My suggestion for anyone who has COTRP, regardless of when it was bought (and perhaps you buy it tomorrow to vote) is something along these lines... There should be time allowed to consult with a lawyer, regardless of purchase, to see if you can proceed with a vote or not. Doesn't seem like any broker or even prime clerk has released any information on what to do as of 11/8/2020.
Law Clerk Jeannie Andresen Email & contact
jeannie_andresen@txs.uscourts.gov
(713) 250-5673
IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS CORPUS CHRISTI DIVISION
In re: Chapter 11
J. C. PENNEY COMPANY, INC., et al.,1 Case No. 20-20182 (DRJ)
(Jointly Administered)
Hearing Date: Nov. 9, 2020 at 10:30 a.m. (CT)
Re: Docket No. 1592, 1685, 1786, Other Related UCC &
Debtor Docket(s) (unpublished)
SALE OBJECTION BY XXX (Your Name), OWNER OF $XX.XX OF JC PENNEY UNSECURED BONDS.
OBJECTION TO UCC and Debtor Settlement Agreement of Unsecured JC Penney Unsecured Bonds
I object to the proposed sale of JC Penney's and the UCC & Debtor settlement agreement for numerous reasons:
1) The debtor has been negotiating for over 5 months without
resolution.
2) There is a discrepancy of over 8 billion dollars between the
debtors & creditors, with more assets, cash, and income generating
revenue that has yet to be compiled and calculated in the
sale of JC Penney either as a whole, or in sections, such
as credit cards streams, hard assets that include additional
real estate, e-commerce revenue, the upcoming holiday season
sales, that value JCP between $8B and $10.2B, far above the
current asking price.
3) Brokerage firms do not have any information or details on a
corporation action pertaining to JC Penney Junior Bonds
that are represented by the UCC. My broker has not given me any information
as of 11/8/2020 and has stated my COTRP, CBJCL, and CBTRP are
"common stock" while other people owning these bonds have received
an "opt in" or "opt out" request with no further details or
information as to why they would do either, or reject or accept
the current proposed plan, for which no details or docket exists
to the public to make any determination on how to proceed.
4) Prime Clerk has not published the details of the UCC & Debtor settlement
agreement, or any information pertaining to this nor
has Prime Clerk provided information on how to properly object
to the settlement agreement with UCC and the debtors.
5) I will need at least 21 days to retain and consult with my
legal counsel as to how to proceed, once I am given the details
and docket information pertaining to the JC Penney junior bonds.
Without this information, which has not been given to me in time,
I cannot decide how to proceed with my bond assets.
6) Given all this information, there is no reason why a sale determination
must occur on 11/9/2020, as material information is lacking, missing,
or otherwise unavailable to holders of these
types of bond securities. This material information is required
not only for myself, but other holders of JCP assets,
securities, and bonds, for which the UCC represents, in order
to make the necessary decision on how to proceed forward.
Without this information, I cannot proceed, as it may have
a detrimental effect on my JCP assets.
