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Lot of things going on right now that i can't really comment on.
the MM's are playing you folks. they know news is expected.
for entertainment purposes only
I doubt it since it verifies that the company's latest 10Q estimate of equity was a good number.
Unless you have went through the claims register and eliminated obivious repetition, outlandish claims, and the diacetyl related claims,,,you shouldn't even take a guess at it.
Some of us have.
The total amount of liquidated claims is approximately $10.21 billion.
There are 3 claims at 3 billion a piece by CERT. (9 billion)
This is 90% of the claims. See link on CERT
http://www.consumerfreedom.com/news_detail.cfm/h/1567-french-fry-lawsuit-mongers-unmasked
Once you take out diacetyl related claims (which range from 1,000 to 15,000,000 or so) and the unsecured debt claim, you end up with approximately $610 million in claims. Add this to the pre-petition debt and double check against the consolidated balance sheet found in the latest 10Q and you can see how much equity remains.
To my friends at Akin,
One can only sit idley so long, after being on the receiving end of the stone throwing, traveling half way across the country, and sitting on the next to last row in court listening to your antics.
Under normal circumstances, I would owe you an apology. These aren't normal circumstances. After listening to your mockery of the judge, the blog of an individual equity holder, and the equity holders as a whole,,,your lack of professionalism and obvious bias against equity holders is painfully clear.
I don't think there's a need to discuss this any further, unless it becomes relevant to a court hearing.
And yes Meredith, I'm talking about you.
you 2 troublemakers are trying to get me banned
regardless of the anticipated response, i would not want to be on the sidelines right now. we know for a fact that there are 3 potential buyers of assets (could be more) and the SVP/UBS equity deal is under way with the company.
news could come at any time
If we don't get an equity committee this time, it is either because the trustee's office wants to 'punt' this to the judge for unknown reasons, or it would be because of bogus claims filed by CERT. See link for info on the CERT dirtbags.
http://www.consumerfreedom.com/news_detail.cfm/h/1567-french-fry-lawsuit-mongers-unmasked
Skadden and SVP may not be very happy with K&E for letting the cat out of the bag. The confidentiality agreement between SVP/Skadden and Chemtura for the rights offering/equity deal was confidential in itself. Nobody knew this info. K&E just advertised it to everybody.
So there you have it. SVP/Skadden working a deal to save all equity and K&E saying that equity doesn't need representation because there is none. Maybe the good folks at headquarters and SVP will clue in the parrot one of these days.
do not contact the sec at this time. the sec representative is knee deep in this already. he will be getting K&E's reply and will most likely have something to say about it. SVP through Skadden will most likely respond also. this needs to soak in a while.....best the sec gets just a few pointed responses.
equity is equity, now matter how you slice it. the company has over 228 million of cash on hand this september. last september is was around 107 million. that's not exchange rates. sell that crap somewhere else.
i never said anything about weight. I used to have a girlfriend that waddled. she was real little, bout 100 pounds. she still waddles today, bout 180 pounds.....all five foot of her.
SVP does have something up their sleeve.
Letters to educate a judge aren't a good idea if you plan on trying to correct him.
Asset sale would be loud.
patience grasshopper
yes, that i exactly what i said. natasha is uninformed. she does what she wants to do. its a procedure she is familiar with. it is what she was taught.
what folks forget is that chemtura has 'in house' attorneys and hired attorneys. natasha and k&e is hired. the 'in house' folks are responsible for the big decisions and feed this info to the hired folks. either they aren't feeding or natasha is eating something else. she flat made chit up the other day. she didn't have answers and didn't know, but apparently felt the need to throw something out because she was most likely surprised by the barrage of info that i was putting in front of the judge.
at least she could have made some of her comments believable. they were laughable. real whoppers........
hey rump ranger, you should call svp and ubs with that info contained in that big brain of yours
the 'system', yes, agreed. funny how when the hearing finally started (a couple hours late since the judge goofed the schedule) ms natasha just waddled on up to the podium and said something like "well your honor, seems no one has shown up for the objection to deloitte, so i'll start by....." and i was standing right behind her giving a little wave to the judge. haha, the look on her face. let the stuttering begin........
