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Came across this posted on another board. I wonder if this is the same Mr Gerber? (lol). Not the first mistake he has made, IMO
"Bankruptcy Judge Steps Aside In Wake Of Anna Nicole Smith Ruling
Publication Date 07/13/2011
Source: Dow Jones News Service
Bankruptcy Judge Steps Aside In Wake Of Anna Nicole Smith Ruling
A bankruptcy judge said he will step aside in a billion-dollar lawsuit against BearingPoint Inc.'s former officers in light of a recent Supreme Court decision involving the estate of Anna Nicole Smith that curtailed the bankruptcy court's ability to rule on certain issues.
Judge Robert E. Gerber of the U.S. Bankruptcy Court in Manhattan said he made a mistake when he required a court-appointed trustee to sue the former BearingPoint officials in his court.
Gerber said he would allow the trustee to pursue the BearingPoint lawsuit in a Virginia state court, citing a recent Supreme Court decision that found the bankruptcy court lacked the constitutional right to make a final ruling in the inheritance dispute between the estates of Smith and Pierce Marshall, the son of her husband, oil magnate J. Howard Marshall II.
In that case, Stern v. Marshall, Chief Justice John Roberts, writing for the majority, likened the dispute to "Bleak House," the Charles Dickens novel about a lawsuit that persists in British courts years beyond the lives of its parties.
"Here, I fear, the additional litigation resulting from my inability to fully rule will have its own Bleak House implications, not unlike the Bleak House litigation referred to by the Stern v. Marshall court itself," Gerber wrote.
While the bankruptcy court's jurisdiction over the BearingPoint lawsuit wasn't at issue, Gerber said he was concerned, in the wake of the Supreme Court ruling, that litigants could "tie up this case, and countless others, in knots" if they didn't like how a bankruptcy judge ruled.
"Subject matter jurisdiction isn't the problem; the problem is the Bleak House direction this case would take if prosecuted here while parties have the opportunity to complicate it interminably while jousting over my ability to issue final orders," Gerber wrote.
Gerber's decision frees the trustee to pursue the suit in the Circuit Court for Fairfax County, Va., where BearingPoint's headquarters had been located.
Trustee John DeGroote, a former BearingPoint executive hired to manage a trust created to pursue recoveries for the firm's creditors, intends to sue former BearingPoint Chief Executive Edwin Harbach and eight former directors for alleged breaches of fiduciary duty.
A draft of the lawsuit filed in bankruptcy court claims Harbach "hijacked" the company's sales process, causing BearingPoint to ignore opportunities to sell the company or its units before it filed for bankruptcy in 2009.
The bankruptcy resulted in the liquidation of BearingPoint's assets. Those sales brought in some $424 million in proceeds, resulting in losses of $624 million to $1.88 billion, according to the draft complaint.
Lawyers representing Harbach and the former directors couldn't immediately be reached for comment.
BearingPoint, which was spun off from KPMG LLP in 2000, filed for bankruptcy protection in February 2009 to slash its $2.2 billion debt load. At the time, the company had 130 offices worldwide and employed 15,000 employees, including about 8,000 in the U.S. The McLean, Va., company first intended to reorganize by swapping debt for equity, but later abandoned that path and sold off its assets.
Gerber approved BearingPoint's liquidation plan in December 2009. Under the plan, unsecured creditors, owed hundreds of millions of dollars, received just pennies on the dollar for their claims. The trustee was named to head the liquidation trust that pursues lawsuits on behalf of the estate for the benefit of creditors.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Patrick Fitzgerald; Dow Jones Daily Bankruptcy Review; 202-862-3544; patrick.fitzgerald@dowjones.com
(END) Dow Jones Newswires
07-13-11 1442ET
Copyright (c) 2011 Dow Jones & Company, Inc
No I think he is a smart man
OVer the past 5 1/2 months this stock has done nothing. I thought Mr R was going to turn this around. A legend in his own mind.
I found this on another board:
This from latest CS report on chemical industry outlook. The supply constraints and demand outstripping market availability of TIO2 has resulted in price increases that has defied prior forecasts and expectations.
Titanium Dioxide (TiO2)
¦ Prices––US producers achieved a $0.15/lb increase (+10%) on July 1, driven by
rising input costs (Ti Ores) as well as a tight S/D balance. This follows the $0.10/lb
(7%) and $0.08/lb (6%) increases implemented on April 1 and January 1, respectively,
resulting in YTD TiO2 prices up 23%. Looking ahead, the five major producers
announced significant price increases ranging from $0.10-0.20/lb effective 9/1 and
$0.25-0.35/lb, effective 10/1. Given we expect the market to remain tight, we believe
producers will likely achieve both of the prices increases. Assuming these price
increases are implemented, TiO2 prices will be up ~50% in 2011, almost double
expectations for a 20-25% increase.
¦ Supply––TiO2 supply remains tight, as ~5% of capacity was taken off-line
permanently and demand has recovered quicker than expected (led by strong growth
in China). According to industry experts, assuming TiO2 demand grows ~3%/year
globally, ~175K tons/year of new capacity is required. DD is planning a brownfield
expansion at its Altamira, Mexico site (200K tons costing ~$500 mil, expected by the
end of 2014) as well as significant debottlenecking (150K tons over the next three
years). DD also remains committed to the China greenfield project (200K tons, costing
~$1 bil, expected in 2015 but permitting has been difficult thus far). While this will help
to loosen the S/D dynamics in 4-5 years, we expect the market to remain tight until
then.
Just follow the "Big Money" and you should do well in investing.
Hindsight of course is 20/20. We were in a position to recieve $1.50 from the company but then the big players on the EC railroaded us. We shareholders who play be the rules and laws seem to always get screwed. Pretty soon there will be no middle class, only the rich and poor.
It would be, my purchase price is much higher then where we are now.
If there was/is going to be anything for the commons then this stock would be much much higher then where are are now. I am long here, but am now resigned to the fact that were are most likely to get nothing but a tax loss write-off.
Just look the other way as you suggest
Why will it trade lower with the good news last night?
Nice close today. Up 2.3%. Only need another 14 cents and then I'm in the money. Hopefully this will happen within the next 10 years.
Sounds good. Are you still holding the warrants or did you exercie them and now are holding the stock? Thanks
This stock is a POS.
TROX not trading today? There has been no volume today.
Yeah, I saw this yesterday. Hope the Europe debt thing settles quickly
Sounds good. Hopefully TROX hits 175-200 soon.
Hey Uhlmant. You still holding the warrant?
It's almost over folks. The traders have had a ball here. I wish I would have sold a couple of weeks ago but looks like I will have a tax write-off here shortly. Another bites the dust.
Hope Pew trusts did their research.
http://www.nytimes.com/2011/07/09/business/sheila-bair-leaving-the-fdic-to-join-pew-trusts.html?_r=1&ref=business
Any news?
And Kronos is very near to a 52 week high. This sector is booming right now.
http://www.marketwatch.com/story/chemtura-today-announces-second-quarter-2011-earnings-release-date-and-conference-call-details-2011-07-01?reflink=MW_news_stmp
I suggest calling Laurance Orton and ask if shareholders have any relevance to the company.
Is this the way the system works and is it legal?
This was posted previously
fuller11, the warrant gives you the right to buy a share of stock at a fixed price, either 62.13 or 68.56 depending on which warrant. When you exercise your right to buy the stock you turn in your warrant and it gets cancelled.
My question is, if I excerise my warrants, then basically I am trading in 1 warrant and getting for 1 share for either 62.13 or 68.56 ((G or W warrant). Do I have to actually come up with the $62.13 or $68.56 in cash? and then I can sell for whatever TROX is trading at ($142.50) at Friday close? Using this as an example, if I have excersied 1 warrant at $62.13 this past Friday morning and then sold the 1 share at $142.50 then I would be up $80.37? I know it's a stupid question but I have never traded warrants before. Thanks
Agree 110%. That's the way the "circus" works
Another down day. Does anyone think we will hit sub 10 cents tomorrow? Thanks
Thanks - I sure hope so
Anybody have any idea was who buying/selling yesterday with over 12M shares traded? Thanks
Which Friday?
Welcome to the biggest circus on the earth.
Not look'n good here.
Who cares?
Shake down, break down ..........
Anyone have any reasons for the very high volume today?
So over 10 percent of the shares trade today (11 million). What's the insider news today? The games continue here.
Here comes sub $17.00 - A was off by a day.
Wow - Almost down 23% today. How low can she go?
That is good. Now if we get approx additional $1.10 per old share, then we are getting closer to the $1.50 that Mr R offered the EC. I certaining would have voted in favour of this offered, if givin the chance. When do you expect the company to come thru with this?
Thanks
The warrants don't trade for like 3 weeks and then this shit happens. Think I'm going to be sick
Holy Cow - A trade of 103 W warrants took this down $10.27. Not good. I should have sold a month ago. Damit
Q:TROXW - TRONOX SRS A WTS 02/14/2018 - http://www.troopertech.com 21:04:52 EDT
Sym-X Bid - Ask Last Chg %Ch Vol $Vol #Tr Open-Hi-Lo Year Hi-Lo Last Tr News Delay
TROXW - Q not subscribed 62.83 -10.27 -14.0 0.1 8 1 62.83 62.83 62.83 100.00 54.00 12:15:16 Mar 03 15 min RT 2¢