Today is my day to try to accumulate at what is a bargain price. The support calls received under the service contacts that they have for plant(s) H/W and S/W suppport indicate a lot of activity. Just hear this from my little bird,and for what it is worth, all systems go!
"Feel the rhythm! Feel the rhyme! Get on up, its bobsled time! COOL RUNNINGS!"

Will we ge a snow job in the snow storm today? :>)

Laissez Les Bon Temps Roulez!!!
Au revoir les poulain!

I'll keep accumulating at this level. I trust this bankrupt stock more than I trust Toyota or Congress. Now isn't that a scary thought :>)

"There is a footnote explaining they share the German facility with CIBA".
Does this mean that they just share real estate, which may or not be owed by either party, or do they share process equipment or any other areas of shared services?

Thank you to our illustrious EC member. Great job. Well done! Anybody care to speculate on what the MM's do tomorrow?

Sell or merger signals are strong!

1, Executive search firm had ETFC's CEO opening put on Hold indefinitely.

2. Layton stays not as CEO, bu as an "adviser", so he will still be able to exercise his curreny and any additional options after the sale or merger,

3. The Banking & Investment house that has signed the Non-Disclosure Agreeemte with ETFC has core competencies regarding Mergers, Sales and Acquisitions.

Come on folks! Even Stevie Wonder could see what is coming.

One more thing, as the snow pounds us this morning. It all depends who crsfted the agreement. The sharp assignors will put language in that can have a calamitous effect on the usage with existing customers of the assignee. In my former life, a middle of the pack S/W company threatened to compel our customers to not use the product because of the restrictve language in the agreement that my predecssor accepted. They usually imply that they will send a temporary injunction or notification to the assignor's customers It cost my company many, many millions to get out of being held hostage. Frequently many marketing executives do the negotiations, and sign the agreement. Afterwards,they bring the paperwork to Supply Chain to issue a Purchase Order. By then, i is too late. I saw this happening a lot. Most companies are driven by Finance & Marketing. They just don't realize or understand the implications of the questions they do not know to ask.

Usually the language for sale or transfer of rights to use IP goes something like this:

"In the event of a sale of either Party, that assignee may request to transfer all rights of the assignment to the new entity, with the consent of the other party, and such transfer will not be unreasonably witheld."

There are different nuances as to the right of jointly developed or jointly owned IP.

There could also be a restrictive clause which would say "Except in the case of the new entity be a direct competitor of the partty requesting the assignment." Because this is so broad, I would usually an addendum listing the possible competitors for avoidance of doubt.

Due to the nature of the patent research being done, it would see to me (IMHO) that the are going to try to sell Chemtura as a whole, including just the non-American entities. This kinda makes sense as to the location and the competencies of some of the law firms being used for the DD.

I think that they gave a lot of thought to the timing for the release being pre-market today. I like it.

Chemtura Comments on its Reorganization and Plans to Emerge from Chapter 11

"May you live in interesting times." Chinese blessing or curse

http://phoenix.corporate-ir.net/phoenix.zhtml?c=68079&p=irol-newsArticle&ID=1367020&highlight=

MOR link GLTA!

http://phoenix.corporate-ir.net/phoenix.zhtml?c=68079&p=IROL-sec

DOJ finally added paper to their fax machine. I'm glad thy needed it for all the CEMJQ EC faxes coming in.

I called DOJ, and they said to "Wait a 1/2 hour, we got no one to check the fax machines here." Watta country!

Thanks. BTW - It was heartwarming to see CITI & Well Fargo pay back the TARP money before FY2010. It is probably their BOD's & Executive Commitee's feeling the Xmas spirit. SURE! :>)

Thaks Eikel. I have missed your postings for the last 7 weeks. Where have you been hiding?

Cemjq Millionare - Can you post or send either a PDF file or link where we can print a copy of the form to send? People may be travelling and I do not trust mail deliveries at this late date.

Again, when you fax it, should be able to get a time and date stamp on the copy of the actual document that was sent as well as if it was actually received by DOJ.

I just received my letter from DOJ. TIME IS OF THE ESSENCE!
IMPORTANT!!! The acceptance form indicates “NO LATER THAN DECEMBER 18, 2009.” (XMAS WEEK MAIL IS IFFY) IT IS UNCERTAIN IF THE REQUIREMENT IS THE DATE SENT OR THE DATE RECEIVED BY DOJ. LET’S NOT HAVE OUR ACCEPTANCE BE DISMISSED DUE TO TECHNICALITIES! I WILL SEND MINE BY REGISTERED LETTER WITH A RETURN RECEIPT REUIREMENT. I WILL FAX IT AS WELL TOMORROW, RETAINING A COPY OF THE FAX VERIFICATION RECEIPT. THIS RECEIPT SHOULD ALSO INDICATE WHAT WAS FAXED. GLTA!
Fax # = 212-668-2255

Does anyone know which search firm is being used for CEO's replacement?

