I read docket 267 but am a bit confused on what a market test all involves. They mentioned that it will “develop a floor” for negotiations. I’m interpreting this as something similar to a home appraisal....confirmation of value before making an offer.
JCP attorneys/execs must be looking to prove to bidders that the company is more valuable than the offers currently coming in, if any offers have come in. Why else would they want $3 million to pay for this test? Any buyers that were extremely interested would already either know this or be willing to spend their own money for this market test IMO.
As a current shareholder I’d certainly like to see a bidding war, but I read this as an expense to try and get to a bidding war. Please educate me if I’m looking at this filing incorrectly.
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