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HOTOTC mentions EVGI
Were getting a little bit of love out there. GTLA
http://stockreads.com/Stock-Newsletter.aspx?id=49876
0:06:24 2500 0.75 - OTCBB
10:06:00 2500 0.95 - OTCBB
10:03:48 500 1.15 - OTCBB
10:03:45 500 1.15 - OTCBB
10:03:27 1000 1.20 - OTCBB
10:01:24 1000 1.25 + OTCBB
09:59:51 1000 1.05 - OTCBB
09:59:30 1000 1.05 - OTCBB
09:58:03 370 1.05 - OTCBB
09:57:15 500 1.05 - OTCBB
09:56:24 500 1.10 - OTCBB
09:56:03 500 1.25 - OTCBB
09:54:36 500 1.75 - OTCBB
09:54:12 500 2.00 - OTCBB
09:52:54 1000 2.00 - OTCBB
09:50:51 500 3.50 - OTCBB
09:50:15 100 5.25 + OTCBB
09:47:45 500 5.25 OTCBB
Not sure if it means anything or not, but it looks like the seller from this morning traded 14970 shares from 5.25 to .75. He might have still sold into the .75s but it looks like that was the bottom (besides 2 tiny trades at .70). At the .75 level there was lots of buying pressure so I like to look at the .75s as the point where he stopped selling. Kind of crazy to think that 14970 shares brought this down 85 percent. I guess it means that it was really thin going down, but probably because no one expected someone to let all of his/her shares go to market which left potential buyers out of the loop for awhile. That being said, is there anything that we can take away from the fact that it was only 15k shares that brought this down to this level and not millions of shares dropped into the market. What are you thinking for Monday, do we retrace further or find our way up. Ive been checking thelion to see if theres some chatter going on and it seems that at this points EVGI is still pretty quiet. I've traded for a few years but im still new to the game and was interested in seeing what others thought.
SAPX News
LOS ANGELES, CA -- (MARKET WIRE) -- 08/23/11 -- Seven Arts Pictures PLC (NASDAQ: SAPX) ("Seven Arts") today announced it has executed an agreement for the acquisition of all of the capital stock of Big Jake Music ("BJM"), a newly formed record and multi-media entertainment company, for $5,000,000 of convertible preferred stock, convertible into common stock at a premium to the market price at closing, and which is not subject to conversion for agreed periods of time.
Seven Arts expects that BJM will also release sound tracks of Seven Arts films, commencing with the soundtrack albums for Night of the Demons (a film released in October of last year) and Pool Boys (expected to be released in September, 2011).
The music label acquisition has been approved by the Board of Directors of both Seven Arts and BJM. Completion of the acquisition is subject to customary conditions in transactions of this type, including due diligence review by Seven Arts' auditors of the assets and balance sheet of BJM. The parties expect the acquisition of BJM will be completed on or before September 30, 2011.
"Big Jake Music will be an exciting acquisition for Seven Arts Entertainment," said Peter Hoffman, CEO of Seven Arts. "In addition to the music label's artists, there are numerous cross marketing opportunities with our films, including the promotion and release of movie soundtracks, music video production, distribution and red carpet events."
Big Jake Music currently owns $5,000,000 in net value of media credits from News USA, a national media, marketing and publicity firm. Seven Arts expects to be using these media credits to promote its motion pictures/soundtrack albums and releases of Big Jake Music with a strategic combination of traditional print, radio, internet, and social media outlets. Seven Arts expects to distribute its music recordings and motion picture soundtracks principally through online, widely available digital transmission platforms, including iTunes, Amazon, Rhapsody, Napster, Nokia, Livewire and Spotify.
About Seven Arts: Seven Arts Pictures PLC was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
About Big Jake Music: Big Jake Music is a newly-formed independent music label and entertainment company whose strategy is to acquire and own the right to distribute sound recordings and musical compositions of music artists and of albums and singles derived from motion picture soundtracks.
Cautionary Information Regarding Forward-Looking Statements: Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
Contact:
Seven Arts Pictures PLC US contact:
Peter Hoffman
+1323-372-3080
phoffman@7artspictures.com
Or
Seven Arts Pictures plc UK contact:
Kate Hoffman
+44-203-006-8223
khoffman@7artspictures.com
Big Jake Music Inc.
Jake Shapiro
+1 203-644-6996
jakes@bigjakemusic.com
Source: Seven Arts Pictures PLC
SAPX News
LOS ANGELES, CA -- (MARKET WIRE) -- 08/23/11 -- Seven Arts Pictures PLC (NASDAQ: SAPX) ("Seven Arts") today announced it has executed an agreement for the acquisition of all of the capital stock of Big Jake Music ("BJM"), a newly formed record and multi-media entertainment company, for $5,000,000 of convertible preferred stock, convertible into common stock at a premium to the market price at closing, and which is not subject to conversion for agreed periods of time.
