Back in June 2018, we observed that J.C. Penny bonds were fetching an 11.9% yield… as a way to heap economic derision encourage reflection on 12% statutory prejudgment interest rates.
J.C. Penny filed for Chapter 11 bankruptcy this past Friday.
While J.C. Penny may have had to face financial reality, double-digit statutory rates continue to impose their measure of financial disreality.