Home > Boards > US OTC > Real Estate > Old Copper Co. Inc. (CPPRQ)

It’s essentially a non-binding letter of intent that

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
TenKay Member Profile
Member Level 
Followed By 315
Posts 39,242
Boards Moderated 8
Alias Born 06/20/11
160x600 placeholder
TenKay Member Level  Friday, 09/11/20 02:22:13 PM
Re: BBANBOB post# 33785
Post # of 43308 
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.

"Harsh reality is always better than false hope"
Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences