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you must be frustrated by your low station in life
excellent work. Oaps
Thanks for that, I was hoping there would be more ammunition than that. He certainly did not discourage equity participation
Im still working on my letter. I went back to find Rogerson's comments about recovery for all satkeholders but couldnt find. Does anyone know where I can find them? As I recall they were encouraging for equity holders
Could I make a suggestion?
Why dont we take the time to list the bullet points that letters suggested by Justavoice (another great idea) should contain. Wall, nice to see you still have a place in your heart for the board. I have started to jot some stuff down which I will post later.
I think the idea is a great one. Imagine that Gerber recieves 50 federal express letters at the court related to this issue.
The shares are the shares, they cannot differentiate. You have the same rights as someone who invested a year ago
FOr tax purposes that is correct. Although we probably dont have to worry about that in this case.
you should also be able to log right into your account OR accounts. Most reputable brokers keep your positions updated as to TRADE DATE. If you hold the stock in more than one account, likely you received more than one ballot. Fill those in accordingly
Dont you have a recent statement? Or can you log on to your account?
JUSTAVOICE, all of your comments as usual are pertinent and are being read by exactly the people/person you hope. FOr others, try to remain vigilant in getting your votes in. It took me 3 days of working but I got it done. There is still plenty of time so dont be discouraged. Meanwhile, I truly beileve that the sloppy handling of the ballot process will not go un noticed or unmentioned at the right time.
I dont know why to say this because I feel like we have been shafted at every opportunity but I feel like those of us who have hung in there are not finished yet. The evidence continues to mount that the debtors have tried to fleece we equity holders and Rogerson, who is a disgrace, is looking to get paid for extremely sub par performance. Even the debtor group now know he is corrupt and I seriously doubt they have any more use for him than we do. I think everyone involved knows he would screw any class holder by now. Lastly, I seriously hope that this legacy travels with him throughout his career. This is a man not to be trusted.
Meanwhile, we equity holders are due. Either Skadden, Gerber (or both) are going to get us closer to where we deserve to be than our worst expectations.
JUSTAVOICE, thanks for all your recent posts of encouragement and clarity. We all share your frustration.
Best, W.R.
Oh, In the mail today 523k votes NOOOO!
Are there still alot of folks out there that have not recieved their ballots? SPEAK UP YOUR COUNCIL IS WATCHING
Send it to the proxy center (the envelope you got) In Farmingdale
3/3 ballots recieved today in Southern CT,
JUSTAVOICE, bravo and thanks
Hey where did Madclown go? I hope he didnt leave without saying goodbye
JAXSTRAW and JUSTAVOICE. Please pull down the instructions that indicate electronic voting is possible. Both BBALLS and I were given bad info that PROXYVOTE could be used.
It appears that no other alternative than paper balloting is possible...No Surprize there
If you have not yet recieved a ballot. You can get one emailed to you from Epiq. You then have to submit the ballot/ballots through your own broker. (It shouldnt be this hard) But we need to persevere here people, Every option available to prevent this travesty must be explored.
ah the stock boy is back! All the shelves on aisle 12 must be fully stocked
This is what I know. There is a company called Epiq who was/is responsible for getting ballots to your broker. In my case, they sent to a name at Charles Schwab who either isnt an employeee or never was (you can see this on the court documents www.kccllc.com. GO TO view all restructuring cases. Then CLICK ON Chemtura. CHOOSE court documents (ON THE LEFT HAND SIDE) DOCKET NUMBER 3665. On this document is the name CHRISTINE AZZARO 646-282-2400. I encourge people to call her and ask why they havent recieved ballots.
Our council is very aware of this situation and is doing what they can to rectify. It would be extremely helpful if you could respond by whether or not you have been able to vote and roughly where you are located (I think state would be fine)
3 ballots for different accounts? How does it work if you dont mind me asking?
Schwab is now telling me these shares are ineligible for electronic voting. I missed the last call instructing me how to get the paper ballots. This whole process has been a Sh&T show, as intended. I am whipping off another email to my new found friend at Skadden
So with all of the responses to the ballot question there are a total of 4 shareholders???
COme on folks
COuld I ask for anyone reading the board (with shares presumably) to go out of their way and respond as to whether they have successfully voted or not.
This is important information and needs to be shared with our representation
Still trying to successfully vote my shares. Been on and off with Schwab for most of the day.
Has anyone out there actually voted successfully?
Just heard back from Skadden. I informed them of the situation. They asked everyone try their brokers again. By law Chemtura is required to send the ballots. In most of our cases (retail) those shares are held in the name of the broker (on behalf of beneficiary) I am going to call Charles Schwab again but I have agreed to circle back with Skadden. They are also making calls on this matter.