as a&m folks say "SITDOWN BUSSDRIVER!"
kangaroo court.....activist judge.....gossip mocking the judge...control freaks....fishing stories......outlandish remarks...and mutt and jeff
all were present in court the other day. These folks are used to just going down the list. They have a set procedure of what and when to introduce and file with the court what 'they' think they need to do. What is apparent from ms natasha is that she's got a little chip on her shoulder,,,she makes chit up,,,she doesn't have any friggin idea what is actually going on with the company as far as tort litigation, asset sales, or rights offerings.....she lives in her own little world.
you folks dont need to get all bent out of shape the next time you hear her derogatory comments about equity holders. she isn't a numbers type person. she has all the info in front of her or access to it and there are several folks that have a much better handle on it than she does. natasha and the company she represents apparently dont communicate, its apparent. rogerson and co will just let the parrot speak until they need to step in. alot going on behind the scenes that natasha doesnt know.
bankruptcy court is different from civil court, so to speak. it was just like everyone was going through the motions...next, next, next....they think that all BK's are the same. when you get one like this, they get all bent outta shape when they are confronted with something out of the norm. their little procedure just doesn't quite fit. so them improvise.....hence judge gerber goes off on his global crossing tangent to justify his decision. i knew he would probably do something like this, but if you dont make the trip, you'll never know. mr gerber wasnt really interested in hearing anything but what he thought. all i've got to say is "this aint global crossing judge". oh well, i would be nice if you could just stand up in court and say 'wth are you rambling about,,,,have you even looked into the company that you are ruling on?', but it is what it is.
we've got 3 lookers for asset sales, a rights offering in the works, and K&E (natasha) is supposed to show us a method to her madness today. it was extended from the monday deadline.
folks need to be patient. ive still got all my stock if anyone wants to know.
mutt and jeff are anthony sasso and kirk blair of deloitte. i gave them a little shout out. i guess they didn't want anyone messing with their free ride so they showed up.
and lastly, to my little sweetheart from Akin & Gump...i heard what you said. with all your infinite wisdom has it ever occurred to you that it was filed that way on purpose? yeah, that's what i thought.;) and natasha, if you can really prove that you ran 2 miles, i'll send you a hundred bucks. (you seem to have a problem with 'facts')
PBC, you've got me confused with my chauffeur, jax. I don't know where he came up with that loopy loop name, but i can be confusing. Leaving the 'view around 3am to head to DFW.
I cannot answer that question at this time.
wednesday is the wood day. leaving dallas tuesday am., prep tomorrow.
tomorrow is the big day for k&e.
either way, this week should be interesting,,,,maybe even lively
debt holders own debt. equity (common holders) own the entire company. debt holders have liens via the debt against the company. if the debt is not paid back in cash, it is possible that the company can issue equity to the debt holders for payment of the debt. got it?
and if deloitte tax got off their asses and filed amended tax returns in accordance with the newly passed law, H.R. 3548, you could add another 125mil-150mil straight to the bottom line.
in reality, the book value should currently be approx. close to 475 million, or right at 2 bucks a share.
9 million cash gain, $1.47 book value. they continue the depreciation tirade.
can any of you lookers from headquarters verify that there is some strange faces in the building today?
mad,
what are you doing? making a thinly veiled statement of the truth? lol
very nice
they talk out of both sides of their mouths, don't they.
the problem with the fiduciary responsibility argument is that the application for retention is governed by law, specifically FRBP 2014. K&E has no problem giving reasons for their selection (a requirement of 2014), but they cannot show specific facts,,,,,also a requirement. what k&e needs is an upside down balance sheet, and they dont got it. Not even close
lol K&E, thank you!
a thinly veiled....equityholders....EC...unsupported...
hahaha, i got a good laugh. good exhibits too,,,all were uncontested.
nothing nefarious,,,remember they are different legal entities,,,but the different company discloses the million + dollar gift from the other company. haha, yeah, they are now where near related.
now back at the ranch, they didn't do themselves much good with that response. i guess they think it's best to go ahead and waste money educating folks on stuff you may not need.
