From the Wall Street Journal:
Bank Plans to Kick Off Process in September
J.P. Morgan Chase JPM +0.62% & Co. has told potential buyers of its commodities assets that it expects to kick off sale efforts in early September.
The bank plans at that time to circulate a memo that details the balance sheets and profitability of its physical-commodity assets, according to people familiar with the sale process.
J.P. Morgan said in July it was pursuing strategic alternatives for these assets, which range from metal warehouses to pipeline leases and power plants, including a possible sale. The bank hopes to sell the assets as one package, but depending on the interest of buyers it may have to sell them piecemeal...MORE
...Other assets may be more difficult to unload at a profit. J.P. Morgan is currently paying more to rent storage facilities for oil products than such leases would fetch on the open market. The value of these leases has declined in the last two years due to shifts in futures prices that no longer make storage profitable. "Some have value, and some have negative value," one person said....