Seven Arts expects that BJM will also release sound tracks of Seven Arts films, commencing with the soundtrack albums for Night of the Demons (a film released in October of last year) and Pool Boys (expected to be released in September, 2011).
The music label acquisition has been approved by the Board of Directors of both Seven Arts and BJM. Completion of the acquisition is subject to customary conditions in transactions of this type, including due diligence review by Seven Arts' auditors of the assets and balance sheet of BJM. The parties expect the acquisition of BJM will be completed on or before September 30, 2011.
"Big Jake Music will be an exciting acquisition for Seven Arts Entertainment," said Peter Hoffman, CEO of Seven Arts. "In addition to the music label's artists, there are numerous cross marketing opportunities with our films, including the promotion and release of movie soundtracks, music video production, distribution and red carpet events."
Big Jake Music currently owns $5,000,000 in net value of media credits from News USA, a national media, marketing and publicity firm. Seven Arts expects to be using these media credits to promote its motion pictures/soundtrack albums and releases of Big Jake Music with a strategic combination of traditional print, radio, internet, and social media outlets. Seven Arts expects to distribute its music recordings and motion picture soundtracks principally through online, widely available digital transmission platforms, including iTunes, Amazon, Rhapsody, Napster, Nokia, Livewire and Spotify.
About Seven Arts: Seven Arts Pictures PLC was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
About Big Jake Music: Big Jake Music is a newly-formed independent music label and entertainment company whose strategy is to acquire and own the right to distribute sound recordings and musical compositions of music artists and of albums and singles derived from motion picture soundtracks.
Cautionary Information Regarding Forward-Looking Statements: Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
Contact:
Seven Arts Pictures PLC US contact:
Peter Hoffman
+1323-372-3080
phoffman@7artspictures.com
Or
Seven Arts Pictures plc UK contact:
Kate Hoffman
+44-203-006-8223
khoffman@7artspictures.com
Big Jake Music Inc.
Jake Shapiro
+1 203-644-6996
jakes@bigjakemusic.com
Source: Seven Arts Pictures PLC
SAPX News
LOS ANGELES, CA -- (MARKET WIRE) -- 08/23/11 -- Seven Arts Pictures PLC (NASDAQ: SAPX) ("Seven Arts") today announced it has executed an agreement for the acquisition of all of the capital stock of Big Jake Music ("BJM"), a newly formed record and multi-media entertainment company, for $5,000,000 of convertible preferred stock, convertible into common stock at a premium to the market price at closing, and which is not subject to conversion for agreed periods of time.
Seven Arts expects that BJM will also release sound tracks of Seven Arts films, commencing with the soundtrack albums for Night of the Demons (a film released in October of last year) and Pool Boys (expected to be released in September, 2011).
The music label acquisition has been approved by the Board of Directors of both Seven Arts and BJM. Completion of the acquisition is subject to customary conditions in transactions of this type, including due diligence review by Seven Arts' auditors of the assets and balance sheet of BJM. The parties expect the acquisition of BJM will be completed on or before September 30, 2011.
"Big Jake Music will be an exciting acquisition for Seven Arts Entertainment," said Peter Hoffman, CEO of Seven Arts. "In addition to the music label's artists, there are numerous cross marketing opportunities with our films, including the promotion and release of movie soundtracks, music video production, distribution and red carpet events."
Big Jake Music currently owns $5,000,000 in net value of media credits from News USA, a national media, marketing and publicity firm. Seven Arts expects to be using these media credits to promote its motion pictures/soundtrack albums and releases of Big Jake Music with a strategic combination of traditional print, radio, internet, and social media outlets. Seven Arts expects to distribute its music recordings and motion picture soundtracks principally through online, widely available digital transmission platforms, including iTunes, Amazon, Rhapsody, Napster, Nokia, Livewire and Spotify.
About Seven Arts: Seven Arts Pictures PLC was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
About Big Jake Music: Big Jake Music is a newly-formed independent music label and entertainment company whose strategy is to acquire and own the right to distribute sound recordings and musical compositions of music artists and of albums and singles derived from motion picture soundtracks.
Cautionary Information Regarding Forward-Looking Statements: Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
Contact:
Seven Arts Pictures PLC US contact:
Peter Hoffman
+1323-372-3080
phoffman@7artspictures.com
Or
Seven Arts Pictures plc UK contact:
Kate Hoffman
+44-203-006-8223
khoffman@7artspictures.com
Big Jake Music Inc.
