Hey Suckers, let's see what's going down at JC Penney. Cash is down, Inventory is down, and Accounts Payable are down. No third parties are supporting this company any more. When this walking skeleton finally keels over, the only parties to recoup their cash will be the Revolving Lender (with a first lien on everything except Real Estate), next the Real Estate mortgage holders, next some of the Senior Bank Debt, and then..... ooops, nothing left for anyone else. Not the Bondholders, and certainly NOT SHAREHOLDERS. The only reason these shares trade at above $1.00 is Wall Street's public relations grist mills, whose fantasies are consumed by small investors who read #$%$ advice and crappier blogs, and think they know what's going on. As opposed to professional money managers who have already passed through the check-out in JC Penney.