Replies to post #26180 on Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[trader59]

This article:

https://www.bloomberg.com/news/articles/2020-07-13/amateur-j-c-penney-traders-beg-judge-to-save-them-from-wipeout?srnd=premium

Here's a key quote:

Retail investors hoping for a sale may have thought a buyer would pay cash for outstanding shares. Yet that’s practically unheard of in bankruptcy, where any asset value that remains after court costs belongs to lenders with senior collateral claims. Once they’re made whole, other creditors, including unsecured lenders and vendors are next in line. J.C. Penney entered bankruptcy with more than $2 billion in secured debt and $8 billion in total debt.

All this stuff about the $1.7B offer going to the shareholders is completely false.

[JEFFROCOLETRAIN]

J.C. Penney was also on the hook for $5 billion in debt when it filed for bankruptcy protection in mid-May.

IF IF IF Amazon came over the top and offered 3 Billion for JCP, shareholders will still fall short of being in the money to recoup any value....

When when when will you see?

JCPNQ

[29YEARINVESTOR]

Cramer said shorts put out negative articles to scare longs away..
The big bidders are standing back and waiting IMO. Amazon and Walmart’s need JCP and can afford to blow the others out of the water.