SAMPLE E.C. SUPPORT LETTER I mailed today.




Ms. Susan Golden

Office of the United States Trustee

33 Whitehall Street, 21st Floor

New York, New York 10004

Dated: July 7, 2009

New York, New York



Dear Ms. Golden:



In a hearing this past September 29, 2009 on the matter of Official Committee of Unsecured Creditors of Chemtura Corporation, et al. v. CitiBank, N.A. Judge Gerber directed you to consider the inclusion of equity representation on the Fee Committee. I believe at this point as a shareholder (and stakeholder) in Chemtura that representation is now essential and necessary for the following reasons. First, shareholders purchased stock in Chemtura, not half of Chemtura; second, Chemtura’s bonds are trading above par attesting to the work of the Trustee and the Court; and third, the share price of Chemtura has risen over the past few months in tandem with the increasing value of Chemtura’s bonds. In fact, the stock has risen to a level which if continued would soon allow Chemtura to relist its stock upon emerging from Chapter 11 bankruptcy.



Furthermore, on March 18, in Chemtura press release announcing the filing of the voluntary Chapter 11 Petitions, Craig A. Rogerson, Chemtura's Chairman, President and Chief Executive Officer stated: "We look forward to working together with all of our stakeholders to complete a successful financial restructuring. " (Emphasis mine)



Again, on 24 August 2009, in an ICIS news article By Joseph Chang, Chairman Rogerson is quoted as saying, “We’ll look at all ways to maximize stakeholder value, including divesting businesses. We will consider offers and evaluate them if they come,” (emphasis mine). Shareholders are stakeholders. If the idea is to maximize the value of all stakeholders and to work with all stakeholders, it is inconceivable not to include the very stakeholders who have capitalized and will continue to capitalize Chemtura. Nowhere has it been determined let alone stated by Chemtura that shareholders will be discharged, in fact quite the opposite as witnessed by Mr. Rogerson’s comments above.



Ms. Labovitz the partner in the Restructuring Group of Kirkland & Ellis LLP (K&E) and lead attorney representing Chemtura states in her biographic materials on the K&E web site – that she represents “Chemtura Corporation, one of the largest publicly traded specialty chemical companies in the United States with 5,000 employees worldwide and 2008 revenue of $3.5 billion, in its chapter 11 reorganization currently pending in the Southern District of New York." She goes on to acknowledging that the bankruptcy of Chemtura is far from a run of the mill Chapter 11 bankruptcy.

I agree, it is not a run of the mill Chapter 11 bankruptcy. Shareholders bought stock in the entire company not half of it; stockholders are stakeholders in every sense of the word; and given there is value in the entire company and given the potential for wasting assets in the part of Chemtura that is in bankruptcy I believe we have every right to demand representation on the Fee Committee and any other committee established by the Trustee and the Court to benefit stakeholders or to ensure their right are protected. So, I believe there is ample value for equity to be represented.



In closing, I wish to thank you for the work you are doing in moving Chemtura toward exiting bankruptcy.



Please feel free to contact me if you have any questions regarding the matters discussed above.



Sincerely,











CC: Judge Robert E. Gerber

United States Bankruptcy Court

One Bowling Green

New York, NY 10004-1408

Courtroom: 621

And always write with the utmost respect. It is Federal Court. Huge deal.

Plan to talk a lawyer (whose a friend tomorrow) to see if he has any thoughts on the points that should be included. If he does, I will post them tomorrow evening.

Thank you! Number of my friends are "in" so hope to generate a few letters.

Many thanks.

CMM --

And to bring the point closer home--what can we do to push for an EC? Write a letter the Judge? If so could you as BD moderator post that addresses here for a few days to remind folks now is the time for action? Hope that is an ok suggestion. Black-E

Heard he sold in a panic after Madclown's post yesterday.

We will go up. This CO. is a money maker. Even if this CO wanted they can not go quietly into the night. Yee hah!

Nut-up boys.

Jax-To be clear, The Judge is more than opened minded to creating an equity committee. He wants the issue actively reviewed by the U.S. Trustee, as the excerpt says.

Don't sell cheap- some one(s) with big bucks is buying.

Go Chemtura.

MadC's theory a misread by him! Oh boy....As Mr. Baxter states on page 31: "Your Honor, it was I who began the e-mail correspondence in question. There's nothing confidential about it. There was no attempt by me or any other person, for that matter, to label the communication as confidential. The communication was a proposal by me for a fee auditor. No controversy or claim was sought to be compromised." Doc's have to be read slowly and the reading between the lines will be come clear.