Jake Shapiro
+1 203-644-6996
jakes@bigjakemusic.com
Source: Seven Arts Pictures PLC
Seven Arts Pictures Announces Acquisition of Independent Music Label
LOS ANGELES, CA -- (MARKET WIRE) -- 08/23/11 -- Seven Arts Pictures PLC (NASDAQ: SAPX) ("Seven Arts") today announced it has executed an agreement for the acquisition of all of the capital stock of Big Jake Music ("BJM"), a newly formed record and multi-media entertainment company, for $5,000,000 of convertible preferred stock, convertible into common stock at a premium to the market price at closing, and which is not subject to conversion for agreed periods of time.
Seven Arts expects that BJM will also release sound tracks of Seven Arts films, commencing with the soundtrack albums for Night of the Demons (a film released in October of last year) and Pool Boys (expected to be released in September, 2011).
The music label acquisition has been approved by the Board of Directors of both Seven Arts and BJM. Completion of the acquisition is subject to customary conditions in transactions of this type, including due diligence review by Seven Arts' auditors of the assets and balance sheet of BJM. The parties expect the acquisition of BJM will be completed on or before September 30, 2011.
"Big Jake Music will be an exciting acquisition for Seven Arts Entertainment," said Peter Hoffman, CEO of Seven Arts. "In addition to the music label's artists, there are numerous cross marketing opportunities with our films, including the promotion and release of movie soundtracks, music video production, distribution and red carpet events."
Big Jake Music currently owns $5,000,000 in net value of media credits from News USA, a national media, marketing and publicity firm. Seven Arts expects to be using these media credits to promote its motion pictures/soundtrack albums and releases of Big Jake Music with a strategic combination of traditional print, radio, internet, and social media outlets. Seven Arts expects to distribute its music recordings and motion picture soundtracks principally through online, widely available digital transmission platforms, including iTunes, Amazon, Rhapsody, Napster, Nokia, Livewire and Spotify.
About Seven Arts: Seven Arts Pictures PLC was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
About Big Jake Music: Big Jake Music is a newly-formed independent music label and entertainment company whose strategy is to acquire and own the right to distribute sound recordings and musical compositions of music artists and of albums and singles derived from motion picture soundtracks.
Cautionary Information Regarding Forward-Looking Statements: Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
Contact:
Seven Arts Pictures PLC US contact:
Peter Hoffman
+1323-372-3080
phoffman@7artspictures.com
Or
Seven Arts Pictures plc UK contact:
Kate Hoffman
+44-203-006-8223
khoffman@7artspictures.com
Big Jake Music Inc.
Jake Shapiro
+1 203-644-6996
jakes@bigjakemusic.com
Source: Seven Arts Pictures PLC
Seven Arts Pictures Announces Acquisition of Independent Music Label
lOS ANGELES, CA -- (MARKET WIRE) -- 08/23/11 -- Seven Arts Pictures PLC (NASDAQ: SAPX) ("Seven Arts") today announced it has executed an agreement for the acquisition of all of the capital stock of Big Jake Music ("BJM"), a newly formed record and multi-media entertainment company, for $5,000,000 of convertible preferred stock, convertible into common stock at a premium to the market price at closing, and which is not subject to conversion for agreed periods of time.
Seven Arts expects that BJM will also release sound tracks of Seven Arts films, commencing with the soundtrack albums for Night of the Demons (a film released in October of last year) and Pool Boys (expected to be released in September, 2011).
The music label acquisition has been approved by the Board of Directors of both Seven Arts and BJM. Completion of the acquisition is subject to customary conditions in transactions of this type, including due diligence review by Seven Arts' auditors of the assets and balance sheet of BJM. The parties expect the acquisition of BJM will be completed on or before September 30, 2011.
"Big Jake Music will be an exciting acquisition for Seven Arts Entertainment," said Peter Hoffman, CEO of Seven Arts. "In addition to the music label's artists, there are numerous cross marketing opportunities with our films, including the promotion and release of movie soundtracks, music video production, distribution and red carpet events."
Big Jake Music currently owns $5,000,000 in net value of media credits from News USA, a national media, marketing and publicity firm. Seven Arts expects to be using these media credits to promote its motion pictures/soundtrack albums and releases of Big Jake Music with a strategic combination of traditional print, radio, internet, and social media outlets. Seven Arts expects to distribute its music recordings and motion picture soundtracks principally through online, widely available digital transmission platforms, including iTunes, Amazon, Rhapsody, Napster, Nokia, Livewire and Spotify.
About Seven Arts: Seven Arts Pictures PLC was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
About Big Jake Music: Big Jake Music is a newly-formed independent music label and entertainment company whose strategy is to acquire and own the right to distribute sound recordings and musical compositions of music artists and of albums and singles derived from motion picture soundtracks.
Cautionary Information Regarding Forward-Looking Statements: Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
Sorry "ABOVE"
Check out CODI. Its a little about its 52 week low. 10.20% divi
Trading China
Really good article on positives and negatives regarding GULF
http://china.fixyou.co.uk/2011/07/close-look-at-gulf-resources.html
Do you have an opinion on earnings. Do you think were going to smash the expectations. Do you see any negatives that might be brought up that could hurt earnings.