FRBP rule 2014 requires "specific facts showing the necessity" for employment. could you folks help me find the specific facts? I continue to look for them, but haven't found them yet.
you're right LOGGER,,,you best crank up your pulpwood truck and run for the hills. i hope it has a T-2090 so you wont break down.
:::::::::YAWN::::::::::
i liked it too. nice and broad, but definately points to 'potential' (nice disclaimer word) sale(s). auction = stalking horse. best part is that there is 2 horses. look for a court filing.......
jax, this is one more time i have to hold your hand. read first sentence "co-founder". lol. i'm not the editor, wrong complaint dept. hahaa
Shareholders Seek Committee in US Chemtura Bankruptcy
10 November 2009
Joseph Chang
A group representing holders of about 13% of the shares of Chemtura is aiming to form an Official Equity Committee by the end of November, said the group co-founder on Tuesday.
“There is no reason to wipe out the current stockholders. We’ve asked the bankruptcy court to form an Official Equity Committee representing Chemtura shareholders,” said Jon Jacks, founding member of the Chemtura Stock Alliance, which represents shareholders with around 33m shares, or 13% of the total shares outstanding.
“We could see a ruling by month’s end,” he added in an interview with ICIS.
US specialty chemicals firm Chemtura filed for Chapter 11 bankruptcy protection on 18 March and aims to emerge from the process in March 2010.
In the Chemtura’s latest 10-Q quarterly filing with the US Securities & Exchange Commission detailing Q3 performance, the company listed assets of around $4.1bn (€2.7bn) and liabilities totaling $3.7bn, leaving stockholders with equity of $345m – up 8% from the end of Q2.
These figures were cited in a 3 November letter from US Trustee Diana Adams of the Southern District of New York US bankruptcy court to Chemtura’s attorneys Kirkland & Ellis.
Adams issued a deadline of 16 November for Kirland & Ellis to submit a written response, “setting forth the Debtors’ (Chemtura’s) position regarding whether an official committee of equity holders should be appointed based on upon the increase in the Debtors’ book value over the last quarter,” she stated in the letter.
Adams also asked the attorneys to address the issue of whether estimated litigation losses would be “immaterial” as Chemtura indicated in its 10-Q.
Chemtura and its subsidiaries are being sued in 15 pending lawsuits by food industry factory workers alleging exposure to diacetyl, a butter flavoring ingredient used in popcorn and other foods that is claimed to have caused lung damage.
“As of September 30, 2009 and December 31, 2008, the company’s accruals for probable loss in the aforementioned legal proceedings is immaterial,” said Chemtura in its 10-Q filing.
Chemtura declined to comment on its position on equity holders forming an official committee.
In a typical bankruptcy, common shareholders are wiped out, while debt holders tend to recover value. However, in rare cases, there is residual value in the stock.
Chemtura’s stock, which traded as low as $0.02 following its bankruptcy filing, has shot up to as high as $1.48.
Shares closed down $0.06, or 6.1%, to $0.92 on Tuesday, giving the company a market capitalization of about $220m.
($1 = €0.67)
By: Joseph Chang
Joseph S. Chang
Global Editor
ICIS Chemical Business
360 Park Avenue South, 17th Floor
New York, NY 10010
212-791-4224
joseph.chang@icis.com
www.icis.com
www.icis.com/blogs/editorscommentary
Shareholders Seek Committee in US Chemtura Bankruptcy
10 Nov 9
By: Joseph Chang, Global Editor, ICIS Chemical Business
on google finance also
two more asset buyers: read at paragraph 9. note the typo "asses" second to last line.
http://www.kccllc.net/documents/0911233/0911233091110000000000001.pdf
new suits in the building
keep an eye on FMC
179 million paid in taxes since 2005
me niether