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

[TenKay]

It’s essentially a non-binding letter of intent that forms the stalking horse bid. There are binding elements to it..but it’s purpose is to be the basis that if no one else steps forward it will be the deal.

Obviously if someone stepped in with a higher offer that returns more to the secured leinholders then a new agreement would be hashed out with them.

But in the absence of that (and unfortunately is unlikely to happen) this becomes the deal that will exit JCP from bankruptcy.

And it does not provide for any return to the common equity. And as I had also said...a new bid would have to be multiples higher than this stalking horse to even have a chance of a return to equity.

And as much as they might be hoped for...realistically it is not going to happen.