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what post?
PC? what is this PC you speak of? 'Fair value' has neither a P or a C in it and that's all i care about.
absolutely
Chemtura and Abermarle also announced they would both phase out Deca-BDE (decabrom) on the same day, December 17th, a week before the filing. Kinda cozy huh?
I thought it was funny as hell, lol. Chicken'v just went up a notch in my book. Enough of this football OT stuff or that winds up a sticky....lol
sorry, that was 532 yards, lol
it doesnt....hence the warning. do i need to spell it out?
WARNING: There's a new sheriff in town and you guys know that I'll have to figure out how to delete whiney, cry baby colt mccoy coulda shoulda posts if this keeps up.
I looked over and told my woman right at kickoff..."if Cart McCoy gets hit one good time, he's out".....boy that didnt take long. They dont call him "Cart" for nothin, lol.
Every time he gets a stinger, he lays out.
That game was sloppy. The worst ive ever seen.
The fact is that Boise would have played better than TU and for that matter, TCU would have played better.
Boise could have won if 'Bama played like that against them.
If there's any naysayers out there, need i remind you of what happened to Oklahoma in the fiesta bowl a couple years back?
Boise = the most under ranked team out there. Texas = the most over ranked team.
Texas turned down Boise's one-way offer to come play them. What does that say? lol
Enough of the football talk, let's make some coin.
the pricing of the bonds has nothing to do with the probability of a debt for equity swap. those trading values simply show the market considers either one, they'll be taken care of, or two, the company is worth so much more than the value of the bonds they could only 'wish' there was a debt-equity swap.
I think you're being negative, imo. Let me get this straight. You dont understand why the bid is so low?
Let me ask you this: Do you know exactly what they are selling? Have you ever been to an auction where a buyer didnt try to buy something at the lowest possible price, only to be outbid over and over?
You have said multiple times that you have faith in Rogerson. Rogerson has said they'd sell anything they have, for a good price.
Now you imply Rogerson is giving something away?
Me thinks you're flippin this stock and want a lower entry, because you most likely sold at the wrong time.
In my opinion, the logical choice would be Skadden for counsel and UBS for financial advisors.
Just doesnt make alot of sense to step on SVP's toes since they are trying to make sure equity gets proper valuation and recovery.
There are others lining up for a paycheck.
Since it was the Alliance and SVP via Skadden that led the EC charge, I dont think it would be a wise idea to bite the hand that fed you.
I agree. It is no secret that the corporate jets' flight patterns point to some heavy hitters looking at chemtura's assets, as well as the court filings/billings. Whether or not Rogerson pulls the trigger is another story. That was his plan from the 'get go' and I have no reason to believe it's off the table. Most likely, Rogerson has a plan 'A', 'B', and 'C' (at least).
Crop is still on the table, no doubt about it.
I seem to recall an interview by ICIS recently where Rogerson said they didnt have to sell anything and wouldnt comment on any pending sales.
And the next week they signed a sale agreement.
Dont be surprised...........
Sitdown busdriver, lol
out of the office till the 4th
Neither, it is a long and complicated process that involves a relatively simple understanding of the position of value of the company.
Those guys sometimes just dont see the humor, lol
I'll think about it tomorrow
they need to pick it up in overtime too!
classic favre. you know where its going when he argues with the head coach. if the coaching staff cant rein him in,,,, 0-1 postseason
Im more concerned about a meteor falling out of the sky and hitting me on the head, than what is going on over there. It does NOT concern this company.
Did you hear what happened over at WR Grace?
I can play that game too.
yes, that would be a reasonable assumption. further, that clause in the court filing jax mentioned would show that the crop protection division is in play.
remember this, rogerson has said time and time again they dont have to sell anything.
but since they are, it bodes well for common holders.
this may be the tip of the iceberg.
it makes no sense to sell something minor if it's not going to change the overall outcome of the BK process.
more to come
PVC ASSET SALE:::: UP ON PACER
DEBTORS’ MOTION FOR ENTRY OF (I) AN ORDER (A) APPROVING
BIDDING PROCEDURES AND OVERBID PROTECTIONS IN CONNECTION WITH
THE SALE OF CHEMTURA CORPORATION’S POLYVINYL CHLORIDE
ADDITIVES BUSINESS AND RELATED ASSETS, (B) APPROVING THE FORM AND
MANNER OF NOTICE OF SUCH SALE, (C) SCHEDULING AN AUCTION AND SALE
HEARING AND (D) AUTHORIZING THE DEBTORS TO ENTER INTO ENHANCED
SEVERANCE AGREEMENTS IN CONNECTION WITH THE SALE AND (II) AN
ORDER (A) AUTHORIZING THE SALE OF CHEMTURA CORPORATION’S
POLYVINYL CHLORIDE ADDITIVES BUSINESS AND RELATED ASSETS FREE
AND CLEAR OF ALL LIENS, CLAIMS, ENCUMBRANCES
AND OTHER INTERESTS AND (B) GRANTING RELATED RELIEF
1
you still got the shovel?
name that quote:
"That experience showed me that you can sell a good business, deal with the issues, and then grow the company again. That's what we did at Hercules and I've seen nothing that gives me any doubt that the same thing can happen here,"
and another:
"We'd like to net about $500m to pay down the $374m in debt, and have extra cash to deal with liquidity issues,"
and another:
"We have multiple players involved in multiple asset divestment paths. We've had some very rigorous screening of potential buyers to make sure they have the cash or firm financing to close the deal,"
and:
While Rogerson would not name the assets for sale, Chemtura 's crop protection and petroleum additives businesses are on the selling block, according to sources in the financial community.
