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I Will Tell You The Truth About Pay My Sears Credit Card In The Next 11 Seconds | pay my sears credit card

This is my aboriginal commodity on J.C. Penney (OTCPK:JCPNQ) the celebrated banker that filed Defalcation on May 15, 2020 with $500 Million dollars in cash, and $1.4 Billion dollars in unencumbered complete estate.

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I acquire over 20 years acquaintance consulting in ample circuitous Defalcation cases for Law firms, ample creditors and Debtors. This is the strangest case I acquire anytime seen.

This commodity will accomplish the case that J.C. Penney is not "Hopelessly insolvent" and in actuality has affluence of money larboard for apart creditors and shareholders if the appropriate accomplishments are taken and the appropriate plan is implemented.

It's absorbing to note, the debtor fatigued two capital credibility at the audition for approval of the Debtor in Control Accommodation in May 2020:

A. They predicted that unless they accustomed a $450 Million dollar DIP Loan, they would run out of money in backward June/July.

B. The Defalcation bare to move fast in adjustment to accumulate the abutment of the 1st Affirmation holders.

From the alpha of the Bankruptcy, the projections fabricated by the debtors admiral were complete pessimistic, which was barefaced due to the shut bottomward of all of their food during the quarantine. However, 300 food opened eventually than expected, so the acquirement projections which were based on a complete shut bottomward for abounding added months, were off by a affiliated shot.

As apparent in the blueprint beneath (Doc 1268) as of July 18th, 2020 their complete accessible banknote exceeded the June 4th projections by about $400 Million dollars (and exceeded the the projections in the acting banknote breeze projections by over $500 Million dollars)

This ample access in acquirement gave shareholders a acumen to bless as the Current Restructuring Abutment Agreement, wipes them about but was based on abundant lower acquirement numbers.

However, afterwards declining to run out of banknote in June or July as they predicted, the Debtors' admiral predicted a clamminess crisis would now appear ancient in mid August, but instead they acquire accumulated over $1.48 Billion in banknote as of the autograph of this article.

Because of the accretion revenue, J.C. Penney has a $450 Million dollar (DIP) Debtor in control accommodation they acquire not had fatigued on. Despite their beforehand projections In May and June actuality off by hundreds of millions of dollars, they still acquire not adapted their accretion projections for apart creditors and shareholders. This is added affidavit that an official disinterestedness board needs to be appointed.

Does a aggregation with $1.48 Billion in banknote and no band debt due until 2023, earning over $300 Million a year in Acclaim agenda royalties (which bulk beneath than 1 Million in costs to generate) complete like a aggregation that is bankrupt to you?

Regardless of how abundant money JCP earns, or how complete the numbers abide to be, JCP admiral haven't afflicted their accretion projections, the Debtors net banknote breeze exceeded it's acting Budget Projection by 229.4% and the Debtors had accumulated $721 Million added in concise beforehand funds than projected.

Why should the Defalcation Court assurance the approaching projections presented by the JCP advisors, back so far they acquire been off my actually hundreds of millions dollars?

Many shareholders predicted this acquirement asset and filed belletrist and motions accusing the JCP Administration of filing the Defalcation in Bad Faith, some don't go that far but aloof adduce them of gross undervaluation of assets, some adduce financials and appraisals based on SEC disclosures fabricated by administration aloof a few months beforehand (See Docs 294, 319,333, 389, 518, 555, 529, 575, 576, 577 484) and abounding others. These belletrist are absolutely convincing, abnormally back the numbers presented to shareholders acquire been added in band with the actor belletrist than the JCP advisors.

Nick Celentano, the Chairman of the ad hoc disinterestedness Board afresh said"

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We've been alive with admonition and our banking admiral for two months now allegory abstracts and putting calm a accurate appraisement of JCP. The after-effects accustomed what we knew from the start, JCP is account abundant added than the Debtors believe. We see a accretion in all models for disinterestedness we've ran. Let me accomplish one affair bright to all parties involved. We will not acquire any plan that does not accord disinterestedness it's fair share.

The Ad Hoc shareholders board has filed a motion to acquire an official disinterestedness board appointed (Doc 1268) I absolutely abutment this motion and Communicable or not, the numbers don't lie, alike if the complete acreage and account are account abundant beneath than acquainted value, the Online Business and Acclaim Agenda ability acquirement are not admired at abutting to ZERO.

J.C. Penney is a altered beastly than the Sears Holdings, Inc. (OTCPK:SHLDQ) Bankruptcy, in that case which I acquire covered in assorted articles, the debt and accustomed banal is majority endemic and controlled by Eddie Lampert and his beforehand agent ESL Investments. The REIT fabricated up of above Sears complete acreage is controlled by ESL, and so is the aftereffect Lands' End (LE) and the old Sears Transform Holdco.

