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JCPNQ-UNDERVALUED by 3 to 7 BILLION Due Conflict

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Large Green   Friday, 09/25/20 05:09:06 PM
Re: BBANBOB post# 36073
Post # of 43490 
JCPNQ-UNDERVALUED by 3 to 7 BILLION Due Conflict With Debtor's Lead Counsel

JCPNQ - Debtor's Lead Counsel, Sussburg's Brother-in-Law is a Sr, Director at C&W BUT Thinks NO CONFLICT - C&W Did JCPNQ Valuations - Should Be Sanctioned For Not Advising Judge Jones - BK Case is a Fraud on the Court

Case 20-20182 Document 1313 Filed in TXSB on 08/25/20 Page 1 of 27

Specific Disclosures

10. Cushman & Wakefield U.S., Inc. (“C&W”) is a real estate advisor for the Debtors. Justin Halpern, my brother-in-law,
is a senior director at C&W.

Mr. Halpern’s work at C&W relates to assisting local and national clients with their office space requirements and is unrelated to the Debtors and these chapter 11 cases.

I do not believe that this connection precludes Kirkland from meeting the disinterestedness standard under the Bankruptcy Code and have disclosed it out of an abundance of caution.
___________________________________________________________

Two years ago, Cushman & Wakefield appraised 306 stores owned by J.C. Penney (JCP), along with the 123 locations for which it had ground leases, at $3.3 billion.” “Morgan Stanley had valued the Penney real estate at 50% more than Cushman did.” *this article is from 2015,

So, these numbers are a bit outdated, (and presumably doesn’t include the 480+ million in operating leases)
but it shows a big discrepancy in numbers based on what firm is doing the valuations.

https://fortune.com/2015/07/17/macys-real-estate/

In 2013 the commercial property price index (CPPI) as at 90, Covid yielded a 10% decline from 2019, but still in 2020 the commercial price index is at 120, which is a 33% increase over 2013 values. In 2013 C&W said JCP properties were worth $4B and MS said they were worth $5.9B. Applying the CPPI growth for inflation and value appreciation, those same figures in 2020 should be $5.3B (C&W) and $7.8B (MS).

https://www.reuters.com/article/us-jcpenney-realestate-idUSBRE94D11D20130514

Sussberg came clean and advised the Judge in a recent filing this week that his brother-in-law is a Sr. Director for C&W who has done the valuations for JCPNQ.

This omission until now is a huge legal conundrum due to valuation being at the very heart of any Bk case. So, this means no credibility for the Debtor, K&E, the Lender, JCPNQ Executives and more which explains why the Executives have hired liability accounting lawyers as they have been caught.







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