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Victor Khosla former MD at Merrill Lynch started SVP bought more than 20 mil around .90 cents
SEC filing good news
Be nice folks. If you want ask any personal questions please do so by using PM. We need all the resources we can get and we need to focus on one goal without any diversion..
Thanks
Novachem
Welcome back MC
Thanks for the post and we appreciate your help with the court docs.
Folks please add your address when you send your info to
cemjq.stockholder.alliance@gmail.com
Very Good Job Wall...
Really, very well done..
Thanks for your effort..
http://www.kccllc.net/documents/0911233/0911233091006000000000021.pdf
Let’s worry about dollars not pennies..
We, I hubbers own 30 million dollars plus worth of dough. If it is owned by 100 people, then per head comes around $300,000. Let’s take it one million dollars per head.
You and me can give 100 reasons why ‘Chemtura’ is a good investment but with one bad news it nothing but $hit. Some of the folks here including me are holding tight since seven months and very few are involved in the EC process initially and I for one get information behind scenes most of the folks not privy off. Since seven months, quite few times we know why PPS went down and we know the news but kept it to ourselves, but held our positions long and strong.
Right now the time is up and we need to act sooner than later, frankly UST is expecting response from individual shareholders participation rather than institutional holders. First time only 6-9 people requested for EC (including myself) and next time it was around 20. No where near enough petitioners. Now is the time we need to increase the number to at least 100 and show that we are the number one shareholders of ‘Chemtura’. Actually we are, no single institution owns 30 + mil shares.
At present do not worry about serving on EC, when the time comes only few of us get selected who owns more than couple of millions of shares or if everything works out then we can create a ‘XYZ Committee’ ourselves and appoint few chosen ones from our group. But now we need to send at least 100 letters each to the Judge, UST and BOD. That should be our goal by end of this week.
You all know, with one good news we will be in multi dollar land and let us work hard to get there by simply sending the letters by end of this week.
Once in a while say thank you to the folks that are working hard behind the scenes. If it gives any comfort, remember there are ‘Fiduciary Counselors’ working behind the scenes and forces are included but not limited to ‘Trian, Apollo, ICC and Goldman etc..
Please send those letters..
Note: Those of you who sent letters, email me saying ‘aye’ to ‘ihubcemjq@hotmail.com’ with your ihub user name, that if you want me to count the number of responses, then I can give the info to JAX and Wall to compare against their responses.
I have sent two letters.. one to
CCI
Attn: Chemtura Board of Directors
P.O. Box 561915
Charlotte, NC 28256
-------------------------
and the other copy to Investor Relations of Chemtura
-------------------------
Stephen Forsyth
199 Benson Road
Middlebury, CT 06749
------------------------------
Letter Content
---------------
CCI
Attn: Chemtura Board of Directors
P.O. Box 561915
Charlotte, NC 28256
Re: Chemtura Corporation Case No. 09-11233
Respectable Chemtura Board Members:
As you know Chemtura manufacture and sell more than 3,500 products and formulations in more than 100 countries and current assets exceed liabilities and Chemtura 2009 and 2016 bonds are trading above par value, while the 2026 bond is at a post-petition high level. The solvency issue for Chemtura is a question of fair market valuation. According to the balance sheet provided by Chemtura, the company is solvent as of today. As you know Chemtura wrote off more than one billion dollars since few years.
When the company is solvent it is the fiduciary duty of the BOD to represent the entire ‘Stake Holders’ equally including Chemtura shareholders. In one of the interview CEO Craig Rogerson mentioned. "We'll look at all ways to maximize stakeholder value, including divesting businesses."
http://www.icis.com/Articles/2009/09/07/9244592/chemtura-seeks-to-restructure-and-exit-chapter-11-bankruptcy.html
This letter is to seek your support for the appointment of a stockholder’s committee to protect the interest of all shareholders of Chemtura Corporation. Recent emails and filings by Kirkland & Ellis, LLC (K&E) indicate an obvious neglect on their part to fully represent the equity holders of Chemtura. Without a voice on this matter, Chemtura’s shareholders are not fairly represented.
For these reasons, an Official Equity Committee is necessary for the protection of the estate and equity therein and I request you to act pro actively and do the right thing. I am a shareholder and I own xxxx shares of the Chemtura Corporation.
Thank you for your attention to this request and I look forward to your response.
Respectfully yours,
Name
Address etc
That's good idea, I am going to do that. thanks
Here is IR contacts..
http://phx.corporate-ir.net/phoenix.zhtml?c=68079&p=irol-contact&t=&id=&
Letter to the Chemtura BOD
I am sending the following letter to the BOD, as they have fiduciary duty to the stock holders when the company is solvent and as of today, according to their balance sheet, it is solvent.
Note: Please post your letters to the Judge and Trustee ASAP
if possible send one to the BOD too.
..change it as you wish, I took CMM letter and added some content..