Sorry CMM just had to restate that.

"Seller yesterday had a lot of shares, not necessarily a lot of sense." from MAD-Clown's post posted a few minutes ago by Chemic76.

Bonds are strong! Chemtura is making cash under Captain Craig.

Your are right. MC tone had changed to the negative this month. Was wondering when he slept.


Go Chemtura!

An interesting post on CEM bonds taken from Chem9999 on the Yahoo Cemjq BD this morning:

The bonds are at record highs Someone knows something, the bonds are trading like a sale has been leaked. The only bond not above $1 is the 2026 bond which is thinly traded.

The 2009 bond is 102
The 2016 bond is 104.25
The 2026 bond is 79.

http://cxa.marketwatch.com/finra/BondCen...

Compare these to pilgrims on 9/2/2009 before the news leaked that they were being bought.

The 2013 bond last traded at 74.25 (CHX.GO)(7/22/09). This bond is also thinly traded.
The 2015 bond last traded at 100 (CHX.GE)
The 2017 bond last traded at 91 (CHX.GF)

On 9/3/2009 the pilgrims bonds all closed above a dollar.

The 2013 bond last traded at 101.25.
The 2015 bond last traded at 106.
The 2017 bond last traded at 107.

Yep, even a better option.

Bottom line is that Chemtura was last year the Fortune 577 company.

In my opinion, under the leadership of Captain Craig, CEM will soon again take its place among the first ranked-corporations.

We have a cash-producing winner here -- with many options out of Q land to the Big Board.

Will do. Although there hasn't been much he has mentioned that has not been discussed on the BD. The site enjoys a number of very smart contributors.

Bloomberg:Banks and U.S. Trustee object to Chemtura fees
Bloomberg News
Updated: 09/25/2009 09:49:03 PM EDT

The U.S. Trustee in New York flyspecked the applications for payments of fees to the professionals in the reorganization of Middlebury-based Chemtura Corp., a specialty-chemical manufacturer that filed for reorganization in March.

From the beginning of the case through the end of June, the professionals for the company and the creditors are asking approval of $14.4 million in fees plus another $455,000 in expenses.

Combing through the time records, the bankruptcy watchdog for the Justice Department is recommending about 4 percent cuts for the main counsel for Chemtura and the company's special litigation lawyers. The two firms together are looking for about $5.3 million.

The potentially more painful objection comes from the agent for the secured lenders in their opposition to the fee application by Akin Gump Strauss Hauer & Feld LLP, the lawyers for the creditors' committee.

Under arrangements for the use of cash, the committee was limited to spending no more than $200,000 in disputing the banks' claims. Chemtura's lenders said in their court filing that Akin Gump and the committee's financial advisers together may have spent more than $1 million attacking the bank claims.

The lenders want no more than the allotted $200,000 paid for the fight against them.

In July, the creditors' committee sued the secured lenders, contending security interests given within three months of bankruptcy on inventory and other assets were preferences that can be set aside. The committee said it believes $6 million cash also should be returned as a preference.

The financing for Chemtura's reorganization consists of a $250 million term loan, a $63.5 million revolving credit, and $86.5 million of pre-bankruptcy debt converted into a post-bankruptcy secured loan. If the suit is successful, the $86.5 million should be restored to pre-bankruptcy debt, the committee said.

In addition, the committee has a theory that the banks' collateral only covers a $46.1 million loan, not loans that total $139.2 million in the aggregate.

The company's lawyers are Kirkland & Ellis LLP and O'Melveny & Myers LLP.

The Chapter 11 petition by Chemtura listed assets of $3.06 billion against debt totaling $2.6 billion, including $1.02 billion owing on three issues of notes and debentures. Sales in 2008 were $3.5 billion. The subsidiaries outside of the U.S. didn't file.

The case is Chemtura Corp., 09-11233, U.S. Bankruptcy Court, Southern District New York (Manhattan).

J- He is a pure blood. The idea of investing in a q is beyond his risk tolerance. And of course he was very dismissive of the company at first. But as the Chemtura story has unfolded he has become quite interested in it and he always muttering that he should have bought-in in May.

As far as share price, well that depends on what the Chemtura cash machine can produce but he thinks $5 is easily in the ball park early next year. (Please forgive me Estimator.) Remember this co. is a going concern and as he said yesterday with a smile --your guys just raised their prices!

