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I agree, and we should add Lazard to the list. Additionally it needs to be made personal towards the unprofessionalism of the individuals involved, and clearly showing why they should never be trusted in dealing with anyone else's money. They should be tarred & feathered to the extent that they are shunned for the rest of their days.
Thanks again to our EC representatives who valiantly tried to represent us, and to MC and Jax. MC, contratulations to you on 10 years. Make sure she always knows that she is special. I hope that wonderful things come for you and your family.
As the romans said:
"Asinus asinum fricat, corruptisima re publica plurimae leges."
I am very disappointed in this. This administration of our laws has not served justice, just the selfish interests of the few.
The trades that brought this down yesterday were not big ones. The two big blocks that traded yesterday and today had no influence on the price.
The action that is going on is a result of head games by those who want cheap shares.
I am glad this is taking some time, I think it helps to reveal the truth on valuation, and so we shouldn't let this wear on us. I am very busy at work now, and am making some good coin in some other stocks like MDCG for example, knowing that in due time, enough facts will become clear that Gerber will confidently and fairly rule on the valuation issue.
$500 million dollars makes a a lumpy floor when it is swept under the rug and in due time, that rug get lifted to see really what is under it. We all know enough about the markets and CEMJQ's business model to beleive that lumpy rug isn't caused by a bad foundation but it may take a little time to prove it. I have seen quotations by Natasha in the news that Skadden had 100+ Lawyers working on the valuation question. That's almost enough to screw in a lightbulb, and maybe even enough to lift that rug
This thing looks like it's gonna run like a scalded dog. It just touched to top bollinger band on the chart I use to pick entry points. It did this on moderate volume, so as volume momentum picks up, it should runnnnnn really good.
I just wish I had bought more back when it was consolidating around .004. I'm surprised claytrader hasn't done a chart on this yet.
Skalube, thanks for getting me to look at this one! If you come to Houston, look me up. I owe you a bottle of JWB for this one!
Pure unjustified evil.
So you can buy? Please just go away, I haven't seen you post anything useful in a very long time.
http://www.kccllc.net/documents/0911233/0911233101019000000000018.pdf
Hogs that do things like described in that document should be slaughtered. I hope Gerber does just that.
This just summarizes old news, and was baked in the pie at $0.52 IMHO. Todays price action is low volume and probably meaningless.
What we should actually be afraid of at this point is fear more than anything.
If I recall correctly, the environmental reserve started at about $150 million, now it is at $38 million for everything. These have been settled at pennies on the dollar, though it is arguable that they didn't need to be settled. Per share, the current environmental reserve is at a cost of about 15.6 cents per share. The best news is for the shareholders in the new company, but for current shareholders it's not the terrible news we used to see this as when the reserve was much bigger. This should mean that the new company stock trades at a higher multiple of earnings than the old one did or competitor stocks that still carry those liabilities.
That one has had a strong run the last 16 months, it looks great! I'll watch it, not clear if it's an entry point or not for me. Will watch to see which way it breaks.
I do too. It gapped up back in the 11's, so I'm hoping it will fill the gap, and my buy order. I appreciate your info on MDGC too, Skalube brought me over from the CEMJQ board, and I slowly build a position of 5 million shares. It has been rewarding so far, and I am looking to learn more about that company and technology as I continue to follow it.
Share Statistics
Avg Vol (3 month)3: 2,146,080
Avg Vol (10 day)3: 750,222
Shares Outstanding5: 242.94M
Float: 220.52M
% Held by Insiders6: 9.17%
% Held by Institutions6: 10.30%
Shares Short 3: N/A
Short Ratio 3: N/A
Short % of Float 3: N/A
Shares Short (prior month)3: N/A
243 million if memory serves correctly.
Extract from KLCC court docs.
Revised Order is being presented to
correct an inadvertent omission from the Order Establishing a Distribution Reserve Amount with
Respect to Class 11 Environmental Claims in Connection with Confirmation of the Joint Chapter
11 Plan of Chemtura Corporation, et al., dated September 24, 2010 [Dkt. No. 4113] (the
“Original Order”). Specifically, the Revised Order increases the Environmental Reserve by
$500,000 on account of an agreement in principle that was reached by the Debtors, the New
Jersey Department of Environmental Protection and Highview Properties-One, L.L.C. with
respect to the East Brunswick Site after the filing of the Motion but was not reflected in the
Original Order. The agreement in principle has been discussed with the Debtors’ statutory
committees of creditors and equity security holders. The Revised Order does not contain any
other changes.
