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

[TenKay]

That just it...in all the documents there is zero mention of anything flowing to existing common equity. 100% of newly issued equity in both opco and propco will be in the hands of the lenders. They even discuss the registration of the new equity.

In addition they say that the agreement fits within the framework of the May 15 RSA

On September 10, 2020, the Company entered into a non-binding letter-of-intent (“LOI”) with the Ad Hoc Group, Simon Property Group (“Simon”) and Brookfield Property Group (“Brookfield”) that is generally consistent with the framework of the restructuring process contemplated in the RSA.

...which EXPLICITLY stated that the current common equity would be cancelled.

From the RSA:

On the Plan Effective Date, all Equity Interests in JCP shall be extinguished and cancelled. Holders of Existing Equity Interests shall receive no recovery on account of such Existing Equity Interests.