Market Report -- In Play ()December 9, 2009 Briefing.com

We also heard chatter of a Japanese report that speculated Hitachi could be interested in Brocade (BRCD 7.51 +0.13).

Thanks RichieRich49 for the great post. If these are the possible effects of the NOLS for an extended period, the only other question is why would ETFC do that? Buyout and/or merger rumours are rampant. TARP situation. No new CEO announcement. 8K-E statement ("If the termination occurs in connection with a change in control, the severance benefits will be two times the sum of salary plus target bonus, 24 months of health benefits and full accelerated vesting of equity awards..."). Does the board think that any of these events or the CEO non-event are related or just coincidental in their timing?

WHAT DOES THIS ALL MEAN? Opinions and facts please...

E*Trade's Debt Swap Triggers Ownership Change

E*TRADE Financial Corporation disclosed on Nov. 4, that during the third quarter it exchanged about $1.76 billion in principal amount of "interest-bearing debt" for an equal principal amount of non-interest bearing convertible debentures.

Subsequent to the completion of this exchange offer, some $592 million of new debentures were promptly converted into 572 million shares of E*Trade's common stock. As a result, the company reports, "we believe we experienced an ownership change."

As of Sept. 30, 2009, E*Trade had net operating losses (NOLs) totaling approximately $1.6 billion. Not surprisingly, the company observes that "the ownership change will extend the period of time it will take to fully utilize our NOL but will not limit the total amount of NOL we can utilize." As a result, E*Trade calculates that the "Sec. 382 limitation" precipitated by the ownership change is approximately $111 million.1

Accordingly, since the statutory carryforward period is 20 years, the company believes it will be able to fully use these NOLs. This claim seems valid: if the $1.6 billion in NOLs is "absorbed" at the rate of $111 million per year, the NOL balance will be fully exhausted in just over 14 years.

It is possible that the amount of NOLs subject to this limitation may increase. That will be the case if E*Trade has, at the time of the ownership change, "net unrealized built-in losses" (NUBILs), and those losses are recognized during the five-year period beginning on the date of the ownership change. These recognized built-in losses (RBILs) are treated as if they were pre-change losses with the result that the amount to be absorbed, at the rate of $111 million per year, will be increased.

Chemtura - Letter Response to Equity Committee Requests

Kurlanzik, Stefanie" <skurlanzik@akingump.com>

I received this e-mail

Susan,

Attached please find the Committee's response to the requests for the appointment of an equity committee.

Thank you.

Stefanie L. Kurlanzik
Akin Gump Strauss Hauer & Feld LLP
One Bryant Park
New York, NY 10036
212-872-7425 - direct
212-872-1002 - fax
skurlanzik@akingump.com

I think that this was another hired gun trying to finish up a committment prior to Thanksgiving. Unless the Honorable Judge Gerber feels that the logic in this letter is valid, pertinent and germaine to the SPECIFIC issue of recognition of the EC, as well as the actual indebteness of Chemtura, this turkey will not fly. My own personal feeling is that if the Honorable Judge Gerber wants to show that if an honest and sincere effort is being made to resist Chapter 11 as the only way out of bankruptcy, we have a chance; If not we do not. IMHO ONLY

I am only seeing 2,974 shares trade.... Huh? Explanation anyone?

I think the judge will either
1. Delay any decision for against s longs
2. Do the "Wisdom of Solomon" play and come up with a figure that splits the baby (back up to $.90 or so)
3. Who the hell knows?

Any other Solomons out there with additonal possibilities.

This is making my BVD's painfully tight...

What is the type of positive news you expect, and is there a schedule of dates associated with the 'good news'? I have been in and out of Chemtura for a few years. It seems to me that we have an orchestrated take down on the price by the day traders. The Chinese call it "The death of a thousand cuts". Are we dead, but do not know it? (All thoughts on this would be greatly appreciated by my shrink :>))

I have trouble sticking along with this stock. "Hang tough" is what I am hearing, yet the stock keeps dropping. The chinese call it "The death of a thousand cuts". Please give me something to back up the exuberance as well as a future dates that are of significance.

Helpless but hopeful....

What effect will this have on ETFC?

On Thursday, Congress sent a bill to the White House containing enhanced net operating loss (NOL) carryback opportunities for most companies. The bill contains a provision extending the NOL carryback period from two years to five years for losses incurred in 2008 or 2009. President Obama is expected to sign the bill on Friday which would result in the immediate filing for refunds by many companies.
Analysis
On Thursday, the Senate and House agreed to a bill containing expanded NOL carryback provisions. The bill, The Worker, Homeownership, and Business Assistance Act of 2009, is expected to be signed by the President on Friday.

The legislation provides for a five year carryback period (previously two years) for losses incurred in 2008 or 2009, but not both. The provision will allow companies that we're previously limited as to their carrybacks to tap into earnings going as far back as 2003 and thereafter; very profitable years for many companies (e.g., homebuilders, etc.). The election is not available for companies that received TARP assistance. Most companies have already filed their 2008 tax returns and will have the opportunity to file refund claims almost immediately.