Unlike J.C. Penney, Mr. Lampert banned to blaze auction the Sears complete estate, in actuality years above-mentioned to the Bankruptcy, ALL Sears shareholders were provided the befalling to acquirement 266 prime complete acreage assets from the aggregation on a parri passu basis, this commodity became Seritage Growth Properties (SRG) As declared afterwards in this article, if you are activity to advertise the complete estate, why not action it to shareholders FIRST. Why favor the aboriginal affirmation holders?

Why not action the befalling to actor and apart bondholders?

J.C. Penney's administration owns little or no disinterestedness in J.C. Penney and acquire a altered plan than Sears Holdings had for their Complete Estate, they plan to about acquiesce the Aboriginal affirmation holders to foreclose on it at a depressed bulk during a already in a hundred year communicable (See the Reconstructing Abutment acceding Doc 25 folio 48)

J.C. Penney in it's beforehand pleadings, declared that due to the communicable their aboriginal affirmation holders are about apart and best or all of the complete acreage assets of the aggregation charge be awash and/or bankrupt on by them and angry into a REIT, the operating retail business would be awash with shareholders accepting annihilation and apart creditors accepting an bearding amount.

J.C. Penney asserts that the COVID-19 Communicable has bargain the bulk of ALL their assets so abundant that the alone chic of creditors in the money are the 1st affirmation holders, alike admitting J.C. Penney had $1.4 Billion in unencumbered complete acreage above-mentioned to the filing pf the Bankruptcy. (that complete acreage is now a allotment of the DIP accommodation collateral, see Doc 333 Folio 15)

In all of the pleadings acclamation the banal holders the complete bulk of the assets (Pandemic or not) are not provided via appraisement or a bazaar test, they simple point to the trading bulk of the debt and banal adduce that this is why shareholders are out of the money.

In their argument to the motion for an official disinterestedness board (Doc 1300) the debtors assert:

The Motion additionally ignores bazaar realities, reflected in the trading prices for the Debtors' debt and disinterestedness balance that abode shareholders abreast the money, area (as here) about $2 Billion of the aboriginal affirmation debt is trading at 38 cents on the dollar, $400 Million of additional affirmation debt is trading at a penny on the dollar, and $1.3 Billion of apart debt is trading at a penny on the dollar, it seems awful absurd that shareholders will end up in the money.

J.C. Penney's listed $8.467 Billion in assets in the Initial Defalcation filing but now they say those assets are account beneath than $3.9 Billion dollars. Conceivably the complete acreage has beneath some or alike a lot, but the e-commerce business and acclaim agenda acquirement has done about better, and these assets and acquirement are absolutely unaccounted for, or grossly undervalued at best.

The acclaim agenda ability beck is a absolutely abstracted business from the retail business and e-commerce business and charge be acquainted and awash alone for this complete reason. It should not be "gifted" to whoever buys the brick and adhesive retailer.

In the Motion for an official disinterestedness board (Doc 1268) the Ad Hoc disinterestedness board lawyers/advisors fabricated credibility that were not appropriately addressed in the argument to the motion (Doc 1300)

To be clear, JCP has an added $700 Million dollars they didn't apprehend to acquire but they still filed an argument to approval of an official disinterestedness committee. I appraisal this board would bulk beneath than 2-3 Million dollars depending aloft how affable added constituencies are. Folio 23 of this motion shows that affluence of bulk is larboard for Shareholders.

As apparent beneath on a Discounted banknote breeze assay and an Orderly Liquidation Assay the disinterestedness board attorneys accomplish a acute case for bulk actuality larboard for the disinterestedness (See Doc 1268 Folio 25 Below)

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The Debtors’ aboriginal defalcation address declared assets of $8.6 Billion, and debts of $8.2 Billion, with no apart Band until 2023. The affair they acquire answer has been the refinancing of the 1st Affirmation Debt.

The adjourned debt totals $4.9 Billion dollars (See Below)

JCP themselves asserted their assets were account $8.6 Billion in their own Defalcation filing but based on the actuality that their added projections acquire been so far off, can we assurance this number?

The JCP admiral acquire affiliated to beforehand that the aboriginal affirmation holders are impaired, acceptation ALL the J.C. Penney the assets are account abutting to or beneath than beneath than $3.6 Billion. Alike afterwards beyond acquirement projections by added than $500 Million dollars they acquire not fabricated any adjustments to the Restructuring Abutment agreement. (See Doc 25 folio 48) (If they acquire they acquire not been appear to the shareholders)

The better undervaluation of assets that JCP has fabricated is that they bulk the acclaim agenda ability acquirement at about ZERO, I bulk this assets at $1.5-$3 Billion dollars.

In a New York Times Commodity Published on May 11 2017, it was appear that the money from the Macy's branded acclaim cards accounted for 39 percent of the company’s complete accumulation of $1.9 billion aftermost year in 2014, up from 26 percent in 2013, according to an assay by Morgan Stanley. At Kohl’s, the accumulation from artificial totaled 35 percent, up from 23 percent, over that aforementioned period. At Target, it fabricated up 13 percent of complete earnings, up from 11 percent in 2013. Now, let's booty a attending at the J.C. Penney acclaim agenda royalties.

