In JCP @ 6.56. J C Penney is priced for bankruptcy. The bonds are placing chances of default at 65%. The company has secured it's cash position with an influx of 932 million (30% dilution @11). Buying right now gives you a price 40% below the last major equity infusion. The company is looking for 2 metrics to improve. Better traffic and better conversion September was better than previous months. I am in.