Under the two year carryback provision, many companies eligible carryback losses exceeded their taxable income in the two preceding carryback years; as a result, the excess losses provided no immediate tax benefit and had to be carried forward instead. Furthermore, for financial reporting purposes, the provision will allow many companies to immediately recognize previously deferred NOL tax benefits in 2009 earnings, thus providing both a cash flow and EPS benefit. Under the two year carryback provision, many companies were required to record a valuation allowance (i.e., a reserve) against the NOL deferred tax asset.

Form 10-Q for E TRADE FINANCIAL CORP

http://biz.yahoo.com/e/091104/etfc10-q.html

This looks real good to me. My other personal observation is that they have not announced a new top dog because they are leaving it up to the new owners. Does anyone else have a more plausible explanation?

All I own is 20k, but I'm all in!

Big time Jewish holiday today. Lots off traders are off.

Banks and U.S. Trustee object to Chemtura fees
Bloomberg News
Updated: 09/25/2009 09:49:03 PM EDT

The U.S. Trustee in New York flyspecked the applications for payments of fees to the professionals in the reorganization of Middlebury-based Chemtura Corp., a specialty-chemical manufacturer that filed for reorganization in March.

From the beginning of the case through the end of June, the professionals for the company and the creditors are asking approval of $14.4 million in fees plus another $455,000 in expenses.

Combing through the time records, the bankruptcy watchdog for the Justice Department is recommending about 4 percent cuts for the main counsel for Chemtura and the company's special litigation lawyers. The two firms together are looking for about $5.3 million.

The potentially more painful objection comes from the agent for the secured lenders in their opposition to the fee application by Akin Gump Strauss Hauer & Feld LLP, the lawyers for the creditors'

committee.

Under arrangements for the use of cash, the committee was limited to spending no more than $200,000 in disputing the banks' claims. Chemtura's lenders said in their court filing that Akin Gump and the committee's financial advisers together may have spent more than $1 million attacking the bank claims.

The lenders want no more than the allotted $200,000 paid for the fight against them.

In July, the creditors' committee sued the secured lenders, contending security interests given within three months of bankruptcy on inventory and other assets


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were preferences that can be set aside. The committee said it believes $6 million cash also should be returned as a preference.

The financing for Chemtura's reorganization consists of a $250 million term loan, a $63.5 million revolving credit, and $86.5 million of pre-bankruptcy debt converted into a post-bankruptcy secured loan. If the suit is successful, the $86.5 million should be restored to pre-bankruptcy debt, the committee said.

In addition, the committee has a theory that the banks' collateral only covers a $46.1 million loan, not loans that total $139.2 million in the aggregate.

The company's lawyers are Kirkland & Ellis LLP and O'Melveny & Myers LLP.

The Chapter 11 petition by Chemtura listed assets of $3.06 billion against debt totaling $2.6 billion, including $1.02 billion owing on three issues of notes and debentures. Sales in 2008 were $3.5 billion. The subsidiaries outside of the U.S. didn't file.

The case is Chemtura Corp., 09-11233, U.S. Bankruptcy Court, Southern District New York (Manhattan).

It's Labor Day weekend. Look at the volume. As I posted on Yahoo, there will be plenty of "Milanta Moments" coming up. Enjoy the break!

I think that any buyer of EFTC will wait to see the outcome of the ETFC TARP application that is still under review. If the monies are approved, we are in for a potentially huge gain. This may possibly tie in with the Citadel cancellation of sale of stock. Just a guess...

This is awesome! If I were someone who is considering all or part of Chemtura, Yhe October date is a key milesone. Look for a big run up prior to that date. If the MOR's continue to be good and the global economy upticks, this could well be $1.00 - $1.50 by end of calendar 2009. IMHO

If the play on Chemtura was like a game of Texas Hold Em, I would say that everyone is waiting to see the flop. Look at the low volume as well as the bid/ask. No buyers; no sellers.. IMHO

TheWeen

Conference call at 9:00 Weds.

The IR dept. 2 e-trade said this is a "normal course of business" meeting.

I could not open the PDF proxy statement in the link. Could some one please open and post?

TheWeen

https://investor.etrade.com/conferencecall.cfm?EventID=70894

For what it is worth, I hve attached the response that I got from the House Committee on Financial Services at 2129 Rayburn House Office Building.

"Treasury pointed me to the institution’s primary regulator, which serves as the initial decision-maker regarding applications for TARP funding. Since ETrade’s bank is a federally-chartered thrift, that regulator is the Office of Thrift Supervision. I contacted OTS who would said only that the application is currently “pending,” and since no final determination has been made, they can provide no further information on the application at this time."

House Committee on Financial Services
2129 Rayburn House Office Building

http://www.financialstability.gov/impact/transactions.htm

I still am of the belief that no company would spend as much dough on IP and International patent law firms if something was not brewing! It is just way too much money for 'normal course of business activities". When you buy a house, it is always a smart thing to make sure that you will own the land that it was built on...

Please share your thoughts.