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By my calculations I believe Laidlaw will run out of money by the end of the year. How much longer do you think Laidlaw can hold out? Anyone care to speculate?
I have mentioned this subject before, your right, however don't recall seeing any posts that discuss how the process of relisting works. Is relisting as simple as dropping the "Q"? and then meeting the requirements of relistment? I don't pretend to be as smart as some of you and I've tried to do my homework on this subject, however the info that I have looked at is very vague. I was just under the impression that BK companies had to issue new shares to get relisted that's all. Rest assured "jrdig7" that I will not bring this subject up again!
When was the last time we traded 6,000,000 + shares with an hour and a half of trading left? Been a little while since volume broke this level?
Yes, this is another share cancellation comment, however I do not wish to post my sentiment on the subject, rather I would prefer someone educate me on the subject of relisting as it pertains to share cancellation. If a stock has been delisted and trades on the OTC or pink sheets boards how can it get relisted without the issue of "new shares"? As I understand it a company will have to issue new shares of stock in order to get relisted, thus making the old shares worthless. If Chemtura intends to get relisted at some point, won't the present shares that are currently trading become worthless at some point. What affect does relisting have on the current issue of stock? How will Chemtura get relisted without cancelling the current shares? I'm just looking for answers from someone who knows more about this subject than I. I hope none of you think I'm trying to suggest anything here, I'm just trying to learn.
I agree with you wholeheartedly "goforthebet"! There is definitely risk, and a great amount of uncertainty with this stock. There are a great many out there who believe the potential rewards of investing in this stock far outweigh the risks, however I believe that these risk takers are outnumbered by the more cautious investors. The uncertainty of this stock has held back a far greater number of potential investors. I realize the whole notion of investing in a bankrupt company is a gamble, but investment in this company could be so much greater if investors weren't scared about share cancellation. I would love to increase my position in this stock, but like a great number of people out there I'm not completely sold on this stock long term. Investors at this point have tempered their willingness to take risk with caution. As we get closer to POR time I think investors will get more and more cautious. If it turns out that we haven't heard any news of an asset sale or debt refinancing, and the POR release is only a week or two away, I think there will be a big pullback. I'm sure I'll get hammered for these comments, and surely told to sell my shares if I'm that scared, but I have no plans to do so. I will remain cautious as many will, but still unwilling to take on more risk with the uncertainty surrounding the commons.
I need a little help to understand accounting? 2nd quarters results show a net operating loss of 118 million, correct? Chemtura's 2nd quarter is April, May and June. Did Chemtura make a profit in any of these months? I only ask because I recall a post by someone stating that Chemtura was profitable in June, however the 2nd quarter results indicate otherwise. Although monthly operating reports appear to be getting better, however unless I'm reading things wrong Chemtura hasn't made a monthly profit since BK. Am I wrong? Am I reading the 2nd quarter results wrong?
If I'm not mistaken GM informed shareholders prior to filing POR that commons would be cancelled? I'm pretty sure I read this somewhere, but I could be wrong. We might not have to wait until the filing of the POR to find out the fate of the commons, however I'm no bankruptcy expert, and I might have confused an event of some other company with GM.
Just curious but do you have any idea when the vesting date is for these RSU's and when this restricted stock was issued as incentive compensation? I read this was going to happen, but haven't heard about any specifics. The farther out the date the more incentive management will have to get the price up. In the long term this will be good for the share price, because management will make more $$$ off these RSU's than they would from stock options!
Thanks Turbo for you encouragement. I would like to apologize to all on this board and to Borga for my remark. It was uncalled for, and a misuse of this board, however it angers me when others are unable to answer questions in a civil manner without having to demean others in the process, whom they know nothing about. Everyone on this board is very knowledgeable and I enjoy hearing your opinions. I have no hidden agenda!
Thanks Turbo for the encouragement. I'd like to apologize to the rest of you on this board, and to Borga for my remark. It was a misuse of this board, however it angers me when people can't be civil,and are unable to reply to a question without hostility. I frequent this board merely to hear others give their opinions, I have no hidden agenda!
Which scenario do you think is most likely? I have a friend who own shares of CEMJQ as I do? We both thought this was a good investment, however we differ in our reasoning for purchasing our shares. My friend owns many more shares than I do, but I still have a pretty sizable investment in CEMJQ. I have posted on this board before, but I am what you guys would call a rookie investor. I come to this board to seek information from others and their opinions. Adding DD to this board is hard for someone like me, because you guys have pretty much covered everything, and always beat me to it. I know I am beating a dead horse with this subject here, but I'd like to hear some of your responses to something my friend mentioned to me the other day. He suggested that I forget about holding my current shares of CEMQJ long term. I asked him why? He proceeded to tell me that the current shares of CEMJQ were a short term play, and that I should dump them shortly before CEMJQ announces it's Plan for Reorganization. He further went on to say that the reason why we haven't heard about an asset sale is because Chemtura can't find a buyer. This friend of mine said that he thought Chemtura would not be able to refinance debt either. I asked him what he thought was going to happen. His response was that Chemtura was going to end up renegotiating terms with it's bondholders and other creditors and cancel common shares and issue new shares to the bondholders as debt payment. I told him I thought he was wrong, that an asset sale or refinancing was most likely. Regardless of my stance he continued to maintain that current shares of Chemtura should be held short term, and that if I held too long I would end owning worthless shares. Which of us do you think is right?
