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Short interest is always a nebulous thing and I wonder how strict the reporting standards are for the pink sheets. That said, someone posted that short interest went way down into the downtrade recently. You'd kind of have to be off your rocker getting short down here with a pretty credible floor at .30 area. Observably someone or multiple someones have been accumulating down here. This story has alot of other chapters
On the Chemtura Alliance Issue. Is there value is recalibrating where all the shares are? If any of the original pillars of the Alliance for CEMJQ are reading, can you advise us on this?
I found it. How would such a list be updated? does anyone know?
forgive my question. What is the Chemtura Alliance?
your enthusiam and hard work are appreciated. Your students are lucky
Big ones, you are a riot. Your analysis is very insightful and sound. I have seen a lot of folks looking for answers as to the position of the big hedges. I believe they are still very involved and may be just about as shocked as Gerber's decision as many of us are.
As I said previously I hve asked 2 friends that are attys in nyc and have expereince in matters such as this about the pre/post share issue. They think this language is deliberately misleading and may be the reason why our atty didnt even reference it (why give Gerber some reason to think he is making a concession to equity where one doesnt exist)
Listen its really dissapointing that the ruling didnt come our way on Monday. We would have been looking at north of .80 cent bid price and there would have been alot of enthusiasm on this board. But lets keep in mind why we bought this stock. SOme of us (not me) found this thing in the pennies, god bless them. Others were later to the party. But we bought this company because it has a good business model and was/is trading at a discount to where we think it will ultimately be. The upside prospects may be not as bright, but there is still upside.
your cemjq comrade, WR
that is absolutely incorrect
I think its dead money for a while now. We are floored by the debtors POR . I Bought some @.36. The motion for exclusivity is a total bummer as we all know but even under the debtors POR there is upside from here. The onus is now on gErber to challenge all the various valuations within their POR. FOr instance the pension, and a bunch of the claims are highly disputable. Our atty and the large institutional holders of equity both inside and outside of the EC are not done yet either.
Maybe its irrelevant but does anyone know if the reason that the EC Por wasnt more robust was due to the difficulty to get a true legal financial commitment related to outstanding claims against the company? In this sense was the UBS letter the closest they could get as a consequence?
Lastly, I did find out that "accredited" investors are able to dial into the courtroom.
Thanks to those who went to the court, If I were able I would have done the same. It must have been a tough thing to post that day for sure.
From susbstantial equity holders, thats the most I feel that I can say without compromising anyone. I live in fairfield county ct...
I stand corrected. Friends who are close to the situation have indicated that the exclusivity is not simply a binary event. It is possible (less probable) that gerber could delay ruling on this motion to force equity and debt to come to terms, in my mind that can only be accomplished at higher prices.
Im also getting that RIgerson and co are slowly changing their tune to some of the big equity stake holders. If the EC wins on their POR, management incentives decline significantly and theres a good shot they send Rogerson packing.
Theres a very valid reason the stock is above the debtor valuation and a good case that we are a good deal higher soon.
carpe diem
I think it is hoped that Gerber will end exclusivity. Thats what all the people on this board are banking on. If Gerber does not end exclusivity it would not fare well for the equity valuation. Why have Rogerson and the debtor groups attempted to deny equity? Its fairly straight forward. The opportunity was there. The good news is as everyone keeps referencing on this board, you have an amazing equity committee with some real power house funds involved and arguably the best attys in the business on our team. I think the prospects of Gerber ending exclusivity are extremely high .
Getting past the exclusivity issue should put a higher floor on the price of our stock, Im somewhat surprized we arent higher already, I base that on the EC PoR valuation and on the knowledge that there are some funds that remain committed to higher prices and for a fact I know that they have increased their holdings significantly in the last week or so.
The 2 funds on the EC are serious people, Vicrtor Kosla is a serious player in the distressed world/ I like having the same position on as he does, his location in the stock is above here.
The hardest part of being long this stock is going to be behind you in the next couple of days, I like our chances
I wouldnt give it another thought. Anytime you have a question you should launch away. here are as you correctly point out some truly kind and intelligent people on this board (funny thing is they tend to go hand in hand) and of course there are some self important people. enough said
Well said Mr Power, I also agree that W.S. while not presenting a favorable response has been honest and has supported his case. If you disagree with him, at very least his posts should have propelled you to re examine the case. That he is still here posting means that !) he is till likely long 2) cared enough to try to help others
Hey folks, after reading the last two days of posts, I felt compelled to write the following. We have been delivered a deal by the Robertson etal POR which has fallen sharply below any of our worst expectations. The frustration being vented on this board is certainly understandable BUT is devoid of the class, mutual respect that had graced this posting board which I had actually looked forward to reading everyday, it has enhanced the investment experience because of the camaraderie and the extremely insightful informative posts it has rendered. I urge all to try to remember this in future posts.
