Replies to post #43073 on Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[TraderAI]

It has not. Nothing finalized by a judge only contractual agreements between JCP that Bill and Jill established (and they have since resigned) and Simon & Brookfield.

There’s dozens of letters sent to the court objecting to the sale and requesting that the motion to dismiss an appeal to the sale also be dismissed.

It’s a tough battle because AHEC has dissolved and no longer cares. The lawyers for AHEC were paid handsomely and did next to nothing to save common share JCP stock.

This is now a battle you fight on your own or write to the DoJ, senators and congressman in every state since JCP
operated in every state and complain.

The bankruptcy was premature, JCP had billions in cash and untouched loans and wanted a speedy sale. Jill & Bill paid out bonuses before filing bankruptcy and have now departed the company now known as The OLD Copper Company (formerly JC Penney). The execs wanted out because they wanted to wash their hands of this
company while walking away with millions and a 10% ownership in the newly formed company.

Jill Soltau decided to cancel 3.6B in pensions that will never be paid out to retirees that the US Government has to pick up using the Pension Benefit Guaranty Corporation, but they do not pay 100%. So retirees still get screwed.

Canceling common stock and paying out bonds at 99% loss was the only way to get this company at such a low enough and discounted price that Simon & Brookfield could afford to snatch it up and then partner with Google for warehouse space which will likely make them billions in the years to come is criminal.

Write your states congressman, senators, DOJ, attorney generals! Make enough noise, someone will listen.

[MasterBlastr]

May not make them whole but every $5 million back to the estate is 1% recovery for the junior debt instruments (where the waterfall is now). Every 1% adds .25 to COTRP - see where this is going.

[TraderAI]

These things can and do drag on for years. While I am unsure if the waterfall will ever reach commons, it did reach class 7 and those are the junior COTRP bonds.

A favorable ruling after appeal, a judge ordering executives to pay back bonuses (This happened with Enron) is possible, or State AGs, Dept of Justice, even congress can step in. I believe some AGs did step in but didn’t act, but if a case can be made for fraud they may very well, especially if people who hold JCP certificates start complaining in droves.

If any of the execs who resigned have to pay back a portion of their bonuses, this cash should go back to the JCP estate and it may increase bond recovery.

I believe someone said they waited years in WaMu and after sitting on cancelled stock finally got $11 a share or something like that?

It’s a fight and a gamble! For those who hold bonds, that is currently where the cash waterfall is.

I’m definitely looking at all options that are available. I’d like to see hard evidence of fraud which will make this a lot easier.

If the old CEO Jill was ousted she may be pissed off. I hope she releases a statement but my guess is she will remain quiet as I think she orchestrated a fraudulent and premature bankruptcy and before doing so had her board approve millions in bonuses with the caveat that you must stay on until 1/31/2021. Since we saw several resignations, this could be used as leverage to bring more cash into Class 7 if either a judge orders a payback as was done with Enron or if they are contractually obligated.

Something fell apart and Simon didn’t want these execs on board one more
day and certainly didn’t want them to meet their objective date of 1/31/2021 to keep 100% of their bonuses