Chemtura up .03 or 6.98% in extended hours trading?
Obviously everyone on this board knows Judge Gerber has approved extending the filing date for the POR to early November. I'm hoping for any big news preferrably an asset sale or new debt refinancing to happen long before the POR is filed, however hypothetically let's say we don't get any of the big news we are all expecting. Where will the PPS be before the POR is filed? I had my doubts awhile back as I noted in an earlier post that this stock could move without news. I was "wrong", and you guys were right! I have made up my mind about one thing though, and I'm going to stick to it and not flipflop, I now believe the fundamentals alone are enough to carry this stock upward, even if we don't get the big news we're all hoping for. I expect to see this stock over $1 when the POR comes out. Where do you all see the PPS being when the POR comes out?
Where will the volume end up today? I expect to see close to 5 million today! What say you?
For trading rookies like myself, what are you referring to when you talk about "peeps"?
If a shakeout happens when do you anticipate it will happen Turbo? IMO if the PPS closes in the high .40's today, we will see some selling Monday? This is just my opinion off course, and I hope I'm wrong! This of course is an opinion from someone who thought we would not get out of the low .20's without news.
What did Javed post about last week, I missed that one? Did he make some sort of prediction?
So your gut tells you an asset sale will be announced this weekend? What information is your gut using to make this assumption? I'd like to hear an announcement about an asset sale this weekend to, as would the rest of us, but I don't see it happening this weekend. Some have suggested that the only reason the PPS is rising now is because big news is imminent, such as a PR release regarding an asset sale. Don't you think if someone knew something the PPS would be rising faster than it currently is? There is nothing new to suggest that an announcement regarding an asset sale will be made anytime soon. Big news would be great for the PPS, however right now the stock is moving upward on it's own, and doesn't need to be pumped! I like your enthusiasm and optimism, but let's get real here, I think your gut is stretching things, but I do hope I'm wrong. It would be nice to hear about something we all think has a good possibility of happening, but I'm not going to hold my breath waiting for it to happen this weekend.
Your probably right Manti. Those who sold today might have done so hoping they could buy back a couple of days from now at much cheaper prices. The end of the day will tell us alot as to whether these people "gambled poorly"! I hope this small drop is a few isolated cases of profit taking, and that the PPS doesn't drop into the low .30's and get stuck in limbo for the next month or so.
A correction was inevitable, however hopefully the PPS doesn't end up dropping into the low .30's and then decide to bounce around in these low .30's for the next month or so like it did when it bounced around in the low .20's awhile back. Hopefully this will be a short correction and we can continue rising, regardless of how slow the rise may be!
I think we will see some consolidation tommorrow? What's your take everyone?
I have some idea of what events are going on today in court, but will the outcome any of these events have enough importance to have any effect on the PPS?
You guys on this board have really done your homework! I own shares of Chemtura and have tried to stay informed on what's going on, however I haven't been able to find anything about Judge Gerber setting a court date for Proof of Claims to be filed. I would think that the creditors and bondholders would have pressed the court to set a date if they thought they wouldn't get paid, however since a date has yet to be set indicates IMO, that creditors and bondholders are confident of being paid. I really don't know how this Proof of Claims thing works, so perhaps someone can educate me about it. Did I miss an announcement on this, or has this date now become irrelevant?
I realize the purpose of this post is to contribute useful information that others can use, however don't useful questions add value to this post. "Blipmazter" asked a question last night that has gone unanswered as of this present moment. Chemtura was CEM before bankruptcy. When they filed chapter 11 they became CEMJQ. When they emerge from bankruptcy the stock symbol will change to something else. Will this new stock symbol be a new issue of stock? Will the shares trading post bankruptcy be the same shares that are trading now? Whatever information I have read has been relatively vague, so could someone explain how this works. At some point the stock symbol CEMJQ will have to change, but I'm not clear on whether this symbol means this is different stock. Doesn't a different stock symbol indicate different stock? I'm not worried about my shares, I'm just wondering what the change of symbols means to the commons?
I was brushing up on my bankruptcy knowledge last night and this statement stuck in my head. "A company must pay off existing debt before it emerges from bankruptcy". What debt is Chemtura under obligation to pay off before it emerges from bankruptcy? When a company files chapter 11 all debts become payable, that much I know, however do long term debts come into play? I realize that bankruptcy will allow Chemtura to renegotiate payment terms with it's creditors, but I'm confused at to what Chemtura's financial responsibilities will be before they exit bankruptcy. I know something has to be done with the bonds and with the revolving loans, but what else will Chemtura have to pay off? Could someone clear this up for me?
