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Got my distribution shares and cash yesterday. :)
For me, at the end of 2010 I had a loss for my purchase of CEMJQ. I sold cheap shares earlier in the year for a gain then bought back in and stayed till fully screwed by the court, Captian Craig and the supporting cast. That loss on my CEMJQ shares was finally shown on my 1099 at the end of 2011. The new shares of CHMT that I cash out are a gain that is offset by the loss to a limit of $3000.00 per year. My cost basis for the new CHMT shares is zero as the accounting on CEMJQ is finished.
Cash and Shares in my Scottrade account. Nice hit...
I did get cash .No Shares Still have 6000 under cemjes . will i get them in Shares ?
Finally! Shares and cash in my Scottrade account.
I would say you need to show what your purchase price was for your CEMJQ shares you held at the end of bankruptcy to determine the gain or loss. I suspect the burden of proof will be yours and you will need to ration this out between all distributed shares that you have recieved and sold.
Question for the Board:
For the US residents who recieved the distributions as shares, did it show up as a taxable dividend event on your 2011 tax forms? In Canada it is been deemened taxable for which I have to pay taxes on. I understand this but if I now sell the shares do I have to now pay capital gains tax? If so, that would be paying tax twice on the same shares. I have a call into Investor Relations (this morning) and they have not had the decency to return my call. I have been waiting all day!
Thanks
Hi Fuller, Use Popperp2002@yahoo.com
Hi Popper - Can you give me your e-mail address so we can discuss further? Looks like the WHTAX is a withholding tax for which apply as a credit towards your Canadian taxes. I deal with Royal Bank and there was no withholding tax taken off. I am going to get dinged regarding my 2011 taxes. I am going to call Chemtura and Royal Bank as to why this is a dividend payout.
Yes, mine showed as a Type 3a Dividend...And I also paid a Type 6a WHTAX (whatever that is)...I'm in Canada also
No cash or shares yet :(
Has anybody added up the cumulative total of cash and stock received? I get 2.4 cents in cash and 45 cents current value stock for each old share of CEMJQ. A total of 47.4 cents with a bit more to come. Turns out investing in the bankruptcy process was not too terrible for the patient.
1. Nothing in my Scottrade account yet
2. Yes, there will be one more distribution, making a total of four, but this one is the biggest one
Got Shares and cash Friday. etrade.
There should be one final distribution, hopefully by early May if not before. I have modeled a final distribution that is approximately 10% of what we just received.
Question for the board
I sold some CHMT in August of last year and I just recieved a T5 statement (for taxes) from RBC Action Direct (online broker) and they classified my sale as dividend income instead of capital gains. Has this happened to anyone else here? Particulary Canadians?
Thanks in advance
Got 980 shares in TDA acct.and $2150 cash, are we getting anymore? Tia
I originally had 360,000 shares, but sold most way back when and have only 50,000 on record according to TDA.
Received my shares and cash late yesterday. Fidelity.
Actually I just received my shares (no cash yet).
Thanks. By the time I get the shares up here in Canada we will probably be alot lower then where we are now. Cannot wait to unload my shares!
It was based on $16 share. Add 10% now, so it should be about 12.3 cents per old share. I think.
No additional new shares in my account yet.
It's Zecco, so it will probably be next week.
Was the conversion that you posted awhile ago correct? Thanks
Got the shares, but I think I'm missing about 10k in cash. If anybody uses Fidelity and got cash today, let me know.
I have not recieved my shares as of yet up here in Canada.
How many old shares did you have?
Friends,
I just let you know that I just got the distributions on my TD Ameritrade account. However, my accounts at E-Trade and Scott Trade do not show any distributions yet. Those additional distributions are better than nothing, but still feel bad about the BK process we went through. Wish you all the best luck!!
Thank you Chemtura...
... for the peanuts. 309 shares plus $687 is nice, but I should be retired right now. And pizz on you wallstreet61!!!!!!!!!!!!!!!!!!
I need it at 90.00 to get back to what Mr R offered the EC. Oh how the EC screwed us!
not necessarily. when the first distribution took place, it only took 2 working days. the second one however, almost 3 months...
Was hoping for this week but yeah, that's quite possible. It takes a while to work through the sytem into individual trading accounts.
Not yet. Bet no one will see anything in their accounts until late next week, if that soon.
Anyone recieve their distribution yet?
I have not (Scottrade) but expecting it within this week.
anybody seen anything of this distribution in their accounts yet?
Me too! Cannot wait to unload my "lucky" shares. Cannot beleive that a company can voluntarily take a company into BK and be allowed to screw the shareholders yet at the same time rewarding themselves for taking the company in BK. And this is all allowed under US BK rules. Something is very very wrong with the system.
Best distribution yet and, I believe, not the final one. Though I think this will be the largest distribution, the final one will be smaller based on funds remaining I think.
