JCP is ridding themselves of deadweight, equity, etc, if they can.
If the JCP motion is granted, all equity is cancelled and look what that did to the share price.
This has made JCP much more attractive to the Prospective Bidder.
Anyone holding shares now is not corporate, institutions, or executives. They were allowed to dump when JCP was delisted (and did).
I don't really understand the filing today, but it looks like a win-win for both sides.
Headline: Order approving the abandonment of certain property and the rejection of certain executory contracts and unexpired leases, and granting related relief.
Longs may prevail in the end if the EC board is approved, because it is my understanding they cannot end up with 0 once approved.
