is running around in circles, rubbing his hands, and giggling
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That would only make sense if they had a "secret deal" with bond holders promising them a certain number of shares during a debt-to-equity swap.
All I know is that some people on this board sure deserve a whole case of it (or many cases...), so they can sip it for eternity. You have to admit, this EC filing was a pretty nice thought I had a few days ago, but these guys are actually working it out and making it reality. WOW.
A case of blue for each of them.
THANK YOU WS - this filing as it is is really, really impressive. I am curious the see the court's response to this.
It's a bomb.
My info is on it's way. This is so exciting.
Thank you guys for doing this. We all owe you.
My letters went out this morning. Looking forward to seeing the results of our actions.
WS and Jax, I just want you guys to know that I (and I believe everyone on this board does as well) REALLY appreciate your hard work and initiative. THANK YOU GUYS!!!
That's pretty amazing. So, all of the IHUB investors combined are the largest shareholder group. This should stand for something...
This would also explain why Peltz would have an interest to keep the share price as low as possible until the debt-to-equity price is being fixed. That would mean more shares for him. After that he would drive the price up.
Then why not keep the $90 million anyways? If he is in that position he could push for the commons to stay intact AND get a boatload of new shares for the bonds. In my opinion, point (1) in that list doesn't make a lot of financial sense.
We are already doing everything at our disposal. We are sending letters requesting an EC. Once an EC is established, it is the EC's role to voice our opinions.
My letters are in envelopes, stamped and ready to go out on Monday morning.
Again, unfortunately, the SEC will not get involved in this process. I don't know where the author of that article about EC's got the information that they would...
That was quick...
A guy from the SEC left me a voice mail saying that recommendations or support for the establishment of equity committees is NOT something the SEC does. So, it doesn't look like there will be any help on that side.
Great letter!
I just put mine together, which is very close to madclown's letter sent in June, with updated numbers etc. I think I'll just have my wife check it for error (I always do that) and mail it off on Monday to Judge Gerber with cc to Susan Golden.
Thank you for your inspiration. We all know that this is an important step for us. This all has been done by several board members back in June but that attempt has not led to any definitive results yet. Let's cross our fingers that this new wave of requests will show the court and the US Trustee's office that there really is a demand and will eventually lead to the official appointment of an EC.
That's what I am thinking. The bulk already happened in 2008 and a little more earlier this year. I think they are mostly done writing off when can't be justified during chapter 11.
All the more important it is that we get an official equity committee set up and functional. This is the only way for us to call loud enough from the bottom, so the judge can hear us.
Actually, there is another point in that order:
0.5. IRS, Mechanics Liens
positive
Of course he is going to say that. He wants to make sure that his clients are getting their share, so he is proposing that everybody in the food chain below his clients be sacrificed.
This is where the equity committee would come in to protect the rights of the shareholders and defend what's ours.
Well, I haven't been able to find anything on the internet, so I went to the SEC website and sent them this very question via a contact form. Unfortunately, the automated response was that I will receive an answer within "a few days". I'll keep looking.
I was just thinking the same. How could we involve the SEC and gain their support? It sure would make our case stronger.
I just saw that the 2016 bonds are @ $106.00. WOWSERS!!!
Great! Thank you jax. Does anybody know who the correct person at the US Trustee's office is? There are 2 names floating around, Diana G. Adams and Susan Golden. Sending it to the wrong person looks so unprofessional.
I'll spend some time this weekend to write the letter.
Oh my, this is what happens when I don't watch this stock every minute. I just got up and have to notice that the MM's have been really busy driving down the price.
Here is a listing of insider transaction of Trian:
http://www.secform4.com/insider-trading/1345471.htm
(I have no idea how (in)complete this is...
I sure would like to be the mouse in Chemtura's board room during their board meetings. I am just thinking of this writing up the minutes of the board meeting for the company I am working for.
No priority - still the same shares.
It is an interesting thought though and I hope you are on to something. "Good thinking" as Dora the Explorer would say...
Would be nice though. I'll settle for 1/10th of that.
Level 2:
Saw that too. Thank you to the mods for deleting the message as fast as they did.
Hey rakete, beachte bitte deinen Ton.
It looks like the MM's are more than willing to let it go higher. Every time there are some buys at the ask, the MM's raise the ask prices.
My take on this is that we have no factual evidence for a move in any particular direction. It is pure speculation in all directions at the moment, be it the dealing with the debt by Chemtura management or be it whether or not the shares may get cancelled. All we have been doing over the last few months is collecting clues and trying to form likely scenarios for Chemtura's future. So, I wouldn't really call the situation good or bad. We simply don't know. To set one on top of that, we also don't know if the Chemtura management has any answers to that.
Anyway, until we hear something official, any form of factual statement from either the Chemtura management or the BK court, we will remain in the uncertainty we are currently in. The POR should definitely bring some of the answers.
Thank you Sklauble. I know exactly what you are talking about, and I have my number picked, which is far, far away from where we are now, and I WILL hold until we get there.
It's just no fun to watch those pullbacks over and over again.
I am really curious what will happen when we cross the $1 line the next time. I will probably stare at my screen expecting someone to start selling 30 minutes after that happens and watching the price drop into the .80's again. I sincerely hope I am wrong...
Why are we going down today? I was hoping for a good day...
I appreciate your post and I actually believe that you did not mean any harm to anyone. Lesson learned...for you, for me, and I am sure for a lot of people on this board.
Again, thank you for your hard work and good luck to you and your family!
Yes, posted a couple of times before.
It looks like the decrease in liabilities in 2008 is mostly due to a write off of intangible assets (e.g. goodwill, patents). So, perhaps what's left is a more reasonable number and will hold up in audits.