Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
If you read and understand that alliance filing, then you know all you need to know at this point. If it comes to it, I'll make a direct motion to the court for an EC. I would hope that some institutional guys' attorneys would back me at that point, but if they don't, oh well a man got to do what a man got to do.
As it stands, the judge may want a hearing on my original request. If that happens, i'll be on a plane to New York. Or the judge and trustee may communicate between themselves and get this done. It's hard to say. I'd expect the trustee to wait for some responses from K&E and Akin at this point before any action is taken. That may take a couple weeks.
You need to take some time and educate yourself about some of the basic bankruptcy law concepts and go from there. I would advise first fighting your own fight and if that doesn't work, then you will have to be very careful in hiring an attorney. If you hire the wrong one, you're stuck with the sob, and he may make some comments on your behalf that you don't necessarily agree with. I think the same thing has happened to chemtura.
I don't know. All i know is the man has had a lot to deal with this year.
As this is why the man has had other priorities to deal with,,,,,he'll get to the jackass lawyers in due time.
chemic,
i hate to be captain obvious, but your 401k lawyers said "if it becomes prudent to sell, they will"
wouldn't you think it would be prudent if they believed that what K&E is preaching was the end all be all gospel?
they state what has been said for months, but yet haven't sold.
can't you understand this is just CYA ? jeeezzzz
Chemic,
if you want to inform all of us, be specific, unlike your 401K attorneys.
Chemtura hasn't said there wont be any $ for shareholders.
Specifically, Chemtura, through it's counsel K&E, which is Natasha Labovitz, said they (she) doesn't see any recovery for stockholders....AT THIS TIME, BUT WE'RE STILL LOOKING FOR IT.
Maybe one day ms labovitz will look at the bonds trading at 110% of face and the 300+ million net equity, and begin to think,hmmmmm why is that? or an asset sale and she says, hmmm what to do with all this money?
Have you ever considered that K&E doesn't want an equity committee messing with their bill padding, so it would be in K&E's best interest to downplay recovery to suppress the stock price, therefore hindering the appointment of an equity committee?
chew on that a while. you've got to be able to look past the popcorn farts and take in the big picture.
if you want the line/page/document where natasha has said this over and over, i can provide it. do some DD will ya
I'll see your truck driver and trump you with the fact that i have been in contact with several large institutional holders, including SVP, and i still have 800K shares.
Don't even ask about the conversations, as it is confidential, much like the information that folks who joined the alliance have depended on me and jax to keep from public eye.
I'd advise any employees that haven't sent information to the alliance to do so, so i can do something that your attorney can't seem to do, which is give you a voice for your 401K.
It's time to get up off your tails and send a letter to the trustee. If you lose your 401K, you ought to take a long hard look in the mirror.
and ChemicSpirit,,
if you are going to post that, why don't you also post about the visitors coming to the eldorado,ar plant and why the plant has been spruced up for these visitors?
it's been pawned off as customer visits, but when I fill my tank with gasoline, i don't schedule a visit to the refinery to see where it's made, nor do i think the refinery would clean the place up for my visit............
I've seen the letter and it is typical CYA bs. Nothing new.
I wonder what happened to those pilgrim's employees that sold after the attorneys started rattling that "nothing seen for equity" language? Bet they are silently crying at $6.50+ a share right now.
wtf me and jax have been bustin arse here trying to inform folks of the status of the stockholders and then some yahoo lawyer sends out a letter to the employees that reminds them the company is in bankruptcy. yeah, so what, it didn't take a rocket scientist attorney to figure that out. i can guarantee you that most all folks who have followed the court filings know MORE than those attorneys that wrote that letter. I'd be willing to bet the same kind of letter went out to Pilgrim's employees (actually i know this as fact) and WR Grace. Whoop P Do. Ain't nothing gonna happen for months so i think it would be wise to not panic, but if you want to, don't post it here. We know the risks.
and if you do sell, don't come back cryin after an asset sale
well i love how K&E says that the equity holders are adequately represented but yet all of the letters sent in can't even make it into the record.