Project Hoover and Project Cloud???? sound familiar?
naw, surely not,,,,,must have just stopped for gas, lol
maybe this german based company had catering today? i think they are 3 or 4 miles from the airport
http://www.basf.com/group/corporate/en/about-basf/worldwide/north-america/usa
im getting hungry now, lol
No, i dont think so. This one must be joyriding for no reason. Left waterbury, stopped off in morristown, nj for a little while (i have no clue who has an office there (cough)), then proceeded on to chicago.....presumably for lunch and sight-seeing (cough), then left late today and is going back to waterbury.....but only after stopping off in morristown again for no good reason. lol
Anybody have any idea what the PVC Additives division is worth?
decent explanation of the 363 sale process they are billing for:
http://www.texasstartupblog.com/2008/01/19/section-363-of-the-us-bankruptcy-code/
I dont think he was intentionally trying to send a message to anyone, other than to the potential buyers of assets, and that message was chit or get off the pot.....we'll sell something but we dont have to and we are exiting bk with or without you.
That was the same message he had with his last interview with Joe Chang.
What i take from his comments about asset sales is that he wont acknowledge they are going on (but its obvious they are), but more importantly, he didnt say they are off the table and they aren't selling anything.
His comments on the EC were noncommital, as he could have thrown us under the bus, but chose to basically say 'i dont know one way or the other'. That contradicts what K&E has said, which is they dont see anything for equity, but they are still lookin. Maybe Rogerson is looking somewhere K&E is not.
I suspect Rogerson was kinda caught off guard with detailed questions about ongoing legal work concerning stalking horse bidders, hours billed, and the like.
No, Rogerson took a swing and missed on that question.
5 years performance has nothing to do with equity now or in 6 months.
And his comment about he thought there has to be 'substantial' recovery for equity isnt correct either.
Case law provides that 'meaningful' recovery is enough for the formation of an EC.
Now 'meaningful' is open to subjective interpretation, but it's is safe to say and easy to understand that it is alot lower bar to clear than 'substantial'. Meaningful may be 10 cents/share, while substantial may be $2/share.
Further, case law also provides that the company can be insolvent at the time an EC is formed. You can simply anticipate 'meaningful' recovery by the BK exit time and that is enough.
Rogerson's interview was just a big dance. He didn't answer a single question.
Bopfan is a fraud and has never served as counsel to anything. If he has, he would surely know that the US Trustee has the statutory power to appoint an EC WITHOUT THE PERMISSION OF THE COURT. No motion is required. Walruth has no say in the matter unless the trustee declines the request and someone motions the court for an EC. Relying on Bonderman and the chinese is ill-founded. But following a fraud will do more harm than you could ever imagine. Do not follow his request to pound the trustee's office with emails. Send snail mail and copy the court, or else you emails/efforts may likely be deleted and forgotten as easily as it was sent. Copying the court will land your letter in the court records.
New company could mean just about anything.
Like new company that is new because they sold a division off.
Like new company because they reorganised their bond structure.
Like new company because they sold a majority position to another competitor like Eastman or Dow and they are now a subsidiary of a parent company.
Like new company as they merged with another company, as in how chemtura was formed from great lakes and crompton.
Like new company because rogerson put his stamp on it.
Who knows?
Keith,
take this as constructive, but if i read you right, you dont think an asset sale is in the works.
Not only is a sale 'in the works', they are in the final stages of the purchase agreement negotiation.
They have spent over a million bucks on the process of selling assets since Rogerson gave his last interview that you based your comment on.
Of course nothing is a done deal until the final documents are signed, but we are way past 'kickin tires' and running credit checks so to speak.
They have signed a CA (confidentiality agreement)with a buyer of assets. That's a fact. And anyone with some common sense would think its a rather large asset, other than some minor unneeded excess property, since they are spending months and millions getting it done. Big deals just dont go down over night.
They are lining out the details of a 'stalking horse' agreement. Do yourself a favor and google it.
Rogerson always wanted to sell assets prior to BK. Then he said they didnt need to and said it again today. But he never said they aren't neck deep in negotiations either, nor did he say they weren't going to sell something. He said in his last interview that 'everyone knows what we have and we'll sell it for the right price'.
Me thinks they are getting the 'right price' for something big.
FYI, expect ICIS.COM, the leaders of news in the chemical industry, to interview Rogerson given the recent PR, activities surrounding asset sales, and the trustee's consideration of the appointment of an official equity committee.
Be on the lookout for a news release.