Vornado, one of the eight largest shareholders in J.C. Penney (NYSE:JCP), could be set to sell 10 million shares, according to an unconfirmed source. This has shares of J.C. Penney down today amid the unfolding drama between it and Macy's (NYSE:M) and the deal that Martha Stewart Living (NYSE:MSO) made with each, which has Macy's CEO Terry Lundgren up in arms. Blake tells investors which of the players in this story stand to lose the most from the conflict and gives us some key things to consider when forming an investing thesis on J.C. Penney.

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