I have KTP, the JC Penney Trust Preferred. It too has taken quite a dip.But rather than the fiscal cliff and Congress, I would attribute it to JC Penney's new strategy that seems to be generating losses rather than profits. They have purged much dowdy merchandize and now have izod and other more stylish goods. But most stores have closed. So in this area they are mostly mail order.Kohl's has chewed them up. And now repositioning vs Macy's does not seem to be catching fire. But they brought in the former head of Apple stores to run things. I dunno if he knows much abt merchandizing. It's a very competitive business.JC Penney could be headed the way of Sears and Montgomery Ward. Bk ahead?