I have also called the transfer agent and the recording also says that electronic voting is not possible.
Investor relations at Chemtura is 203-573-2213. I have called them and am waiting to hear back.
I AM HAVING THE SAME TROUBLE VOTING VIA SCHWAB. I HAVE THE TRANSFER AGENTS NUMBER AND THE COMPANIES NUMBER. I AM GOING TO TRY TO FIGURE THAT OUT TODAY. THERE IS A PROXY SECTION ON THE CHEMTURA WEBSITE UNDER INVESTOR RELATIONS.
ILL COME BACK WHEN I RESOLVE THIS TO POST OTHERS
.
NICE PRICE ACTION :(
There are essentially two courses of action available to we shareholders as I see it. Make sure that everyone gets their vote in AND reinforce BBalls comments with Goffman's office. I called them as well but missed the return call. My message will be that there are many shareholders experiencing difficulty voting (which could be a useful conveyance in court to derail proceedings (I am not a lawyer tho) AND reinforcing BBalls good work in emphasizing that the claims are being settled for much better numbers than worst estimates. Lastly, the debt restructuring is a sham. The recent issues of debt are all trading at premiums despite actually being bonafide-the debt does not actually become active until the debtors POR has been accepted by Gerber. This last point means that investors think this debt is money good and too cheap. This is another example of the abuse that is occurring to shareholders.
I think the weak price action was completely related to the meltdown today. Noone would bid aggressively on a day like today.
212-735-2120. ask for Jay Goffman, tell him or whoever responds you are having difficulty getting your vote in. I will be calling myself from overseas to make sure that he is in touch with this board and reading some of the traffic so he gets what is going on. This is your representation people USE IT. I am also quite certain he and the members of the EC definitely want to hear about hat you are experiencing
yup, this price is likely on hold until we get through the vote. As mentioned several times, you should have your vote in by Sept 6th. Thats just around the corner people.
There is one particular part of the Aug 4th POR that bothers me. In it the debtors POR gives an estimate of +1.5 to 10pct for equity recovery. For me this is a total admission that there is equity value REGARDLESS of the outcome. Futher, how the &^%$ do they know that we are capped at 10 pct and how do they know Gerber wont see this for what it is, which is simply a low rent rip off attempt.
SO whether you vote yes or no, it appears you get equity recovery. Why would you allow these selfish #$%^#@s dictate the terms.
Just MHO
Jaxstraw and/or Madclown. Does it make sense to put the vote date up there on top with the other3 highlighted posts? EVryone knows dday that follows the posts religiously but lets help remind the masses. This is probably the only opportunity to exercize any control by equity holders. Lets make it plain and simply.
WHaddyah think guys? Thanks, Wave
Thanks B balls - my broker just confirmed this
They cannot block you from voting-I will investigate the best way to ensure we recieve ballots next week and revert
People, this is far from over. It is true that we are now waiting to see how a specific group of events plays out. Te debtors POR has been given its chance, but in Gerbers own words, no one has shown that the debtors recovery is in jeopardy at all. All parties now presume full recovery to creditors. Recognizing this, Gerber is now challenged to figure out not if there is Equity recovery (this has also been admitted by the debtors POR) but how much. Gerber would have to be mentally challenged not to know the company and debtors will skew the outcome as much as they can in their favor. So, dont expect much price action in the stock either way. The stronger hands are still convicted or we would see it in the PPS (which would be melting down to below .20 if the debtors are really able to jam us) The fact that the PPS has maintained its bid where it is supports the notion of accumulation at these level. Dont expect an upward spike form here given all the event risk BUT, Skadden hasnt really been given their due and everyone with experience with Gerber says he is fair and no dummy. He has an obligation to all stakeholders. Hang tough out there and dont forget to vote :)
I meant Gerber of course. Im getting burned out in my old age.
Chemtura priced a 300mm Senior Loan through the synidicate led by B of A, G.S. CIti. Wells. It is a libor floater at 1yr libor (floored at 1.5 +400 basis points. The bonds are issued at 100 (Chemtura sold the bonds at 99-00) thats 3mm usd. FIrst trade out of the block the bonds traded at 100.25 so there goes 3.75mm of shareholder value in 1 fell swoop.
This plus the unsecured senior notes (8 year final maturity are both due to close on August 27th. The money will be held in escrow awaiting the decision of the court (Goffman)
Im pretty sure we the shareholders are paying for Skadden's services. I plan to be courteous but by no means will I apologize for the disturbance. I will document the results of the call for all.
Jay Goffman 212-735-2120. I will be calling tomorrow
Its doubtful. We are still stuck in the courts waiting to see if Rogerson and friends are successful at pulling the wool over Gerber's eyes.Unless of course, some one shows up with a bid for the company
the bond sale is expected for today