J.C. Penney has two acclaim cards, a J.C. Penney Abundance agenda and a J.C. Penney MasterCard (Which can be acclimated everywhere MasterCard is accepted) the ability numbers back 2014 are listed below:

2014- $313 Million

2015- $367 Million

2016-$347 Million

2017-$319 Million

2018-$355 Million

2019-$452 Million

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* This year was college due to the change in reserves

More than Four years above-mentioned to the filing Bankruptcy, Sears Holdings adapted ALL their Sears Abundance Cards to Shop Your Way MasterCards, this way the acclaim agenda ability acquirement is not abased aloft the adaptation of the brick and adhesive banker (among added reasons)

The Moore Plan converts all JCP abundance cards to a JCP General MasterCard that can be accustomed anywhere MasterCard is accepted.

The Moore Plan would action all shareholders an according befalling to buy into the JCP REIT (Like Sears Holdings did with Seritage Growth Properties) If shareholders do not acquirement all the units of the REIT, added constituencies would be provided the befalling to buy the Surplus.

The Moore Plan provides that the Retail Business would be awash alone after the acclaim agenda revenue, so that at atomic $1.5 -$3 Billion added in bulk is accessible to all stakeholders, beneath are a few options:

Option 1: Acquire JCP to affair Secured Bonds backed by this revenue, (similar to the Bowie Bonds Back by David Bowie's song royalties) these funds can be acclimated to refinance the 1st affirmation debt and beforehand the Complete Acreage to be transferred into the REIT.

* Shareholders and creditors could barter some or all of their debt for these Bonds and be offered the aboriginal befalling to buy any surplus

Option 2: Advertise the ability beck a Minimum of $1.5 Billion-$2 dollars to an alfresco affair and use the funds to refinance the aboriginal affirmation debt, breakable for apart bonds and beforehand the complete acreage internally.

Option 3: Aftereffect the acclaim agenda royalties into a abstracted aggregation with shareholders and apart creditors accepting a allotment of the aggregation on a pro rata base with the surplus activity to refinance the aboriginal affirmation debt or alter them altogether.

Option 4: Request an beforehand on this ability beck from Synchrony (the Agenda portfolio owner) of no beneath than $1 Billion dollars (about 3.3 years revenue) and conceivably renegotiate for a college ability and refinance the aboriginal affirmation debt, afresh breakable for the apart Bonds and/or catechumen them to PIK (Paid In Kind) Bonds with an addendum of 3-5 or years and action 25-50 cents on the dollar in banknote for those that don't appetite to catechumen to PIK.

CONCLUSION

Because their is no apart debt due until 2023, application the acclaim agenda ability acquirement to decidedly pay bottomward bottomward and/or refinance the 1st affirmation debt makes sense, this plan makes banknote absorption an advantage of the aggregation and/or pays off the debt at a discount. The acclaim agenda ability beforehand or securitization would be recouped from the royalties generated from the acclaim agenda portfolio not added acquirement of J.C. Penney.

Any of these options raises $1-$3 Billion Dollars from an unencumbered asset that is listed at abutting to ZERO bulk by J.C. Penney, again, the royalties would be recouped aboriginal and alone from that antecedent of revenue, this acquirement beck is mostly artless by COVID 19, which the debtors accusation for devaluing all the added assets, and it has annihilation to do with complete acreage appraisals and isn't affiliated to the adaptation of the brick and adhesive retailer.

All shareholders should buy apart bonds as a way to hedge, alike back bulk is accessible for shareholders the amiss plan and abridgement of allurement from administration can account the banal to be wiped out, so ambiguity is essential. ALL shareholders should own apart bonds as they are account par additional absorption beneath the Moore Plan.

J.C. Penney's administration has no bark in the bold and in Bankruptcy, apart bondholders are college in antecedence than shareholders, these Bonds currently bulk 1 cents on the dollar. In my opinion, it is aberrant not to own apart bonds if you acquire their is bulk larboard for stockholders. Beneath the complete antecedence rule, apart Bondholders get paid BEFORE stockholders.

For new investors, It's accessible to accomplish 25-100X your beforehand on the apart Bonds, for stockholders you can assure yourself from accepting no accretion but owning the apart bonds. All this is accidental aloft the disinterestedness board acceptable official and the Moore Plan or a aberration of it is implemented.

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Disclosure: I am/we are affiliated JCPNQ. I wrote this commodity myself, and it expresses my own opinions. I am not accepting advantage for it (other than from Seeking Alpha). I acquire no business accord with any aggregation whose banal is mentioned in this article.

Additional disclosure: I own apart bonds and accustomed stock

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