Luke 532 Posted August 26, 2013 Share Posted August 26, 2013 Reuters: Ackman unloading entire JCP stake. Wow. Link to comment Share on other sites More sharing options...
prunes Posted August 26, 2013 Share Posted August 26, 2013 A friend of mine who works for a major restructuring shop just connected to a JC Penney administrative assistant based out of dallas on LinkedIn. Probably nothing... Link to comment Share on other sites More sharing options...
MYDemaray Posted August 26, 2013 Share Posted August 26, 2013 A friend of mine who works for a major restructuring shop just connected to a JC Penney administrative assistant based out of dallas on LinkedIn. Probably nothing... Any idea whose assistant? Link to comment Share on other sites More sharing options...
prunes Posted August 26, 2013 Share Posted August 26, 2013 The CFO :) Link to comment Share on other sites More sharing options...
Kraven Posted August 26, 2013 Share Posted August 26, 2013 It would strike me as insider trading to sell out a large stake in a company right before the company announces significant bad news. I am not sure how he would be unaware of what the company is doing a week or 2 after resigning from the board. Therefore I would be surprised to see any major negative news anytime soon. But what do I know. Link to comment Share on other sites More sharing options...
nkp007 Posted August 26, 2013 Share Posted August 26, 2013 The CFO :) Haha Link to comment Share on other sites More sharing options...
Grenville Posted August 26, 2013 Share Posted August 26, 2013 It's funny how CNBC is reporting that he's already sold his stake, while in reality they have only put out a prospectus offering up his stake for sale. edit: Just saw that they also put in a poison pill a couple of days ago through a rights offering, which may have instigated Ackman's exit. Link to comment Share on other sites More sharing options...
xtreeq Posted August 26, 2013 Share Posted August 26, 2013 Prospectus: http://www.sec.gov/Archives/edgar/data/1166126/000119312513346639/d589207d424b7.htm Link to comment Share on other sites More sharing options...
Guest wellmont Posted August 27, 2013 Share Posted August 27, 2013 It's funny how CNBC is reporting that he's already sold his stake, while in reality they have only put out a prospectus offering up his stake for sale. edit: Just saw that they also put in a poison pill a couple of days ago through a rights offering, which may have instigated Ackman's exit. i believe citi is underwriting the whole thing at just under $13. Link to comment Share on other sites More sharing options...
texual Posted August 27, 2013 Share Posted August 27, 2013 I'm actually going through all the video interviews with Bill Ackman when he talks about JCP starting in 2010. Just look at his conviction! That face! The smugness! I'm Loving it. Bill Ackman is really something else. I'm glad he might finally accept that retail isn't a place for him to invest in. Maybe he will start hoarding the remaining SHLD shares this quarter for kicks. Link to comment Share on other sites More sharing options...
muscleman Posted August 27, 2013 Share Posted August 27, 2013 I'm actually going through all the video interviews with Bill Ackman when he talks about JCP starting in 2010. Just look at his conviction! That face! The smugness! I'm Loving it. Bill Ackman is really something else. I'm glad he might finally accept that retail isn't a place for him to invest in. Maybe he will start hoarding the remaining SHLD shares this quarter for kicks. http://www.reuters.com/article/2013/08/15/uk-hedgefunds-filings-jcpenney-idUSLNE97E00O20130815 Soros bought a lot of JCP stocks. This is a bit weird. Why would he buy JCP instead of SHLD? Much lower valuation in terms of price/sales, and also SHLD has the trophy properties that JCP doesn't have. Link to comment Share on other sites More sharing options...
stahleyp Posted August 27, 2013 Share Posted August 27, 2013 I'm actually going through all the video interviews with Bill Ackman when he talks about JCP starting in 2010. Just look at his conviction! That face! The smugness! I'm Loving it. Bill Ackman is really something else. I'm glad he might finally accept that retail isn't a place for him to invest in. Maybe he will start hoarding the remaining SHLD shares this quarter for kicks. http://www.reuters.com/article/2013/08/15/uk-hedgefunds-filings-jcpenney-idUSLNE97E00O20130815 Soros bought a lot of JCP stocks. This is a bit weird. Why would he buy JCP instead of SHLD? Much lower valuation in terms of price/sales, and also SHLD has the trophy properties that JCP doesn't have. Soros invests...err soon to be invested with Ackman. http://finance.yahoo.com/news/soros-fund-withdrawing-money-pershing-185602361.html Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted August 28, 2013 Share Posted August 28, 2013 Anybody think it's ironic that the strategy of stores-within-stores that JCP was trying to pull off with RJ's vision worked for Best Buy, whose stock has tripled from its lows, while JCP remains depressed. Seems like he was in fact the retail genius that many of us gave him credit for - just didn't have the discipline to slowly transform the company and burned too much cash and alienated existing customers to fast to complete. Does anybody know if the interim CEO has mentioned anything about completing the transformation or is he going to continue half-in/half-out with some frankenstein creation: half alive and half dead? Link to comment Share on other sites More sharing options...
