They claimed bankruptcy. You do that when your insolvent. In JC Penney’s case, they were not insolvent. Their assets outweighed liabilities, which is why everyone is in an uproar on why they filed to begin with. JC Penney and team are surprising value to claim the bankruptcy. If they in fact did that, that is a crime. Prior to filing, they posted quarterly profits. After filing, they posted more profits with an increase of cash on hand. This does not allude to a bankrupt company. If this fallacy exists then there is potential for shareholder recovery. That is why the ad how committee request a full blown established committee and have a hearing at the end of the month. Need I go on?
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