I managed to get a look at the whole article, but can't link it as it is copyrighted. It was a pretty good piece that was wrapped around Mr Kwok Wong's letter to the court. There is a link to Mr Wong's letter and much of the discussion was about what the stock/bonds are trading for and the solvency issue. Kwok did a nice job with his letter so all in all good news. I especially liked the part about how 360law had tried to contact K&E but they haven't replied. lol
I know if i was working as a trustee, most likely over worked and underpaid, i wouldn't much care for the likes of hot shot $1,000/hr attorneys trying to tell me what to do. I'd probably be more receptive to some honest retail folk that had their butts on the line submitting some well written letters or legal arguments.
From my count, 16 letters were posted today so far. That'll get more mileage than the big boys.
The trustee's office is swamped im sure with junk such as over billing for services that are in blatant violation of court orders, statutes, and case law.
One would think a $1,000 lawyer would know better than try that kind of stuff, but they do.
The folks at the trustee's office will get back with us when they have time. Gotta be hell dealing with lawyers all day.
If an EC is formed, it will take out some uncertainty and we shouldn't have any more wild swings.
make that 9. piling up as we speak
6 more letters for EC in the court docs so far today. good job
me and rogerson use the same magic 8 ball
off topic but you have got to put it on fox news
they have been running 10 million for depreciation consistently. that's profit buddy, masked as a loss. every 3 months you're gonna get a big restructuring write down for legal fees, count on it, it's how they bill out.
get rid of the lawyers, all is well, even in slow times.
yes, good news
this comes as no surprise
what he said. 1.43 is little consolation for some who have basis's well above $5/share. Those bondholders will be happy getting paid in full, but i can guarantee you that they would be much happier if they recieved $200 worth of equity for their $100 bond.
It is imperative to keep this rational. An EC is necessary to make sure there are no shenanigans going on behind closed doors. Don't give your enemies any ammunition. Trust me, those folks aren't looking out for 'all stakeholders'.
Keep this in perspective. You don't see anybody posting saying "great, now im only down 70%"
any green day is good,,,,all is well
com'n jax, get the spelling right on the email address. you can and will be added. if needed, an amended notice can be filed with the court. we've had emails after the filing date and those folks will be added.
the big buyers should be getting out of their meetings and coffee breaks around now.
on the lighter side, i bet $10 that clay posts a graph within 10 minutes of close, any takers?
over 8 million shares after the doc was posted, oh yeah new hod
all eyes are on retail, watch what you say, or if you're joking point it out.
don't forget our friends in canada, belgium, and holland in the doc. when they say a stock is widely held, they mean it.
The affidavit is still not posted?? hmmm, interesting. We'll see if it gets posted, if it doesn't that means someone other than the case manager thought it wasn't necessary.
COURT DOC POSTED
maybe lol
the real reason they are moving....rogerson's alter ego
Here's a couple of quickies: imo
325 million avg ebitda 12x = 3.9 bill-? liabilites=net equity.
or if the secured bondholder buyers are betting on a debt/equity swap then it is very plausible that the bonds are trading still 30% off true value.
900 million x 30%+10%premium = 360million divided by 243million outstanding shares= $1.48/share
The more the better. If every retail holder sent a letter our odds improve greatly, and on the flipside if no one sends in letters our odds are greatly diminished. Remember this drive started because K&E or Akin said that no one from equity had asked the court for an EC. (therefore they must be looking to leave us out in the cold without one)
couple of weeks
Oh they have been rushing full blast from the get-go. As far the EC comments, don't get ahead of yourself and if you hadn't sent any letters in, you best do it.
It's already been an interesting day.
You can bet they will be asking the court for more time via a continuance of the exclusivity period. Just tack on 60-90 more days to what it is now.