You guys on this post are great. Thanks for graciously answering my questions. I am a rookie investor compared to you all, and this board has been very helpful to me. Some of the most recent posts today mention an asset sale. I used to think it was Chemtura's only alternative, but now I am not so sure. Correct me if I'm wrong, but doesn't an asset sale have to be contained in the POR? When Rogerson was shopping around Chemtura assets in the beginning of the year didn't he mention that an asset sale had to be done at least fours months prior to the filing of the POR in order to get everything finalized before the plan was released? If an asset sale is going to happen I would have to think Rogerson and company will have to get it done very soon, in order for it to be part of the POR. Am I mistaken about this? Once again correct me if I'm wrong, but IMO that if we get deep into August and there has been no news about an asset sale, then it probably isn't going to happen. Any of you have a different take?
Nice to see the .30's and hopefully this upward turn can be sustained. Aside from what Chemtura has done this week, I have a question about this company. I have looked at numerous statistics regarding the financial health of this company, but nowhere do I see a breakdown of Chemtura's debt. Chemtura lists about 2 billion in debt, but what part of this debt belongs to it's US operations, and what parts belong to it's subsidiaries? Do the US operations own the majority of this debt?
I don't pretend to know half of what some on this board know, nevertheless I'll give you my opinion on your post. I don't know how much money you have wrapped up in your investment, or whether you need this money back anytime soon. I too have a considerable amount of money invested in this stock. I invested for various reasons, which are not important at this moment. I could have pulled my entire investment out at .48, however I choose to sell only a small portion of my total investment, and hold the rest. Investing in a BK stock is risky, however I believe that the potential here is far greater than your normal BK. I can't say with 100% confidence that I think my shares won't be worthless once Chemtura emerges from BK, but I'm pretty damn close. There is no way Chemtura falls into Chapter 7. The current price after todays close is .24. The monthly operating reports show that Chemtura has turned things around. Come November the POR is due, there will be no extension beyond this date. The Chemtura BK will run the entire course and then they will emerge stronger than they were pre-BK. If the fundamentals continue to get better, there is no place for the PPS to go but up. I don't know how long you can keep your money tied up in Chemtura, however if you are financially able to wait things out I suggest you do so. Come the end of the year your patience will be rewarded, so hang in there. Don't expect immediate results unless some big news happens soon. Be patient, you made the right choice!
On average trading only gets halted for about an hour or so, although sometimes trading can get halted for up to ten days, after which time the security usually returns to normal trading.
Trading has not been halted, although that might not necessarily have been a bad thing. Obviously trading gets halted for one of three reasons. 1. There is an order imbalance between the buyer and seller. 2. There is a registration problem with the security. 3. There is impending news that will dramatically effect the PPS. Even if trading had been halted, not bad odds for life changing news, wouldn't you say?
Thanks for the sites ByMor. I looked at them but I'm not seeing anything about trading being halted. Where are you looking?
The June MOR came out on the 16th or 17th I believe, not sure, but it is out, and shows Chemtura made a profit because I've looked at it. Check MadClowns blog he has all that info posted.
I see no indication that trading has been halted! What indicators are you looking at?
Correct me if I'm wrong, but I don't think Chemtura was profitable this time last year. If they manage to increase their profit for a third month in a row in this economic environment I think more investors will jump in. I think many are still sitting on the sidelines looking to see if Chemtura can sustain profitability. Although "big news" would undoubtedly be the ultimate catalyst, I do believe that one more good MOR will have a much more positive effect than must people think.
The slow ascent begins!!!!
Hope to see the bid at .24+ sometime today!
Your right Hawk. Let's keep our political views off this board. I'm sorry for steering things away from the real issue, that being Chemtura! On another note, does anyone know if the companies interested in Chemtura assets pre bk are still interested now? Haven't seen anything, and I've looked hard!
Thanks Street61. I know the options, however thank you for putting things into perspective for me. I'll be loading up again soon and holding long!
Pre Bankruptcy vs. Post Bankruptcy. I probably won't make much sense here, but nonetheless I'm going to attempt to make a point. Correct me if I'm wrong but doesn't Chemtura essentially have the same debts now that it did just before filing chapter 11, with the exception of perhaps the DIP money it has used? It may owe a bit more interest on it's debt now than it did before chapter 11, however the amount of debt due "now" hasn't changed much. MOR's indicate that Chemtura has now been profitable for the past few months, something it had not done for months prior to bankruptcy. My point here is that investors know why Chemtura went into bankruptcy, they wanted to stall paying their 2009 debts through reorganization. Now chemtura is making a profit, something it wasn't doing pre BK. It's stock price was $8 not that long before chapter 11. I see no reason why the PPS should be where it is. The stock price should be gradually rising based on the fundamentals we are currently seeing. The trading activity we have been seeing these past few weeks indicate only "one" thing. Someone believes in the future of this company and is doing some heavy accumulation, with the help of someone or some group who is intentionally holding the price down. Eventually the sellers will be weeded out, and those who plan to hold will be left. If the buyers want shares they will have to "ante up". Hold your shares, it may take awhile, but your patience will be rewarded.