Just in case anyone is still confused who will soon be calling the JCP shots once the equity is wiped out, as it will be at the current cash burn rate in 9-12 months (or less if the vendors demand Cash of Delivery or in advance), here is a reminder of just who the key secured creditor in JCP [3]is. And since the valuation of post-petition JCP will likely not even extend through the unsecureds, we hope that Goldman not Ackman, has some ideas who the next CEO should be.