PLEASE TAKE FURTHER NOTICE that any responses or objections to entry of the
Revised Order must be in writing, shall conform to the Federal Rules of Bankruptcy Procedure
(the “Bankruptcy Rules”) and the Local Rules of the Bankruptcy Court (the “Local
Bankruptcy Rules”), and shall be filed with the Bankruptcy Court electronically by registered
users of the Bankruptcy Court’s case filing system
That's a charge of $0.016 per share and is old news. Volume likely to stay low until Gerber speaks. Still good suppt on the ask.
Yeah baby! Somebody spanked it in the ask today!
high volume is more than 5million shares. this has traded 1-2 million per day historically as an average, and only recently has slowed to a few hundred thou per day. This increased volume is a good thing as it shows liquidity.
Are you sure?
Well then here's some more!
That's why I just bought another 600000 shares! Been buying for a while now. Thanks for filling my order and now I've slapped the ask to double down for today. No offense intended. Time to rock!
Yeah and it's Friday!
I think that this could also mean there will be no KEIP for Rog and his gang too. Too bad we don't have a fair POR so we could exit BK with all stakeholders interests considered and protected.
short interest had been closer to 350,000 or more for most of the last year, and had gone down to this low figure when the hearings began. It would be crazy to short this now.
It's not unlike what the credit card companies try to do to consumers, lure them in and then jack up the interest rates-except this is worse because it is secured and senior debt, risk protected AND is benefitted at the cost of securities holders who DO take the risk.
Sweetheart deals like that should be illegal just like armed robbery which is also a sweetheart deal if you get away with it. There just isn't a free ride in life, and when they happen, it is at someone's expense and there is usually a backlash of some sort down the road that proves that it just wasn't worth it.
That would be a fair and good outcome, not rewarding userous financial institutions with unreasonable returns, but paying what they are due while preserving the equity of thousands of small investors who placed their trust in chemtura's managment. This would also show this is a country where the ethical rule of law, rather than skill in manipulative drama matters.
The other great thing about that outcome is that it should make it finally and abundantly clear to management that they cannot escape accountability.
Correction: That was no form letter from the Senator. I had only glanced at it breifly. It was a dictated letter signed by the Senator, quoting from the reply:
"As you know, a variety of issues will be considered during the 111th Congress, and it is important that I am kept aware of the concerns of Texans. I welcome the input of citizens who take their civic responsibilities seriously, and you may be certain that I will keep your views in mind as these matters are discussed in committee and on the floor of the Senate.
It is a previledge to represent you in the United States Senate. Thank for taking the time to contact me."
Perhaps the case has some congressional interest within the context of economic policy, securities regulations, and legislation concerning corporate bankruptcy laws. I really appreciate his reply, it shows a sincere and serious interest in representing his constituency.
I hope he does too. His decision will have a huge impact on a lot of people. I really think he takes that seriously, and is a good Judge.
Just got my mail and I had a reply (form letter) from Senator John Cornyn thanking me for making him aware of issues that affect us. Interestingly, that letter had been torn open and read by someone before me (it requires a key to get my mail).
I got the return recept stamped by the court and signed by Gerber, so perhaps he read it. My purpose was to get him to think about some questions, so perhaps it accomplished that. I think if it had arrived before Sept 9, it might have been posted. The ones I haven't seen any response from are the ones I sent to my members of congress...and I hope they are looking at what is happening in these bankruptcy cases.
Todays news was an agreed settlement of the EPA claims for $3.9 million, so that is certainly not the reason as the cost of that is only $.016 per share, and there will be big post bk benefit for clearing the superfund liability of the Gowanus canal.
http://www.businessweek.com/news/2010-09-30/chemtura-will-pay-3-9-million-to-clean-toxic-site.html
A 1.6 cent item and we moved down almost 6 cents on low volume. probably wont move below the low 40's before heading up again unless something fundamental changes, if it goes down there it's a buying opportunity IMHO.