New shareholder letter. Distribution should be within ten days
"The Third Supplemental Distribution will result in approximately .0061892 shares of New Common Stock and $.0135773 in Cash being distributed for every one share of common stock previously held in the Company before its chapter 11 filing."
http://www.kccllc.net/documents/0911233/0911233120309000000000002.pdf
1. Lubrizol was itself acquired last year by Warren Buffet's group. So, they (Lubrizol) aren't likely to make any acquisitions.
2. As posted below, it takes a while for the distributions to work through the system to individual brokerage accounts. I also think within the next week they will show up.
3. I still think Chemtura is a good acquisition target for someone. Hopefully at or north of 20/share.
To the moooooooon
Sorry a little nostalgia.
W
The deadline for Chemtura to make the distributions was today. My understanding of these post-reorg or post confirmation distributions is that the funds are usually sent elsewhere first, likely to the DTC with instructions, for further forwarding to those who hold physical securities and otherwise to the Brokerages for those held in street name. The Brokerages will then pass the funds along to the beneficial holders. The bottleneck in the process is normally at the brokerages which is why some get their distributions very quickly and why others don't get theirs until days later.
I expect most people will get their distributions next week.
I think so but am not sure.
Aren't the distributions supposed to happen today?
Now that management is getting all that stock they'll be promoting and pumping it. Maybe ol Rog will pull out that ol Lubrizol offer out that's been rumored from way back when it was CEMJQ.
http://community.nasdaq.com/News/2012-03/chemtura-value.aspx?storyid=125813
CHMT rated a STRONG BUY
for what's it worth...
Looks like the three on the left have been feeding well at the trough!
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Chemtura is a global specialty chemicals company with leading positions in diversified markets. We build the chemistry that makes other products more durable, safer, cleaner and more efficient, in the building and construction, electronics, consumer, industrial and transportation industries. We also take pride in knowing our agricultural products increase crop yield and improve crop quality around the globe.
Chemtura is committed to Responsible Care®, the chemical industry's voluntary initiative to protect the environment; ensure the safety and security of its operations; and safeguard the health and safety of employees and the communities in which we live and work. Under Responsible Care, we pledge to be stewards of our products from manufacturing and handling to transport
Chemtura Corporation is a global specialty chemicals company with leading positions in diversified markets including industrial, agricultural and consumer, and with 2009 sales of $2.5 billion.
We are a leading supplier of pool and spa products, a top marketer of niche agricultural products, a leader in the petroleum additives industry, and a top marketer and producer of urethane polymers. We manufacture and
market products that make other products better in automotive, construction, packaging, agricultural, industrial and consumer applications.
Through our global businesses, Chemtura offers a wide portfolio of products to a number of markets, including agriculture, building and construction, consumer, electrical and electronics, industrial and transportation.
Petroleum Additives’ Anderol unit is a leading manufacturer and marketer of high performance speciality lubricants used in wide ranging industrial applications backed by over 60 years of experience. Anderol has a pedigree of technological leadership, pioneering the use of synthetic fluids in aviation to support the American war effort. |
Chemtura is a leading global supplier of antioxidants, intermediates and inhibitors, polymer modifiers, and UV stabilizer solutions. As the only manufacturer to market all major families of stabilizers, we offer the widest range of performance-based polymer additives in the industry. |
Chemtura AgroSolutions is a leading provider of fungicides, herbicides, insecticides, miticides, plant growth regulators and seed enhancement products with a reputation for product innovation and field service expertise. |
Great Lakes Solutions is the flame retardants, brominated performance products and fumigants business of Chemtura – providing materials and services for use in electronics, electrical, building and construction, fine chemicals, agriculture, power generation, transportation, water treatment, oil refining and more. |
Petroleum Additives’ Hatco unit is the world’s premier producer of polyol esters. These esters are used as basestocks in the production of ultra high performance lubricants for aviation, automotive and industrial applications. |
Chemtura's specialty and multipurpose cleaning products are useful for both indoor and outdoor applications. Our proprietary formulas can be used in the household in the kitchen, bath and laundry, as well as for the patio and garage and on automotive surfaces. |
Chemtura Organometallics core competency is the production and safe handling of selected reactive organometallic products. The combination of 50 years of operation and innovative development excellence with our global supply chain capabilities are the basis for a sustainable customer oriented business model. |
Our Petroleum Additives business comprises a broad portfolio of lubricant additives, fuel additives, synthetic basestocks and synthetic finished lubricants used in a wide range of applications and industries. These include the automotive industry, power generation, aviation and certain niches in the industrial market such as refrigeration and grease. |
Chemtura’s Consumer Products business is a leading global supplier of water-treatment sanitizers and related products for recreational and commercial pool and spa applications, promoting cleanliness, health, and safety. We have a comprehensive product offering, multiple distribution channels and an excellent reputation for our value-added services. |
Chemtura's Urethanes business is a world leader in hot-cast prepolymers and a leading manufacturer of specialty aqueous urethane dispersions and polyester polyols. The business is characterized by a strong customer focus, exceptional product and applications development capability, and outstanding technical service. |
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