80% of the shares were held by institutions, mostly for yield, when they cut dividends, these funds will sell. it's just a matter of time when they will decide to dump it all. so the show just started.
That is an interesting point. Retail funds may still opt to own this but if the fund has a stated goal of generating income JCP will be expunged. I wonder what that impact would look like and what the profile of mutual fund holders are?