Im long
GURE chart. Clay can you whip something up.
Monda, do you think this has anything left in it. Whats your price target for this bad boy
Form 8-K for CHEMTURA CORP
--------------------------------------------------------------------------------
31-Jul-2009
Change in Directors or Principal Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain Officers.
On July 27, 2009, the Organization, Compensation & Governance Committee of the Chemtura Corporation Board of Directors (the "Committee" and the "Board", respectively), adopted the 2009 Chemtura Corporation Management Incentive Program (the "2009 MIP"), subject to the approval of the United States Bankruptcy Court for the Southern District of New York, which approval was received on July 28, 2009. The 2009 MIP is an annual performance-based cash incentive program established pursuant to the 2005 Chemtura Corporation Short-Term Incentive Plan (the "2005 STIP"). The 2009 MIP provides each participant, including executive officers, with an opportunity to earn compensation in the form of an annual cash incentive (a "MIP Award"), based on the attainment of pre-established performance goals. Participants in the 2009 MIP fall into one of three groups, Executive Participants, Function Participants and Business Participants, as determined by the Committee and, where applicable, the Board. There will be no payout under the 2009 MIP unless minimum threshold Consolidated EBITDA is achieved. A participant's MIP Award is calculated by multiplying his or her target bonus percentage by the results achieved for the applicable performance goal, up to a maximum of 200% of target, subject to adjustment up or down based on the Company's safety performance over the performance period, as determined by reference to the number of recordable safety incidents at the Company's facilities. The Company is currently preparing formal plan documents.
Name and Address of Beneficial Owner Number of Shares Beneficial Owned Percent of Class
Barclays Global Investors, NA
400 Howard Street
San Francisco, CA 94105 15,503,467* 6.39%
ICC Capital Management
390 N. Orange Avenue
27th Floor
Orlando, FL 32801 18,689,976** 7.7%
I thought this was interesting Turbo.
Stock Ownership Guidelines
The committee believes that stock ownership by management closely aligns the interests of management with those of our shareholders. Accordingly, the committee has established stock ownership guidelines for senior management, including our named executive officers. The guidelines require our senior management, including named executive officers, to achieve equity ownership targets based upon a multiple of current base salary ranging from two times base salary to five times base salary depending on the position. The stock is valued at the higher of the current market price or the average of the five previous closing prices on the last day of fiscal year 2008. The committee expects our named executive officers to achieve the equity targets within five years of hire or promotion to an eligible position although the five year period has not expired for any of our named executive officers. As of December 31, 2008, our named executive officers have not yet achieved their equity ownership targets. There are no penalties for failing to achieve the equity targets. Given the decline in the closing price of our stock, the committee expects to review the stock ownership guidelines once the Company emerges from its Chapter 11 proceedings.
Not a bad rebound for us coming from the other stock.
Form 8-K for CHEMTURA CORP
--------------------------------------------------------------------------------
16-Jul-2009
Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Sta
Item 1.01. Entry Into a Material Definitive Agreement.
As previously disclosed on Current Report on Form 8-K dated March 23, 2009, Chemtura Corporation (the "Company" or "Chemtura") and certain of its subsidiaries organized in the United States (collectively, the "Debtors") on March 18, 2009 filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court"). On that same date, the Debtors filed a motion seeking approval of a Senior Secured Super-Priority-Debtor-in-Possession Credit Agreement (the "DIP Credit Facility" or "DIP Credit Agreement"), which was approved on an interim basis by the Bankruptcy Court on March 20, 2009. As previously disclosed on Current Report on Form 8-K dated April 29, 2009, the Company and the parties to the DIP Credit Agreement entered into Amendment No. 1 to the DIP Credit Agreement. Amendment No. 1 provided for, among other things, (i) an increase in the outstanding amount of inter-company loans the Debtors could make to the non-debtor foreign subsidiaries of the Company from $7.5 million to $40 million; (ii) a reduction in the required level of borrowing availability under the minimum availability covenant; and (iii) the elimination of the requirement to pay additional interest expense if a specified level of accounts receivable financing was not available to the Company's European subsidiaries. On April 29, 2009, the Bankruptcy Court granted final approval of the DIP Credit Agreement, as amended pursuant to Amendment No. 1.
On July 13, 2009, the Company and the parties to the DIP Credit Agreement entered into Amendment No. 2 to the DIP Credit Agreement subject to approvals by the Bankruptcy Court and the Company's Board of Directors which approvals were obtained on July 14 and July 15, 2009, respectively. The DIP Credit Agreement was amended to provide for, among other things, an option by the Company to extend the maturity of the DIP Credit Facility for two, consecutive three month periods. Prior to Amendment No. 2, the DIP Credit Agreement matured on the earlier of 364 days, the effective date of a plan of reorganization or the date of termination in whole of the Commitments (as defined in the DIP Credit Agreement).
