FIRST THE CROOKED BANKS AND GS BENT JCP OVER THE BARREL, NOW JCP HAS BENT RETAIL INVESTORS OVER THE BARREL.
Do you get the dilution is 30% more stock getting printed just like how the Bernak. is printing U.S. dollars? Your stock has lost 25% in PPS and at the same time JCP is diluting your shares another 30%!! Do the math and you will get actually $4.90 per share as of todays close!
GS has essentially bought all of JCP's assets at 20 cents on the dollar, and they get the money off the secondary, which will be much lower than 9.35. Shareholders and Bondholders are done. JCP is done. They just watched 13% of their secondary go down the toilet. Now it will need to be way lower, which will draw the shares lower. 30% dilution cannot be overstated. We will see 5 in short order. GS did the ultimate Gordon Gekko on JCP. What a masterpiece! I'm short since 12.50 and will ride this into BK. The secondary draws less liquidity into JCP every day.
This is a company circling the drain very quickly now. Their breakup value is $1. That's my target and I'll make a fortune when it gets there. They have no recourse having $400 mil in interest due per year and no profit to add cash.