“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“
Nothing “fell apart”. Simon bought the assets of J.C. Penney, NOT the JCP corporate entity. It is separate and distinct. It’s name is being changed to Old Copper. That is what the officers and directors resigned from. Simon has its own management and board that now manage the assets that Simon bought.
The only thing left in Old Copper is the property until the Propco deal closes. What the 8K shows is what NORMALLY happens in a bankruptcy. There are only two officers left in Old Copper and both were made board members (the only two) to shepherd old copper through to completion.
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