These things can and do drag on for years. While I am unsure if the waterfall will ever reach commons, it did reach class 7 and those are the junior COTRP bonds.
A favorable ruling after appeal, a judge ordering executives to pay back bonuses (This happened with Enron) is possible, or State AGs, Dept of Justice, even congress can step in. I believe some AGs did step in but didn’t act, but if a case can be made for fraud they may very well, especially if people who hold JCP certificates start complaining in droves.
If any of the execs who resigned have to pay back a portion of their bonuses, this cash should go back to the JCP estate and it may increase bond recovery.
I believe someone said they waited years in WaMu and after sitting on cancelled stock finally got $11 a share or something like that?
It’s a fight and a gamble! For those who hold bonds, that is currently where the cash waterfall is.
I’m definitely looking at all options that are available. I’d like to see hard evidence of fraud which will make this a lot easier.
If the old CEO Jill was ousted she may be pissed off. I hope she releases a statement but my guess is she will remain quiet as I think she orchestrated a fraudulent and premature bankruptcy and before doing so had her board approve millions in bonuses with the caveat that you must stay on until 1/31/2021. Since we saw several resignations, this could be used as leverage to bring more cash into Class 7 if either a judge orders a payback as was done with Enron or if they are contractually obligated.
Something fell apart and Simon didn’t want these execs on board one more
day and certainly didn’t want them to meet their objective date of 1/31/2021 to keep 100% of their bonuses
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