-------------------------------------------------------
CCI
Attn: Chemtura Board of Directors
P.O. Box 561915
Charlotte, NC 28256
Re: Chemtura Corporation Case No. 09-11233
Respectable Chemtura Board members:
As you know Chemtura manufacture and sell more than 3,500 products and formulations in more than 100 countries and current assets exceed liabilities and Chemtura 2009 and 2016 bonds are trading above par value, while the 2026 bond is at a post-petition high level. The solvency issue for Chemtura is a question of fair market valuation. According to the balance sheet provided by Chemtura, the company is solvent as of today.
When the company is solvent it is the fiduciary duty of the BOD to represent the entire ‘Stake Holders’ equally including Chemtura share holders. In one of the interview CEO Craig Rogerson mentioned. "We'll look at all ways to maximize stakeholder value, including divesting businesses."
http://www.icis.com/Articles/2009/09/07/9244592/chemtura-seeks-to-restructure-and-exit-chapter-11-bankruptcy.html
This letter is to seek your support for the appointment of a stockholder’s committee to protect the interest of all shareholders of Chemtura Corporation. Recent emails and filings by Kirkland & Ellis, LLC (K&E) indicate an obvious neglect on their part to fully represent the equity holders of Chemtura. Without a voice on this matter, Chemtura’s shareholders are not fairly represented.
For these reasons, an Official Equity Committee is necessary for the protection of the estate and equity therein and I request you to act pro actively and do the right thing.
Thank you for your attention to this request and I look forward to your response.
Respectfully yours,
Name
Address
Phone #
email
--------------------------------------------------------------
By the way here is the chemtura’s contact info
http://phx.corporate-ir.net/phoenix.zhtml?c=68079&p=irol-contactBoard
I actually typed it in the email but you can send an attachment too or try both..
Reminder: Please send the letters to the Judge and the Trustee..
Trustee email; susan.golden@usdoj.gov
http://www.bayardfirm.com/pdfs/equity-committees-representation.pdf
This is very important for all of us, please post your letters to the judge and the Trustee ASAP
Once again posted mine both to Judge and Trustee..
GLTA
Good to know..
1. People are desparate While recovering from a year of pain, people are desperate to feel good about something. 10,000 is a nice round number with lots of zeros. That’s it. Don’t waste time reading too much into it because really, in the end, it is just another number.
2. Old rules are just that, old rules We are in a new financial world, with new rules created every day. What used to matter most doesn't matter so much anymore. And that kind of change scares people. So how do you beat that? It’s easy (but not necessarily fun). Simply become a student of the current game and learn new rules.
3. Comfort zone issues It's easier to look back today and embrace what used to make us comfortable in the past. Getting comfortable with a specific way of thinking can lead to three things:
* Sloppy trading
* Complacency
* Missed opportunities to outperform
You want to be successful in trading? Start to get comfortable with being uncomfortable.
4. The Dow is really just a worn down name brand Look, I'm a trading coach to the elite on Wall Street and I don’t have a single client who follows the Dow as a leading indicator. So, why would you? Rather, they look at the S&P, global commodities like oil, natural gas, or gold. They look for those things to tell them which way the market's going to go and how the enrironment is really playing out.
My advice, think like a champ, not like a chump.
http://www.cnbc.com/id/33121324
Good Points Manti. Thanks
You got that right, Asset sale is the key for future confidence.
I hope and pray it happens quite soon..
Nice Post Jax
CEMJQ intangibles were 1.8 bil in 2007 and now it is almost 40% it
http://en.wikipedia.org/wiki/Intangible_asset
Once the valuations are done, we can have a clear picture but I bet they would be way over than current figure.
Biting the bullet
Look at the four years balance sheet..
http://data.cnbc.com/quotes/CEMJQ/tab/7
Common Equity 2005 was 1.775 billion and what is now 2009 325 mil
Where the difference go?
It is called biting the bullet, they already have wrote off so much.
Just compare the assets and liabilities for those 4 years and you will know and that's what the market knows.
Shareholders committee---All the time objection comes from WHO?
Equity Committee Appointed In Pilgrim's Pride Ch. 11
Law360, New York (May 01, 2009) -- The bankruptcy judge overseeing the Chapter 11 proceedings of Pilgrim's Pride Inc. has approved the appointment of an equity committee despite objections from the official committee of unsecured creditors and the agent for the debtor-in-possession lenders.
In an opinion signed Thursday in the U.S. Bankruptcy Court for the Northern District of Texas, Judge Dennis M. Lynn said it was necessary for a shareholders committee to be...
Unless Chemtura owes you money for your work other wise throw it in the Bin..
That's where I stopped and doing some research, there is debentures worth of 150mi and the rest of suppliers ect including us are 'Unsecured creditors', if any body has some knowledge on this topic, please share...
Please read and save it to your computer first and post imp findings..
http://www.kccllc.net/documents/0911233/0911233090930000000000018.pdf
Please read and save it to your computer first and post imp findings..
http://www.kccllc.net/documents/0911233/0911233090930000000000018.pdf
If I remember correctly in PGPDQ case that Shareholder committee formed on third attempt.
Good Post Keith, I liked..
'Restructuring the loans would allow for payments to be made, equity holders would remain intact, the banks again have performing loans on their books and everyone is happy.....VERY happy'
Your logic is fine Fisherman, the time will tell, I hope we get some news with in few weeks..
