsel from Okin / Adams and our Financial Advisors from CR3. These were the firms the Ad Hoc Equity Committee retained upon the formation of the committee to represent equity interests in this case. When we filed our original petition with the courts we laid out in detail why we believed there was more value to JCP then the Debtors were claiming. We presented our case to the court and despite the objections from the UCC and the Debtors, we were permitted to form an Ad Hoc Committee to represent equity interests.
After reviewing thousands of pages of documents, and doing a complete analysis on financials and putting together valuations, we've come to the same conclusion, JCP is and always was solvent and there is substantial value in this company beyond what the Debtor and it's Advisors have claimed.
The company has stated in court documents that this bankruptcy was filed on projections from their Advisors that stated they would run out of cash by the middle of July. With the latest reported Cash on hand of 1.263B as July 4th we can see that this was far from reality. The company has beaten their own projections month after month since filing for bankruptcy protection. The numbers don't show the dire position the Debtors Advisors continue to paint a picture of in court.
At 11:45am EST I approved the filing of a motion for entry of an order establishing an Official Committee of Equity Interest Holders pursuant to 11U.S.C. 1102(a)(2) by Okin / Adams (Docket 1268).I'd like to thank the members of the Ad Hoc Equity Committee, the team from Okin / Adams and the team from CR3 for all their hard work for making this possible.
We will continue to fight for the interests of all equity holders in this case. I urge ALL shareholders to read this document in it's entirely (link below).
https://cases.primeclerk.com/JCPenney/Home-DownloadPDF?id1=MTU0NTg1Ng==&id2=0
Sincerely,
Niko Celentano
Chairman
JCP Ad Hoc Equity Committee