The option to extend the maturity date for the first additional three month period is subject to the satisfaction of certain conditions including, among other things, delivery of a business plan projecting EBITDA for the extension period, the filing of a plan of reorganization with the Bankruptcy Court, Availability (as defined in the DIP Credit Agreement) as of the initial maturity date of not less than $30 million, and the payment of an extension fee. The option to extend the maturity date for a second additional three month period is subject to the satisfaction of certain conditions including, among other things, approval of the extension by the Required Lenders (as defined in the DIP Credit Agreement), approval by the Bankruptcy Court of a disclosure statement and procedures to solicit votes with respect to a plan of reorganization, Availability (as defined in the DIP Credit Agreement) as of June 22, 2010 of not less than $30 million, and the payment of an additional extension fee.
The applicable per annum interest rate for borrowings under the DIP Credit Facility increases 1% during the three month extension and an additional 1% commencing June 22, 2010 if extended for six months. Other amendments include an increase to the amount of permitted capital expenditures for the periods of each maturity date extension of the DIP Credit Agreement, the exclusion from the calculation of EBITDA any non-cash foreign currency exchange gains and losses resulting from balance sheet re-measurement and permitting the $40 million basket for intercompany loans to non-debtor foreign subsidiaries to be utilized for up to $10 million of equity contributions to such subsidiaries and/or for the issuance of letters of credit under the DIP Credit Agreement to support certain credit facilities of such subsidiaries. A copy of Amendment No. 2 to the DIP Credit Agreement is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Item 7.01. Regulation FD Disclosure
On July 15, 2009, Chemtura filed with the Bankruptcy Court, as required by the Bankruptcy Code, its Monthly Operating Report for the period June 1, 2009 through June 30, 2009. The June 2009 Monthly Operating Report (the "Monthly Operating Report") is furnished hereunder as Exhibit 99.1.
--------------------------------------------------------------------------------
Cautionary Statements Regarding Financial and Operating Data
Chemtura cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report as it was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of any of Chemtura or its subsidiaries, or any other affiliate of Chemtura. The Monthly Operating Report was not audited or reviewed by independent accountants, is as prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in Chemtura securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in Chemtura's reports pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and such information might not be indicative of Chemtura's financial condition or operating results for the period that would be reflected in Chemtura's financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Limitation on Incorporation by Reference
In accordance with General Instruction B.2 of Form 8-K, the information in this Form 8-K furnished pursuant to Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
* * *
(d) Exhibits
Exhibit Number Exhibit Description
10.1 Amendment No. 2 to DIP Credit Agreement
99.1 Monthly Operating Report for June 2009
Form 8-K for CHEMTURA CORP
--------------------------------------------------------------------------------
9-Jul-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
On July 1, 2009, the employment of Mr. Robert Wedinger, formerly Executive Vice President-Strategic Initiatives, was terminated by Chemtura Corporation (the "Company" or "Chemtura"). In connection with the termination, Chemtura entered into a Separation Agreement and General Release, dated as of July 1, 2009, with Mr. Wedinger (the "Wedinger Agreement). The Wedinger Agreement provides for severance payments and benefits to be paid to Mr. Wedinger that include: severance payments in the gross amount of two hundred thousand dollars ($200,000) payable in equal installments over a period of six (6) months in accordance with the Company's regular payroll practices; certain other benefits including outplacement services for a period of up to twelve (12) months and accrued vacation pay; and the ability of Mr. Wedinger and his eligible dependents to participate in Company plans providing medical, dental and vision benefits until the earlier of June 30, 2010 or the date on which Mr. Wedinger and, as applicable, his dependents, are eligible for and have elected to participate in another group medical plan. Mr. Wedinger's participation in the Company's savings and supplemental savings plans terminated as of July 1, 2009. Mr. Wedinger is prohibited from, among other things, soliciting the Company's employees, customers and others with a business relationship with Chemtura and competing with Chemtura for a period of one year. A copy of the Wedinger Agreement is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
* * *
(d) Exhibits
Exhibit Number Exhibit Description
Just my 2 cents. There has been a lot of great dd done since I can remember and now it seems that this board is under the impression that maybe another division might be sold. I for oen would be happy with any asset sale regardless of the division as long as it gets us to our ultimate goal. But I must say that I really think the ag division is the one thats going to be sold. I know that the last day's dd might say otherwise, but I cant get over the fact that the company rep told me that he was told only 6 weeks ago that the ag division was the one they were looking to sell and that Chemtura had 4 potential buyers at the door. If nothing else, it was talked about in his inner circle and you know he is not hearing that from the factory line worker during there lunch break. This is a man that sole duty is to come down to our branch and branches like ours to let us know that everything is going good with Chemtura. He must be getting is info from people that have good information so that he can then pass it down to the distributors. Just a thought.
