It appears that they are not releasing the "Declaration of status as substantial sharholders" required to be filed with court by all 5% owners for posting on the court documents. We now know that as June 30, 2009 that ICC Capital Management still owns 22 million shares. I guess we will find out over the next couple of weeks who the other 5 % owners are as they file with the SEC.

http://www.sec.gov/Archives/edgar/data/1002342/000108514609003049/icc2q09.txt

http://www.kccllc.net/documents/0911233/0911233090401000000000005.pdf

ICC just filed 13F for quarter ended june 30 2009

CHEMTURA CORP 21961432 shares of stock

http://www.sec.gov/Archives/edgar/data/1002342/000108514609003049/icc2q09.txt

all three bonds closed at post-BK highs.

2009 bonds 71
2016 bonds 81.5
2026 bonds 49


on 7/10/2009 the bond prices closed at

2009 bonds 56.75
2016 bonds 71.5
2026 bonds 33.625

In the eleven tradings days sice then the bonds are up

2009 bonds up 14.25 (25 %)
2016 bonds up 10 (14 %)
2026 bonds up 15.375 (46%)

what I noted was the plan to give stock options to new employees. If you give an option to an employee it has to be priced at the current market price. Giving out unpriced securities or back-dating the price will get the attention of the SEC. That leads me to believe that any options in a new employment agreement will have to be to the current stock

Educate yourself


http://chemturaresearch.blogspot.com/

Question, part of the plan would have granted stock options and stock grants to employees. Is it not true that you can only grant options or stock that is currently registered with the SEC? All options or stock grants I have seen have strike prices. Does that mean they have to be referring to the current stock?

all three bonds closed at post-BK highs.

2009 bonds $65.5 up $3.50
2016 bonds $78 up $1.5
2023 bonds $42.5 up $1.5



http://cxa.marketwatch.com/finra/BondCenter/QuickScreener.aspx?ShowResult=true&BondType=Corporate&Symbol=cemjq&YieldMin=&YieldMax=&CouponMin=&CouponMax=&MaturityMin=&MaturityMax=

Bonds are at post -BK highs


2009 bonds $62
2016 bonds $76.5 up $0.5
2023 bonds $41 up $2

http://cxa.marketwatch.com/finra/BondCenter/QuickScreener.aspx?ShowResult=true&BondType=Corporate&Symbol=cemjq&YieldMin=&YieldMax=&CouponMin=&CouponMax=&MaturityMin=&MaturityMax=

All the bonds when up yesterday

2009 bonds $62 up $12
2016 bonds $76 up $2
2023 bonds $39 up $2.5

http://cxa.marketwatch.com/finra/BondCenter/QuickScreener.aspx?ShowResult=true&BondType=Corporate&Symbol=cemjq&YieldMin=&YieldMax=&CouponMin=&CouponMax=&MaturityMin=&MaturityMax=

If you knew more about the history of the company, you would realize the potential of the assets if properly funded and managed. A buyout by a company with the money to spend on capital and people would yield great results. Ask the guys at the fluorine unit in eldo if life improved after they were purchased by DuPont. It is amazing how much money can be made when you have a good product line and a company to support it.

Chapter 7 is unlikely given the improvement shown in the MORs but forced asset sales are a possibility.

The best plan would be to sell the entire company to someone who has the money to pay off the bonds and exit BK. As to who has the upperhand chemtura or the bondholders, we will not know until we see a reorg plan. If the bondholders are not treated fairly, then there is a possibility of a "stalking horse auction"

True, BK is a great way to clean up your house. But you have to have a plan to exit and rogerson has yet to file one. The longer he takes the less confidence the markets will have in his leadership.

Based on book value, who owns the stock and their product lines the stock is greatly undervalued. The MOR has improved for three straight months, so why has the price not moved? Is it because rogerson is telling people that they do have to complete an asset sale to exit BK (he told the people in Eldo the same thing)? The big boys do not like the unknown and until rogerson tells them how he is going deal with the bonds the price will not go up much.

The bonds have to be dealt with. There are only three options, refinance, equity swap, or pay them off. With the credit market in turmoil, refinance is out. Equity swap is possible but unlilely to be favorable to shareholders. An asset sale should generate enough cash to pay the bonds off. I believe that if Chemtura does not include an asset sale in their reorg. plan, that the creditors will.

Wow that exactly what Woods said when he turned down $9 a share and look were we are now. They had a bid of more than 1 billion for an asset before BK but chose not to sell. Rogerson's only option is an asset sale to pay off the bonds.

