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Friday, April 22, 2022 1:33:35 PM
Total amount of general unsecured claims unresolved $227,233,290 from the last quarterly status report dated 3/31/22 - there are 71 claims that still need to be resolved. The more of these that get denied or reduced the better.
I can only recollect that the estate has about $90 million left to pay claims. I have not been able to find the document that shows that figure, and I need to.
This all means that at most there is about $90 million left to distribute to Class 7 if all remaining claims are denied and the bankruptcy ended today. That is only a 0.73% recovery left to distribute among $1.23 billion of claims in Class 7. Not too good. If all the remining $90 million is used to pay claims, Class 7 gets nothing. A likely scenario.
This does not include the runoff notes where we would get a portion of the profits from existing JC Penney stores (Old Copper) . I have not been able to find any figures for that, or when we would get paid, if a different date not associated with the bankruptcy.
So thats what I have, except for the $90 million figure which I am still trying to find. Comments are welcome, but if you are involved in the litigation and would rather not say anything here, I understand.
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