As always, great dd on everyones part and great reading.
Currently on the ask at .265 for 4100. (8:53 am Pacific time) A few minutes have passed and I am still not filled. Finally filled at 8:59
I hit the ask for 4k at .26. Kinda of funny, but it took awhile to get filled.
I know this is an old article but its still veryyyyyyy interesting. The ceo didnt all of a sudden forget about an asset sale in the last month. In this article he sounds pretty confident that hes going to get it done before July 15.
InterviewChemtura aims for at least $700m in asset sales
11 February 2009 16:11 [Source: ICIS news]
By Joseph Chang
MIDDLEBURY, Connecticut (ICIS news)--US specialty chemical firm Chemtura is aiming to announce a major asset sale by the end of March that could bring in around $700m (€546m) in gross proceeds, chairman, president and CEO Craig Rogerson said on Wednesday.
“By the end of the first quarter, I would hope to be able to announce a sale. I’m optimistic as things are progressing as expected,” Rogerson said at the company’s headquarters in Middlebury, Connecticut.
Chemtura has $374m in debt maturing on 15 July and has been hit with investor concerns about bankruptcy.
“We’d like to net about $500m to pay down the $374m in debt and have extra cash to deal with liquidity issues,” Rogerson said in an exclusive interview.
“That $700m-$1bn range for the gross proceeds [of an asset sale] is probably not way off,” he added, referring to an ICIS report that the proceeds from the sale of Chemtura’s crop protection business could fetch that amount.
While Rogerson would not name the assets for sale, ICIS reported that Chemtura’s crop protection and petroleum additives businesses were on the selling block, according to sources in the financial community.
Chemtura is in the process of selling multiple businesses to ensure it can pay down that debt on time and that it can get a fair value for its assets, Rogerson said.
“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,” Rogerson said.
“Also, there is a risk that people could take advantage of our situation. So we must make sure we have multiple choices, so that there is competition in this process,” he added.
Signs point to a sale of the crop protection business, as it is a high-quality asset that could bring in significant proceeds – between $700m-$1bn, according to sources.
“For us to get the kind of proceeds we’re talking about, we have to sell a good business – not one that we would typically want to sell,” he said.
One option that Rogerson ruled out was filing for bankruptcy protection under Chapter 11 at the present time.
However, in the absence of an asset sale, the company could look for an equity infusion, he said. This would be highly dilutive, with Chemtura’s stock trading at around 50 cents, representing a market capitalisation of under $130m.
“But I fully expect us to use funds from an asset sale to be able to pay off these bonds due in July,” Rogerson said.
Rogerson was chairman and CEO of US specialty chemical firm Hercules from December 2003 to its sale to Ashland in 2008. Prior to being named CEO of Hercules, he served as vice president and general manager of BetzDearborn, the Hercules business that was sold to General Electric (GE) in 2002 to reduce debt.
“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,” he said.
Listen to Chemtura CEO Craig Rogerson talking with ICIS Chemical Business Global Editor, Joe Chang.
Yeah either the rep read the same stuff I am reading tonight or he knew what the heck he was talking about because what he told me is just about word for word from what I am reading.
Chemical industry mergers and acquisitions market to see distressed assets for sale
PLAY DEFENSE
During the downturn, defensive mergers may also arise, as companies seek combinations to cut costs and improve competitiveness.
"I foresee companies coming to the table to discuss mergers or joint ventures out of necessity," says Oppenheimer's Wilding. "It's almost a life or death kind of thing - that we should put these businesses together and figure out a way to take out costs. Where up until last year, mergers were about driving top-line and earnings growth, it's now going to be about surviving and cutting costs."
Valence's Zachariades sees more joint ventures, PIPEs (private investment in public equity) and stock-for-stock deals going forward. "There are a lot of public chemical companies that are undersized, and I think you'll see players combining their resources in this tough environment in order to better position themselves for the eventual upturn and perhaps even make some consolidation moves," he says. "You will also see private equity firms bolstering balance sheets by making significant minority investments in public companies."
"There are significantly undervalued publicly-traded chemical companies now, and so if a board of a company being targeted might be more likely to approve a transaction that has a share component, realizing that the shares they're getting are also likely to be as undervalued as their company," says Scott-Macon.
ASIA AND MIDDLE EAST BUYERS
The chemical M&A market has shifted in recent years more towards Asia, the Middle East and Latin America versus the traditional grounds of North America and Europe.
In 2008, Asia and the Rest of the World category took the lead with 38% of the total number of chemical deals, compared to 35% in Europe and 27% in the US, according to Young & Partners.