Chemtura is in the shape it is due to "key" employees. You reward performance not the apperance of performance. You can be sure E.K would have fired the whole lot.

link to MOR

http://www.kccllc.net/documents/0911233/0911233090715000000000013.pdf

Whats your take on filing the "FEE Letter" under seal.

http://www.kccllc.net/documents/0911233/0911233090714000000000011.pdf

That Barclays sold is old news. It was reported on mffais.com on 5-14-09 that they had sold 15 millions share prior to March 15, 2009. All they have left now is 54801 shares. What you should be focused on is the groups that still hold CEMJQ (ICC, Heartland,Trian, Citi)

http://finance.aol.com/company/chemtura-corp/cemjq/nao/institutional-ownership

Hercules did not go BK. They completed an asset sale first. They sold Betz to DOW. Then he sold the rest of the company to Ashland.

http://www.delawaretoday.com/Delaware-Today/December-2008/Recalling-Hercules/index.php?cparticle=2&siarticle=1

After no action on the 2016 bonds for several days there were 9 trades over the last two days. All of them were dealer sells.

http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=07/08/2009&EndDate=07/10/2009&SelectionOption=2&TradeSize=&SortBy=0&ID=MTYzODkzQUE4

If Buffet wants anything from Chemtura it will be bromine. There is a lot of interest in developing battery technology to store power generated from renewable resources such as solar and wind power. Berkshire Hathaway (BRK.A) subsidiary MidAmerican Energy has plans to build a 2 megawatt storage facility using BYD batteries at an existing substation in Portland, Oregon, where it operates the local utility, Pacific Power. I haven't found out what the technology is. But from a DOE site lot of work on zinc bromide and sodium bromide batteries.



MidAmerican Energy, BYD Partner on Battery Storage Initiative
Posted on May 27, 2009
http://www.inveslogic.com/sectors/directory/china-stock-blog/1166441

http://everythingwarrenbuffett.blogspot.com/search?q=battery

http://www.eere.energy.gov/de/batteries_flow.html

Most funds dumped because CEM was delisted from S&P. What you want to pay attention to is who did not sell and who added. ICC added 7.9 million shares, Citigroup added 6 million shares. Trian and Apollo did not sell any shares.


http://moneycentral.msn.com/ownership?Symbol=CEMJQ

Another document to look at is #705 additional services to be provide by KMPG.

On page 3 they mention NUBIG/NUBIL (Restrictions on the use of NOL if change of ownership occurs)
http://www.kccllc.net/documents/0911233/0911233090702000000000009.pdf

Post–Ownership Change Treatment of Built-in Gains and Losses
http://www.nysscpa.org/cpajournal/2004/804/essentials/p44.htm

On page 7 they say they are close to extending the DIP agreement to 9-22-2010. They also say they are paying postpetition bills as they come due. Be interesting to see what objections are filed by the creditors?

Bonds closed at $59.562. The trade at $49.6 is mark with a "Y" (special trade). Glossary has a definition that labels it as an unusal trade that does not count in the days high or low.


http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=06/28/2009&EndDate=06/29/2009&SelectionOption=2&TradeSize=&SortBy=0&ID=MzkwNTY4QUEx

No they are no long due on the 15th, when Chemtura went BK all pre-petition debt including bonds were frozen.

What comes due July 15th?

On page 6 one of the reason they state in support of a delay is the amount of time require:

"Responding to various information and due dilgence requests from the statutory committe of unsecured creditors"

That sounds like the committee is requesting information on the historical offers to buy the company. It would explain why Chemtura is delaying the reorg. plan. If there was an offer to buy the company for $9/share and the committee had access to that information, then the committee would likely force changes to the reorg plan.

The 2009 bonds are up $8.75 over the last two days to a new post BK high of $60. A simular run up in bond prices occured before the last price spike to 0.48

Ask yourself what is so confidential that the judge would not allow a description of the document/motion to be posted?

Over on the yahoo board someone pointed out that document # 642 has not been posted on pacer or the kccllc site. Can they keep an entire document including its title confidential?

2009 bond up $5 and and 2016 up $3.625 Nice two day move.


http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?ID=MzkwNTY4QUEx



http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?ID=MTYzODkzQUE4

Why would they want to keep certain shareholder information private? Unless they don't want us to know who's purchasing large amount of the stock.

The 2016 bonds were up $1.25 and the 2009 bonds were up $3.75. That suggests the big boys are starting to spend money again.

2016 bond detail

http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=06/23/2009&EndDate=06/24/2009&SelectionOption=2&TradeSize=&SortBy=0&ID=MTYzODkzQUE4

2009 bond detail

http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=06/23/2009&EndDate=06/24/2009&SelectionOption=2&TradeSize=&SortBy=0&ID=MzkwNTY4QUEx

00106] HEARTLAND ADVISORS DISCLOSES 3.8% STAKE IN CHEMTURA
[00107] FMR LLC DISCLOSES 3.044% STAKE IN CHEMTURA

From CHEMTURA Bankruptcy News, Issue No. 5
May 11, 2009

http://media.einnews.com/article.php?pid=30899

CHEMTURA Bankruptcy News, Issue No. 4
http://media.einnews.com/article.php?nid=36473

CHEMTURA Bankruptcy News, Issue No. 6
June 1, 2009
http://media.einnews.com/article.php?pid=32805

It says you can get a free 7 day trial.

someone posted link on yahoo

http://i264.photobucket.com/albums/ii182/Sodbuster111/Gig/002.jpg

I believe I found the answer to why they dont buy from china. It looks like they convinced the goverment that the chinese were selling dichlor into the U.S. below cost.


http://hotdocs.usitc.gov/docs/pubs/701_731/pub3705.pdf

Why would biolabs buy Dichlor from Oxychem when it is cheaper from China?