$JCP I’d love to hear something like this from the judge(s)... Okay, secured creditors you take the PropCo and JCP BOD & unsecured creditors you take the OpCo as you have proposed. Since you have cut out the SHs AND you are not properly accounting for and placing value on the credit card & online businesses, you will have no problem giving that piece to the SHs. That business will also be setup as a newco for spin-off or sold to a 3rd party. Let it be said, let it be done!