Replies to post #33582 on Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[emit]

Well, it appears if they're not willing to surpass the 1.7; making our value more wouldn't help.

but we don't know their intentions with the mall owners per future development... I kinda hoped for a strategic alliance.

seems we're just gona com out bk

which is fine with me at fmv of .75



e

[Large Green]

Dmceng54, I believe Amazon does things their way and agree they would not go through a needless third party of sorts. Also, I am not sure if they have been working with SPG on the side letting SPG drive the deal or if SPG is a bidder on their own. If so, I do not believe anyone can compete if they want the JCPNQ Enterprise lock, stock, and barrel.

However, if so, I would expect their bid sometime next week as they have been waiting for Sussberg to get the first deal put together followed by an 8K with all signatures. This has not happened yet, only an 8K for the (LOI) Letter of Interest but I expect the 8K today or Monday at the very latest otherwise, the LOI is meaningless.

Remember, in order for ANY BIDDER to take the Debtor's independence away, the bid would not only have to be much better but actually superior to the Debtor's plan to zero out equity and issue new paper to the Debtors/Executives, Lenders, and others.

A superior bid to me would look something like this.

1) A bid between 2B and 2.2B plus assume the entire JCPNQ Enterprise lock, stock, and barrel paying off all debt.

2) This would give the outstanding Shareowners about $6.00 to $7.50 a share for the 321M outstanding shares...Is this realistic...I believe so because the ONLY way someone can take the Debtor's independence away in an active bk case is a SUPERIOR BID whether from Amazon or ANYONE, so we shall soon find out.