It's not.
Time & Sales
Price Size Exch Time
z 0.497 50000 OTO 16:04:29
0.0497 0 OTO 16:04:29
t 0.50 200000 OTO 16:03:19
0.50 300000 OTO 15:59:38
0.50 100000 OTO 15:59:36
0.50 8000 OTO 15:57:40
0.50 300000 OTO 15:56:10
0.50 160000 OTO 15:55:09
0.50 10000 OTO 15:53:22
0.50 2000 OTO 15:53:06
0.50 5000 OTO 15:52:47
0.50 5000 OTO 15:52:40
0.50 400000 OTO 15:50:30
0.50 100000 OTO 15:48:44
0.50 50000 OTO 15:46:39
0.50 25000 OTO 15:44:54
0.50 1000 OTO 15:44:16
0.50 1000 OTO 15:44:14
0.50 2940 OTO 15:43:27
0.50 100000 OTO 15:39:06
0.50 444 OTO 15:37:06
0.50 5000 OTO 15:34:49
0.50 7000 OTO 15:33:42
0.50 2000 OTO 15:15:35
0.50 500 OTO 15:08:24
0.50 372 OTO 14:49:50
0.50 99838 OTO 14:48:55
0.50 222162 OTO 14:48:50
0.49 0 OTO 14:48:39
0.50 0 OTO 14:48:31
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I see in the court docs more hearings scheduled for october 25. Looks like some of it is about objections to debtors memorandum of law. It appears that Interlachen has brought in their own legal representation too.
This Opera may have some more dramatic acts to play out before they goose the fat lady to sing. Perhaps the equity arguments may begin to get the big MO, and perhaps there's a powerful Cram-Up brewing to oppose K&E's Cram-Down.
Purely speculation on my part in these statements, but until then it looks like I'll be protectively holding my carrot tightly with both hands :)
strategic alternatives?
http://investorshub.advfn.com/boards/board.aspx?board_id=4556
Docs destroyed SVP's and Canyon's credibility and they won't get the time of day from the Judge-you can't expect some sort of special treatment unless you are bringing some cash, great financing deal that is locked in, or something meaningful to the table besides just a stake IMHO-he won't waste time with someone just because they are legends in their own minds.
Unless there is some really great POR, and they can somehow get it looked at (a major challenge after all of that), I don't think there is much chance of it. If I were the judge, I would seek advice from an objective and disinterested source, and from that I think we will benefit if he does. SVP and Canyon will too, but not disproportionately.
CEMJQ's argument about it being a cyclical business is true and will also have to be looked at, but in light of macro trends, I think it can become less significant.
Bondholders are investors too. The bondholders in bankruptcy are a different group bent on abuse of the bankrupcy process and care nothing about the long term health of the enterprise, different type of investor than the original bondholders, and I think that may be what lifland is talking about.
This is largely the case with Chemtura, I think.
I am sure Judge Gerber will do his best to serve the interests of all stakeholders and if it isn't clear to him from the arguments made by the attorneys in the case, he still has options. As WS said, the valuations used by Lazard are a joke, imagine using comps for your house appriasal that were years old or in some third-world country. This isn't the first time there has been a valuation fight in bankruptcy.
http://www.bloomberg.com/news/2010-09-20/bankruptcy-turnarounds-menaced-by-investor-valuation-fights-lifland-says.html
Old Adage, "Buy on the rumor, sell on the news" at work.
It's low volume, and I'm adding at the right price
Hope we see bid prices to match.
I wouldn't be so sure of that. Rights are rights. If they issued them, you can exercise them I think.
My account shows I have CHMRT, and I beleive the new company will have the symbol CHM. These are rights to purchase the new company stock, if I am not mistaken, and this despite the fact we voted against the POR. Not sure what this means yet. There was a shelf registration for more shares of CEMJQ so I guess that will be issued, and then CEMJQ gets converted to CHM, of course this is nothing but speculation on my part, it remains to be seen what has been the result of all that has transpired in court. I am sure there must be someone more knowledgable than I am on all of this. If something isn't posted in the court docs, then a call to skadden may be in order. Your broker might also be able to explain it if you ask.