Can you guys read this doc, especially at the end of the doc..
http://www.kccllc.net/documents/0911233/0911233090925000000000015.pdf
I was the lucky guy who happens to be in NCX before the sale. hence it is NOVACHEM ( NOVA and CHEMTURA)
yes I am reading it now...yep looks good..
Folks something is brewing..
http://www.duffandphelps.com/services/valuation/frv/Pages/PurchasePriceAllocation.aspx
http://www.kccllc.net/documents/0911233/0911233090925000000000016.pdf
Asset/Stock Transactions/Business Liquidation – This category contains time entries
related to Akin Gump’s review of proposed asset sales and/or the closing of businesses
during the compensation period.
http://www.kccllc.net/documents/0911233/0911233090925000000000015.pdf
PAGE 9
UNITED STATES TRUSTEE objects some of the lawyer fees. Interesting read..
http://www.kccllc.net/documents/0911233/0911233090923000000000026.pdf
Exactly, our DD since 6 months (MC, CEMJQMM ,JAX, wall, clint and others) contribution to the same conclusion.
We get our share baby...
This is an interesting angle.
Usually this kind request for 'Fee Auditor' are requested by creditors committee or shareholder committee because the debtors are agreed to all the fees and they cannot do much about it.
it seems creditors pretty much don't care and there is no share holder committee. So our new friend 'Chemtura Stock Fund' jumped the gun to save some money, which is nothing but saving 'OUR' money.
So CSF (they are the insiders) has representation of lawyers, my big question is why are they mum about share holder committee unless they feel pretty comfortable about the shares not being canceled.
It seems CSF holders are pretty much know, they would get some out the company ..
Any thoughts...
Chemtura 'STOCK FUND' requesting a fee auditor to examine the fees of BK process. Interesting read..
http://www.kccllc.net/documents/0911233/0911233090922000000000001.pdf
What is an asset sale means?
Asset sale = Bargain chip in the hands of chemtura
What is a bargaining chip?
First let us go back to bonds status. CEMJQ bonds are in 'Junk Bond' status, Then why the hell they are at almost full price?
Can somebody show me how many junk bonds are in full price? and compare it to cemjq and you will know the truth.
It is hard to sell a billion dollars worth of assets, it is like selling a million dollar home, but there are more chances of selling 300k home easily, like wise if chemtura sells around 400M worth, they have more power to bargain the share for share holders.
Simply put bonds are going up means they are going to get their money or more in terms of value in the company like preferred shares etc, you name it.
So what is our share in the whole game?
Is it 30% or 40% or 80%? of what value?
Let's go back to the FBV fair book value of the company.
MC mentioned in his post, as all of you know BV is around $1.37. This is a biggest bullshit number. Any person with accounting background knows if they compare CEMJQ five years balance sheet and to the other in the same sector. The true value IMO and in my calculations it should be around 2.5- 3.5 billion.
So again go back the question..
Is it 30% or 40% or 80%? of what value? 2.5- 3.5 billion.
Time will tell, where we stand. As of the price of the PPS, it don't give fxxx about what you think or pessimism or cheer leading. The market will take it in span of time where it needs to be. If you believe in your DD you sleep better, at least I am..
Good Luck to longs..
well said mc
Analyst raises view on Solutia.
SOA improved view of its profit and cash flow prompted an analyst on Tuesday to increase his price target and earnings estimates for the specialty chemicals maker.
After the markets closed on Monday, the St. Louis-based company raised its 2009 profit estimate to a range of $340 million to $360 million. That is up from an earlier prediction of $325 million to $350 million.
CEO Jeffry Quinn said the improved outlook was due to higher sales volume and cost cuts.
Solutia also said its net debt was $1.09 billion as of the end of August, down from $1.11 billion at the end of the second quarter on June 30.
Jefferies & Co. analyst Laurence Alexander said the company's leading market position and solid free cash flow should offset headwinds in its more cyclical end markets.
Alexander raised his price target for Solutia's stock to $15 from $14. He also boosted his 2009 profit estimate for the company to 75 cents per share, up from earlier predictions of 70 cents per share. For 2010, he raised his earnings outlook to 85 cents per share, up from 80 cents per share. Analysts polled by Thomson Reuters expect 2009 and 2010 earnings of 75 cents per share and 90 cents per share, respectively.
Solutia shares closed at $11.95 on Monday.
From $1 to 13
http://www.google.com/finance?q=NYSE:SOA
Solutia Increases Full-Year Guidance (Just to compare with Cemjq')
ST. LOUIS, Sept 14, 2009 /PRNewswire-FirstCall via COMTEX/ -- Solutia Inc. (SOA 13.44, +0.37, +2.83%) , a leading global specialty chemicals and materials company, has raised its full-year 2009 adjusted EBITDA guidance from continuing operations to a range of $340 million to $360 million, and its full-year 2009 cash from operations less capital expenditures guidance to approximately $125 million. The previous guidance was an adjusted EBITDA range of $325 million to $350 million and cash from operations less capital expenditures of approximately $100 million.