As we are all aware the current POR provides what appears to be a floor around .30 cents, Lets presume thats the worst case scenario given the available information. So perhaps we look at this investment now as an out of the money call option. No options are free so a premium to the floor is appropriate. I dunno why but my instincts tell me we will be better off than we are now. Markets always feel horrible in bottoms and exhuberant at tops. Be kind to each other...Surfs up
Just saw this, apologies if old news.
Chemtura Corp. (CEMJQ) has struck a deal to sell its stake in a Dutch joint venture that will pay the chemical company $5 million and allow it to unload $14.25 million in environmental and pension liabilities.
In papers filed Wednesday with the U.S. Bankruptcy Court in Wilmington, Del., Chemtura said the deal will allow it divest a petroleum-additive business that contributes little to its bottom line but exposes it to potentially expensive obligations.
The sale to Sonneborn B.V. will enable Chemtura to ...
(I got cut off by WSJ on the balance not being a subsriber
Those charts look kind of like one of those crazy avatar birds, very colorful and at first they want to kill you :)
What is likely to be the next information byte? Anyone have any idea out there?
great job clarifyig
Just bout every other service closed the stock at .70 fyi
One thing I found interesting was that council representing CEM for the claims did say the planned reorg was for June 17th. I dont know if the article I sent was dated but the implication is that the POR could still be on schedule. This will be the longest 48 hours of 2010.
) -- Chemtura Corp., the bankrupt
plastic-additives maker, expects to complete negotiations with
most federal and state regulators over costs to clean up
pollution by mid-July, a lawyer for the company said.
“We think we can have an agreement in principle with the
majority of parties in the next 30 days,” Chemtura lawyer Brian
Stansbury told U.S. District Judge Richard Berman in Manhattan
today.
The company, based in Middlebury, Connecticut, already has
a preliminary agreement with some agencies fighting for about $2
billion in cleanup costs, Stansbury said. Chemtura will file a
reorganization plan by June 17 that will clarify the company’s
progress in the talks, he said.
Maureen Leary, a lawyer for New York state’s Environmental
Protection Bureau, said New York and New Jersey aren’t close to
an agreement with Chemtura, and there is “no substantial
likelihood” that they will settle within 30 days.
“We’re not hearing what we need to hear on the other side,
and we haven’t heard it for 10 months,” she said. “There’s a
huge chasm between the two sides.”
Chemtura, which filed for bankruptcy protection in March
2009, sued the U.S. and several states, claiming it should be
able to cancel some environmental claims because of its
bankruptcy. The U.S. won its bid to have the case moved to
district court from bankruptcy court.
Gowanus Canal
As many as 197 sites may be involved, the U.S. said in
court papers. The Environmental Protection Agency is seeking
about $2 billion in cleanup costs for at least 19 sites where i
claims Chemtura is partly responsible. The largest estimated
cost, $1 billion, is for a cleanup of the Gowanus Canal in
Brooklyn, New York.
Chemtura’s complaint, filed as part of its reorganization
in U.S. Bankruptcy Court in Manhattan, sought a declaration by
U.S. Bankruptcy Judge Robert Gerber that all environmental
claims against sites owned by affiliates or their corporate
If debt gets made whole...we are next
Local, this is really good research. Where were you able to find this holders data? Are there resources for finding updated and reliable institutional equity holdings? Thanks to others with insightful posts
Hi folks, what a ride. I have done some serious digging and can offer some fragments about what may be going on. Firstly, there are definitely new shorts in the stock. If you have given permission for your stock to be lent, call your broker and rescind..asap.
Yesterday there was an important equity filing to be made which was extended to today but has been filed.
Some time last week or early this week there was a piece written form the perspective of debt holders which attempted to put a valuation on the stock at or around $1.50. The article which I have not found yet had little if any input from the equity stakeholders but it gave some short sellers a lean to let some go.
I read on this board that the ceo plans to pay himself 2.5mm? are you freaking kidding me? He works for us (supposedly) and yet as I posed the question yesterday, I am not completely comfortable that his interests are aligned with ours.
As I mentioned, I only have fragments, there are alot of really smart folks in this play who probably can elaborate on these points.
Lastly, there are some serious guns in the E.C. guys who have VERY big stakes. I just lifted 10k at .93
There is actually quite alot of tax generated selling supposedly going on in this quarter. Taxes aint gonna be lower next year. Did anyone read about Eddie Lampert? Thanks to those who offered explanation to my quiry earlier. Im a relative neophyte to the board and unfortunately not one of the legacy 2009 holders. My instinct is that someone got hit with margin calls and had to take down a variety of positions. The negative beta today was particularly unnerving, for me at least. Thanks to all with such important knowledge
Im just new to the board and appreciate all of the encouragement and the updates that I have had the benefit to read. Can anyone enlighten me as to what protection we equity holders have against 1) bondholders who would like to see the equity at the lows particularly if they agree to a debt to equity swap or 2)management incentive to mark q shares as low as possible?