That is the golden path for Chemtura: bond for equity swap -- keeping commons intact (but perhaps with some dilution). An exceptionally smart finance guru and friend who has been watching this stock for months came to the same conclusion today, oddly enough.

Go Captain Craig.

Thank you M. You are a great American. B.E.

Manti - What is your general view of ASFX from here? Great run today and the past few weeks. Thank you sir. BlackE

All aboard the Chemtura Express!

She is leaving the pinkie station -- back to the Big Board, stability, and growth.

This BD has been over this ground so many times that we should just give numbers to the arguments, counter arguments, caveats and counter caveats. (And Manti just hit the central point. "Bottom line, there is equity that accrues to the common shareholders, and that equity cannot be just stripped away capriciously. There is a fiduciary responsibility in play here as has been stated before.")

For my money and my analysis the commons stay intact though a dilution is possible. This is not a regular pinkie. This is Big Board stock climbing back to its NYSE listing.

Go Captain Craig.

A pro-share price PR strategy too in my view. That's why the "GeoBrom™ Bromine and Brominated Derivatives Remove Mercury from Coal Fired" release was issued on the Sep 14. right before the MOR.

And my opinion will be in $2 land next month. The fundamentals will be the driver.

Captain Craig is at the helm....

Chem8's 9/19 1:50am post is a must read. The last paragraph demonstrates a great strategic perspective:

A key part of the compnay’s post-bankruptcy strategy calls for the company to shift its manufacturing footprint east as sales shift to Asia and Eastern Europe, and to source product closer to where it is sold. Management responsibility will also be shifted into those regions and away from Chemtura’s corporate headquarters in Middlebury, CT. “Operations outside the U.S. will have step up,” Rogerson says. “And that means giving them the authority and responsibility to deliver results.”

Thanks Chem8.

Yea comfy folks adopt handles like Soul Washer. Geez.

Let's talk stocks please. Manti has been dead-on on his calls.

Also PGP had mega-swings post the $1 mark and now look at it.

Go Cemjq.

Thank you Captain Craig and the Chemtura team!

The folks at Chemtura most be celebrating as well.

Amen Brother.

Worked for a number of years on 103rd floor of 1 WTC.

We can only imagine.

God keep their souls.

Ok Cal -- What are the bonds trading at? What was latest MOR? Is management solid? Think we are some what past the point you've raised in your post.

Some folks were clearly shaking the tree. More of that to come too as Chemtura continues to move ahead on to higher ground.

Two words guys: fool moon. (sorry)

One point not drawn out. I bought a few thousands shares pre-bk. Did I and other folks holding stock pre-bk buy the wrong half of Chemtura? I believe this Q might show the potential legal messiness -- particularly from the whales -- if the commons are completely zipped. Not a lawyer but equity issues do tend to loom large is the legal world.

A thousand and one thanks to CMM, MC, and the crew here. Had CEM pre-BK. Have a lot more now. The info provided on this BD was and is key.

We all know how difficult this investment is to explain to your amigos. Although Chemtura's results and numbers are beginning to persuade even the most ardent flat-earthers.

Go Captain Craig!

Share your concern MC -- hope all is resolved. The matter was mentioned on this BD in July. Since then, no mention of it in an 8-K and no mention of it in this week's article. Would appear to be a private matter that is not on Captain Craig's and his team's public scope.

Fellas, we just rec'd a carefully worded public pronouncement from Dr. Craig that strongly supports a long term investment thesis. That is good news.

As my friend Dr. John says -- go Chemtura!

MC - Hope all goes more than well ... and the newest MadClown is a sleeper.

A little search shows that roughly 8-10% of formerly BKs keep the common stock intact when coming out of BK.

And we are riding one special Chemtura tiger.

Manti- Just finished an excellent dinner of roast crow with a decent claret. Hoping for additional servings these week.

It will be great to be wrong fellas. I've placed my chips on CEMJQ -- long to win. (Sorry for the previous missing "be.")

Without news the MMs will walk us down again to the low .20s. They've funds, skill, and interests to do so. With news on the other hand, there were be many happy CEMJQ I-Hubbers. Go Dr. Craig.

Hope that knack also includes saying good bye bottoms as well. Looks to be an intereting week. Go Dr. Craig.

MadClown,

Thanks for your DD. Good info. I've been following Chemtura since March and jumped in with both feet mid-May. Will remain for the longhaul. The info provided by Cemjqmillionaire, OilBaron, OTC BB King, and you are among the most helpful. Thanks again and a cold one to you.