It has not. Nothing finalized by a judge only contractual agreements between JCP that Bill and Jill established (and they have since resigned) and Simon & Brookfield.
There’s dozens of letters sent to the court objecting to the sale and requesting that the motion to dismiss an appeal to the sale also be dismissed.
It’s a tough battle because AHEC has dissolved and no longer cares. The lawyers for AHEC were paid handsomely and did next to nothing to save common share JCP stock.
This is now a battle you fight on your own or write to the DoJ, senators and congressman in every state since JCP
operated in every state and complain.
The bankruptcy was premature, JCP had billions in cash and untouched loans and wanted a speedy sale. Jill & Bill paid out bonuses before filing bankruptcy and have now departed the company now known as The OLD Copper Company (formerly JC Penney). The execs wanted out because they wanted to wash their hands of this
company while walking away with millions and a 10% ownership in the newly formed company.
Jill Soltau decided to cancel 3.6B in pensions that will never be paid out to retirees that the US Government has to pick up using the Pension Benefit Guaranty Corporation, but they do not pay 100%. So retirees still get screwed.
Canceling common stock and paying out bonds at 99% loss was the only way to get this company at such a low enough and discounted price that Simon & Brookfield could afford to snatch it up and then partner with Google for warehouse space which will likely make them billions in the years to come is criminal.
Write your states congressman, senators, DOJ, attorney generals! Make enough noise, someone will listen.
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