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oh the humanity !!
Madclown you got anything?
If I had a cramdown
I cramdown in the morning
impossible what? no cramdown?
zzzzzz wake me up when its over
Cram-downers starting early
IOM
Hey MAd clown ,
Do you think it imperative
termination fees get waived /deleted by
EC in order to get EC plan approved?
By Thom Weidlich and Tiffany Kary
Sept. 23 (Bloomberg) -- Tronox Inc. won court approval of the disclosure statement explaining terms of the chemical maker’s plan to exit bankruptcy protection.
U.S. Bankruptcy Judge Allan Gropper approved the statement today at a hearing in New York, bringing Tronox a step closer toward getting its reorganization plan approved.
“It appears to me that the disclosure statement is in fact very direct and very plain with regard to the summary of treatment of claims and equity interests,” Gropper said.
The judge on Sept. 17 approved Tronox’s agreement to pay bondholders to back an offer of new stock in a reorganized company, after an adviser to the company said delays might jeopardize Tronox’s environmental settlements.
Under the agreement, Oklahoma City-based Tronox would pay bondholders an 8 percent fee to back a $185 million rights offering of common stock in the new company.
Tronox can still consider a competing reorganization plan from its equity committee, Gropper said. The shareholders, like the bondholders, seek 8 percent in fees for backing the $185 million offering under either plan. Gropper today denied a termination fee of 3 percent, or $5.5 million, for the shareholders if their equity commitment doesn’t go through.
“There is no authority to impose such fees on the debtors at this stage,” the judge said.
Shareholder Delay
Gropper put off until Sept. 27 the question of whether he would approve the equity committee’s own disclosure statement.
David Critchlow, a lawyer for shareholders, asked for the delay in light of Gropper’s ruling on the termination fees.
“It is not in the debtor’s business judgment to pay this breakup fee” to the equity holders, Jonathan Henes, a lawyer for Tronox, told Gropper.
Tronox filed an outline of a reorganization plan on Sept. 1 that set aside $320 million to cover what it estimates are $1.4 billion to $5 billion in environmental claims. U.S. agencies, including the Environmental Protection Agency, had asserted as much as $10.5 billion in liabilities, which Tronox said were overstated.
The bankruptcy case is Tronox Inc., 09-10156, U.S.
Bankruptcy Court, Southern District of New York (Manhattan).
For Related News and Information:
Top legal stories: TLAW <GO>
Bloomberg legal resources: BLAW <GO>
--Editors: Mary Romano, Charles Carter
To contact the reporters on this story:
Thom Weidlich in New York
at +1-718-330-1093 or tweidlich@bloomberg.net; Tiffany Kary in New York at +1-718-875-1459 or tkary@bloomberg.net.
To contact the editor responsible for this story:
David Rovella at +1-212-617-1092 or drovella@bloomberg.net
Last weeks Press Release from Bloomberg says
a ruling on EC disclosure statement
to be issued today.
Thanks MAD Clown
Live to die another day
NO grey hair this week
pulled out all my hair
with this weeks action
Cant wait till monday
Ok So The EC waves the 5.5mil
termination fee and we move to the sept27
The valuation battle continues.
Any body see anything regarding
EC disclosure statement
thnks
thnks
JOsh whats your source
I guess Cramdowners win again
Thnks
Are We Breaking for Lunch?
Agreed absolutely No doubt management and lawyers will
get paid out of this.
Business as usual to screw the shareholder
Im not an expert in bankruptcy
But the debtors and guys who are
long the bonds ,Know they
already will be getting stock .
They bet that the judge will essentaiily
cram down the plan down shareholders throat.
THis case is unusual because it does seem as if there is equity
for shareholders.So who knows if the judge will
see it the cram downers way .But they get a head start on the post
confirmation selling.The may even be able to sell '
(short exempt)meaning they may not get bought in ]
as easily if the stock becomes hard to borrow.
Helps theyre manipulation .
Aint gonna matter in the big picture .
Its up to the judge now.
Cramdowners starting early on bside
Cramdowners aint just gonna walk away
they seem to be here for the duration
EC's Reply seems very strong IMO
http://www.kccllc.net/documents/0910156/0910156100922000000000018.pdf
Doesnt look like Mad Clowns suggestion to reduce fees
was followed however.Still pretty impressive arguments
GLTA
Thanks Newbster Missed it
Curious in light of the stipulation
that ec got from debtors to allow
a joint plan solicitation .
Management refuses to let go of the football
Wont even throw a pass to the shareholders
Amazing .
hey newbster could you post that
link
Cramdown on Sale!
Anybody see any Filings yet?
Cramdowners last chance to sell
Somebody must offered to buy the Judge
Breakfast
No Joy in Mudville
Cramdown Continues
Impossible to get a fill
what a racket !
Great Job Mad Clown
Smells like CRAMDOWN
WHy would the judge agree to this
Unless He has alrerady picked his horse to ride
Wanl - ass has already picked his horse to ride .
He would rather give his lawyers 5 million in New fees \
than shareholders a dime.
ooooh Scary government men might do this or that .
Doesnt the EC have the Scary government man.s number?
Just another excuse for Management and bonholders
to steal the shareholders company
BUsiness as usual.
Hey Newbster could you post the
link to that doc .
Wonder if you caught a proposed record date?
Much Thanks
Does anybody else think this action is strange
Im Dumbfounded
Who knows? seems that if somebody own the bonds
already and thought he could sit on the b's or the a's
He may have a problem soon .Or if some one wanted to swap
A for b he may be coming to the end of his order
all just speculation on my part
Broker tells me no A's to be borrowed for days now .
Also says B's starting to get hard to borrow
There will be objections I think .
All I saw was Managements stipulation not to
object to the end of theyre exclusivity.
I think everyone s/b expecting objections to
the plan by debtors .There is just too much money
to steal here by Management and debtors.
Cram downs happen all the time .
But I dont think Judge Gropper will let it happen
Stock sure does act like crap IMO
GLTA
(Equity disclosue statement)did mention the strike and the term
two tranches 1) @1,1 billion tev 2nd tranche @ 1.2 billion
10% of common for each .
BUt I am unclear how that translates into stock price .
any body got any answers