How is this stock worth anywhere near $10??? more like $4 after the 100 mil share dilution.
Wow, how were Ackman and Vorando get out?? They obviously knew this was going to happen they were both BOARD members!
The cost for insurance against a J.C. Penney default has shot back to near record-high levels during the last week. With about $2.6 billion in bonds outstanding, the company has a "CCC+" credit rating from Standard & Poor's, reflecting a substantial risk in owning its debt.
The company's benchmark five-year credit default swap contract price surged by more than 13 percent on Wednesday, according to Markit data. The cost to insure $10 million of Penney bonds against a default for five years now requires an upfront payment of about $2.2 million plus quarterly payments of about $300,000 for the duration of the contract. The contract's pricing reflects a default probability of nearly 65 percent.