"Up until four to five years ago, companies in Asia and the Middle East were building plants rather than buying companies," says Young. "M&A happens when industries reach a certain stage of maturity. I expect more deals in these regions."
Houlihan's Diaz sees more buyers from Asia and the Middle East coming to the table to look for assets in the US and Europe.
"If anyone still has cash in the world, those folks are sitting in Asia and the Middle East," says Diaz. "We're going to see Japanese companies becoming more aggressive - not only in pursuing their traditional joint ventures, but also full-on M&As as well."
Last November, Japan's Mitsubishi Rayon bought UK-based Lucite International for $1.6bn - the first large acquisition of a Western chemical company by a Japanese firm in memory.
CHEMTURA BUSINESSES ON THE BLOCK
US specialty chemical producer Chemtura has put its crop-protection and petroleum-additive businesses on the selling block, according to sources in the financial community.
"Chemtura's ag business is being shopped by Merrill Lynch, and petroleum additives by Citigroup," a source says. "It's something of a race, as the company is looking to have at least one deal soon. But if they get good prices for both assets they might sell both."
Chemtura has $370m (€285m) in debt maturing on July 15, and has been hit by investor concerns about bankruptcy, sending its stock price to around 50 cents, from a 52-week high of $8.81.
The sale of the crop-protection business could yield Chemtura $700m-1bn, sources say.
Through the first three quarters of 2008, Chemtura's crop-protection segment posted a 58% gain in operating profits to $63m on 17% higher sales of $306m.
Potential buyers include agricultural-chemical players such as Switzerland-based Syngenta, US-based FMC, Japan's Mitsui Chemicals, Israel's Makeshtim Agan and Austalia's Nufarm, sources say.
Chemtura To Drop Crop Protection
February 17, 2009
U.S. specialty chemicals producer Chemtura has put its crop protection and petroleum additive businesses on the selling block, according to sources in the financial community.
“Chemtura’s ag business is being stopped by Merrill Lynch and petroleum additives by Citigroup,” a source said. “It’s something of a race, as the company is looking to have at least one deal soon. But if they get good prices for both assets they might sell both."
John Gustavsen, Chemtura spokesman, said, “we are exploring potential asset sales.” However, the company would not comment about specific assets, he said. A Citigroup spokeswoman said that company had no immediate comment, and Merrill Lynch was not immediately available for comment.
Through the first three quarters of 2008, Chemtura’s crop protection chemical segment posted a 58 percent gain in operating profits.
The sale of the crop protection business could yield Chemtura between $700 million and $1 billion, sources said. Potential buyers include agricultural chemical players such as Switzerland-based Syngenta, U.S.-based FMC, Japan’s Mitsui Chemicals, and Israel’s Makhteshim Agan, sources said.
(Source: ICIS.com)
March 6 2009
Dow is also in talks with potential buyers to sell its agricultural chemicals business, which analysts have said could bring $7 billion, but that price has come down over the last two months, according to people briefed on the situation.
Several companies have expressed interest in the unit, including the buyout firms Blackstone Group and Kohlberg Kravis Roberts & Company, as well as the BASF Group. The unit has also received interest from a rival Swiss chemicals company, Syngenta.
http://www.nytimes.com/2009/03/07/business/07chemical.html?_r=1
I just thought this was interesting just for the simple fact that these other companies were looking to purchases Dows ag business back in March and nothing happened. Just thinking out loud but why wouldnt they be in the mix now the chemtura might be looking to sell there ag business. This article talked about 7 Billion for Dow, well Chemtura looks like a steal at 1 billion. Of course I dont know anything about the finances by the way. Just thinking out loud.
Chemtura Asks To Put Diacetyl Suits On Hold
Law360, New York (June 18, 2009) -- Bankrupt chemical company Chemtura Corp. has asked a court to stay product liability lawsuits against its nondebtor Canadian unit over the flavoring chemical diacetyl, which is thought to cause lung disease when inhaled in large quantities.
Chemtura filed an adversary complaint on Thursday in the U.S. Bankruptcy Court for the Southern District of New York seeking a declaratory judgment that the automatic stay in its bankruptcy...
http://bankruptcy.law360.com/registrations/user_registration?article_id=107091&concurrency_check=false
Sorry I dont have the rest of the article because you haveto be a memeber of the website.
Wow thanks Xenn for that article. Thinking back on the convo that I had with the rep i guess I thought the rep sad manna when he really meant Makeshtim. I guess the rep knew what the heck he was talking about when he said 700-1 billion. The look on his face was priceless when I said 400 million. He gave "you have no idea" kind of look. I guess if I was gonna be wrong on something in regards to the sale then let it be that I was on the short side of the asset worth. Now that article was from January but keep in mind that the rep told me that he was told 6 weeks ago (at the time of the original email) that Chemtura was looking to sell the ag division. So it must be something that is still be talked about. Now whether it happens or not is one thing, but for the simple fact that it is still be discussed in May-June is encouraging. One thing I found interesting is that this rep was actually hoping for the ag division to sell. He made it sound like the people in his department were ready for a fresh start. He never said anything negative about the people that ran the ag division but you could tell that they just wanted to start over clean.