Luke 532 Posted August 30, 2013 Share Posted August 30, 2013 Perry bought an additional 3M shares... From Filing: "On August 30, 2013, one of the Perry Funds acquired 3,000,000 Shares from a shareholder of the Issuer as part of a registered, underwritten secondary offering at $12.90 per Share. The Reporting Persons acquired all the Shares reported in the Schedule 13D for investment purposes." Link to comment Share on other sites More sharing options...
fareastwarriors Posted September 3, 2013 Share Posted September 3, 2013 Hedge-fund manager Kyle Bass, of Hayman Capital Management LP, disclosed a 5.2% stake in J.C. Penney Co., JCP +1.84%placing Mr. Bass among the struggling department-store chain's largest stockholders. ... Mr. Bass holds 11.4 million of the department store retailer's shares, according to a filing with the Securities and Exchange Commission. http://online.wsj.com/article/SB10001424127887324886704579052703653813312.html?mod=WSJ_business_whatsNews Kyle Bass Discloses 5.2% Stake in J.C. Penney Link to comment Share on other sites More sharing options...
dcollon Posted September 3, 2013 Share Posted September 3, 2013 From SeekingAlpha Glenview lifts J.C. Penney stake Glenview Capital raises its passive stake in J.C. Penney (JCP) to 9.1%, an SEC filing shows. (13G) Earlier: Bass bets on JCP. Shares +1.7% AH Link to comment Share on other sites More sharing options...
Luke 532 Posted September 5, 2013 Share Posted September 5, 2013 Ullman pulls plug on Martha Stewart deal. http://nypost.com/2013/09/04/jcpenney-finally-shelves-martha-stewart-deal/ Link to comment Share on other sites More sharing options...
cogitator99 Posted September 6, 2013 Share Posted September 6, 2013 Read something that said that the Stewart deal was still in force.. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted September 7, 2013 Share Posted September 7, 2013 CNBC.com Article: Mark Cuban just bought 1 million shares of this The billionaire investor and entrepreneur told CNBC that he bought 1 million shares of retailer J.C. Penney a "couple days ago." Full Story: http://www.cnbc.com/id/101015329 Link to comment Share on other sites More sharing options...
LC Posted September 7, 2013 Share Posted September 7, 2013 Anybody think it's ironic that the strategy of stores-within-stores that JCP was trying to pull off with RJ's vision worked for Best Buy, whose stock has tripled from its lows, while JCP remains depressed. Seems like he was in fact the retail genius that many of us gave him credit for - just didn't have the discipline to slowly transform the company and burned too much cash and alienated existing customers to fast to complete. Does anybody know if the interim CEO has mentioned anything about completing the transformation or is he going to continue half-in/half-out with some frankenstein creation: half alive and half dead? Honestly, I think selling clothes vs. selling electronics are marketing to two totally different customer bases. Although I wish JCP gave him more time to see how it would play out. I don't buy the cash burn argument. Radically changing strategy requires a large up front investment. Retail investment isn't like infrastructure...you don't invest over time. It's almost all up front, and the payoff takes time. Link to comment Share on other sites More sharing options...
myvalueedge Posted September 10, 2013 Share Posted September 10, 2013 Ackman is out. Now Robbins at Glenview, Perry Capital, Soros, and Kyle Bass at Hayman are in. All of which most likely participated in the tender from Ackman. The BOD issued the poison pill last month that runs till August 2014. Possible scenarios: 1) Ullman goes back to previous strategy and gets JCP back to the average, heavy promotion department store? 2) PE firm, several flush with cash and access cheap money, makes a play? 3) Perry Capital is successful in bringing on Ken Hicks, the CEO of Foot Locker JCP already carries $3.3B in net debt with an EV of around $6.5B. Assume PE firm puts up 20% equity you would need to lever the firm up another +$5B. The cash burn is a concern with $1.5B in current liquidity and $300M left on the credit facility. Any thoughts on how this plays out? Link to comment Share on other sites More sharing options...
fareastwarriors Posted September 13, 2013 Share Posted September 13, 2013 http://www.bloomberg.com/news/2013-09-13/roth-quits-j-c-penney-board-as-vornado-exits-stake.html Roth Quits J.C. Penney Board as Vornado Exits Stake Vornado Realty Trust (VNO) Chairman and Chief Executive Officer Steven Roth resigned from J.C. Penney Co.’s (JCP) board as his firm plans to sell its stake in the department-store chain. The J.C. Penney stake will be exited in the “not-too-distant future,” Vornado said today in a filing with the U.S. Securities and Exchange Commission. The company owns about 6.1 percent of J.C. Penney’s shares, according to the filing. That makes it the department-store chain’s sixth-largest shareholder, according to data compiled by Bloomberg. Link to comment Share on other sites More sharing options...
Hawk4value Posted September 14, 2013 Share Posted September 14, 2013 I am thinking a more conservative way to play JC Penny is with the bonds. The 2016s are yielding over 10% for example. Any comments on this strategy?? Link to comment Share on other sites More sharing options...
no_free_lunch Posted September 17, 2013 Share Posted September 17, 2013 FWIW, one of the fairholme funds has a position in the jc penney bonds. Link to comment Share on other sites More sharing options...
merkhet Posted September 25, 2013 Share Posted September 25, 2013 Wow. 23 million shares dumped this morning. JCP at a 12 year low. Link to comment Share on other sites More sharing options...
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