Sorry I hope I wasnt coming off like I thought you were questioning my integrity because I wasnt. Im just saying that i know its hard to believe people you dont know personally. On the same token its hard for me to believe the rep because I dont know him from the guy down the street. In this case I guess you have to have faith that there are good people out there with good intentions. No need to be sorry at all. Bad thing about computers and these forums. What you meant or your emotion never come across through these posts.
Not sure how true it is. You guys are relying on me to be honest and I am relying on the rep to be honest. I have no reason to lie to anyone here and the rep had no reason to lie to me. So with that being said, I guess we will see how this all plays out. It would be great that if in 1-2-3-4 months the ag division sold to some foreign company for 900 million bucks. Then we would all agree its legit. I guess we will have to wait and see.
Thanks, guys. I hope you guys understand why I didnt say anything earlier. Shoot I guess I could have posted that during trading hours to maybe help the pps but thats exactly how I didnt want to come across. I didnt want to be the guys that says something during trading hours to get a spike. I want to come across as beind sincere and honest and therefore I waited until after hours to post what I posted. Nothing irrates me more then someone who posts a rumor to either get a spike or tumble in price for there own beneifit.
I wanted to share with this board some info that I think some here will think is useful. I sent an email to a poster on this board over a week ago about a coversation that I had with a Chemtura rep. Some might say, "why didnt you post this earlier, why today?. Fair question and I can only repsond by saying that I have been apart of boards where a poster would say, I heard this, I heard that, listen to this rumor, etc. I am sure everyone here has also been apart of something like that. Thats the last thing I wanted to do. So I emailed this poster (who shall remain nameless unless he/she decides to speak on this) who I trust and asked the person for there opinion. He/she gave me advise and therefore I am here sharing with you how my converstion went. This email is a little dated, which you will be able to pick up on because some court dates have come and gone, but it is easier for me just to copy and paste the email. Here is part of the email:
Hi xxxxxxxxxxx
Thanks for the respone. I'll let you know exactly how our little face to face went yesterday. First I told our rep that I was invested in Chemtura and then asked him if there was anything that he knew concerning Chemtura that would benefit all of us, not necessarily anything insider but just general. This is how our convo went. We talked a little about the court proceedings. I knew he was legit because even though he works for the ag side of the company he was very knowledgeable about the court proceedings, dates, delays, etc. He knew about the delay that got pushed back and that impressed me. Maybe it shouldnt have considering he is an employee but I figured that he really wouldnt care especially since operations were running normal. He wasnt familar with the Vanderberk (spelling) delay but why would he be. I then told him about he asset sale and if there was any truth to it. He said that he was told himself 6 weeks back that Chemtura was looking to sell the ag division. He said the division was small compared to the rest of the divisions but that it made up 25 percent of the income. I talked to him about that for a little because as you know its something that we all discussed on Ihub in the past. I threw out the 400 million number to him because thats what was discussed on Ihub. He kind of looked at me a little goofy and said the the ag division would be worth 700-1 billion dollars. He said even worst case if they got 500 million they can pay back loan and be free in clear. ......he was told that there were 4 companies looking at possibly buying the division. He told me it was 1 American company and 3 foreign companies. He mentioned 3 names that I know of. Syngenta, Dow and Manna. I really didnt catch the other one. Some other things we talked about were the shares. He thought there was a 50/50 shot that Chemtura made it out of bk. He also mentioned that next week was huge as far as the court proceeding goes. He talked about the "plan". I said, " is this proceeding just about telling the judge what you plan to do to get organized". He said its much more then that. It stretches to contracts with everyone they do business with to employee contracts. He made sure to say that this meeting was hugggggggge for Chemtura.
So there you have it. Keep in mind that the court proceeding he is talking about is not the one that just got pushed back, it was the court proceeding having to do with the bp decision.
No one hear knows me from the guy down the street, so believe what you want. Look at my posting history. I dont pump. I invest in a company, follow the companies ihub board and every now and then give my 2 cents. This is all legit and may or may not be anything special. I just wanted to share it with the board, thats all. Good luck to everyone.
Figured I would join the party today and add to my stash. Just picked up another 5200 at .298. Good luck everyone
On yahoo, under chemtura news headlines, that link showed up this morning at 6:04 am
Financials released on Yahoo.
http://finance.yahoo.com/q/is?s=cemjq.pk
Turbo, can you pm me with your email address.
Okay, I'll go first. With volume so low, is this an indication that there arent many more shares available because the big money players have bought and stored away there shares.