Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Can only vote shares of record as of July 23, 2010. My 578000 voted to reject yesterday.
There might be another later vote if this POR does not fly, and then you might be right about that.
Heck, this would make great material for Glenn Beck and the various tea party oriented talk shows. In todays America, we have the sinister abuse and perversion of legislative intent by large financial interests to steal assets and control of corporations for ordinary, hard working citizens to no net benefit to anyone but those interests and to the detriment of the economy as a whole. Our government foments a financial crisis as a result of it's reckless financial policies, and then its agencies preside over the fleecing of america for the benefit of large financial interests, followed by the largest tax increase in the history of the United States (about 120 days from now).
Instead of our society being under the rule of law, it is apparently becoming one under the rule of powerful elitists who can slowly but inexorably twist and pervert our laws to the benefit of that interests without a care for the people our government is supposed to serve.
If you throw a frog in boiling water, he will jump out; but if you put him in cold water and heat it slowly, he can be boiled alive.
This is absolutely right and all of these points are excellent, I also think the SEC should be communicated with along with the additional points that:
In retrospect, Rogerson has made misleading statements about the bankruptcy, and I beleive has deliberately been deceptive about the offers he has received for assets using those statements as a distraction from his real agenda...which appears to be one of personal enrichment and control of the board. We need to beg, and to otherwise convice the Judge to not sustain the objections of Lazard, and to fully support the depositions and disclosures that Goffman is seeking as these can give real tangible factual information about valuation. We need to protest the lack of transparency in the Governance of Chemtura and the outright lack of regard to shareholders that has been in place since he came on the scene.
His statements about not being able to borrow money because of being a new CEO...where is the proof of that? He may very well be sitting on open offers even now. The fact that there have been dispositions is proof there have been offers, and so those need to be all disclosed and looked at in valuation. Have all of the board members been approved by shareholders? When was the last shareholder meeting? Has he done anything in his tenure as CEO which has served shareholder interests? If this procedure has been done in good faith, the disclosures and depositions will show that, and if not, it will show that too.
If it is proved that this bankruptcy has been conducted by management in a manner that is not in good faith to shareholders...and this sure smells like it, then there are grounds to make some big changes in this whole process to the benefit of shareholders.
In fact, if a suit could be filed in Federal District Court that suit could force the disclosures through a different venue even if the judge chose to ignore us. Additionally, if that suit were successful, an order from that superior court can order the bankruptcy court to take certain actions. I am not suggesting that this route should be taken, necessarily, but the knowledge of it can possibly create some levarage. The bankruptcy case of antelope technologies was recently ejected from the bankruptcy process recently in that same manner.
I definitely think the Trustee, the Judge, and the SEC need to hear a very loud public outcry. It is what got us an EC to begin with and now it is apparently necessary to allow the EC to do it's job. It wouldn't hurt to complain about it to your congressional respresentatives also. All of these thing bring attention to this case and the actions of the parties involved, including regulators and government agencies such as the SEC, bankruptcy court and the trustee-which are probably spresd thin and selectivly greasing the wheels that squeek with the resources they have. It is like anything else, if someone knows they are getting a lot of attention, then they will be more careful about their actions and statements.
Call your broker immediately and demand those paper ballots immediately, they have a responsibility to get them for you. This treatment of shareholders is an outrage. You know, there is something very crooked going on here. I sure hope Gerber supports Goffman's requests for disclosure and depositions. I think that there is a lot that this will turn up. This is clear even from the inconsistencies in the POR. Look at all of the M&A activity in this sector and tell me that Chemtura got no reasonable offers for some of the assets? NOT.
What if Rogerson is sitting on open offers right now that could prove the valuation is much higher than in the POR, or maybe even enough for instant exit from bankruptcy? Who's looking out for the shareholders? The SEC, Gerber, and the Bankruptcy Trustee need to hear from us citizens I think. We need to respectfully ask him not to sustain Lazard's objections, and to demand disclosure. He can do that in a way that protects confidentiality and there is no good reason for him to not examine the facts in this case, unless he is somehow part of a conspiracy to rip us all off.
There is a preparation for that. It shrinks them so they can't be so inflamed.
Your post is much appreciated.
Received my ballots in the mail today.
Yeah, they had to fess up on insurance coverage after Goffman filed for discovery. I suspect there will be more to come. The failure to communicate with class 13a holders about the POR vote should also figure it as bad faith or malice towards stockholders. It is in violation of the Judge's order and should be officially and undeniably documented to the court and the bk trustee IMHO.
Anger got the best of me and I should not have posted that, but Judge Gerber, the bankruptcy trustee, and the EC will get registered mail from me citing and quoting the judges order of August 5, and that it was not followed and that my rights have not been protected in good faith by the execution of this court order.
I will ask why my rights have not been represented and protected by this court, and if there is any further remedy available to me in this proceeding, or if I need to seek additional legal advice.
I personally wrote letters to the court and identified myself as a shareholder, I also supplied personal information on accounts and holdings to the shareholder alliance which got this damn
EC created, and I volunteered to serve on the EC! I don't have my stuff at home with me tonight or I would try to vote electronically now.
If I cannot, then I am writing a letter to the court and quoting to the judge that the orders recorded in the court document have not been followed, and I am going to ask the judge to personally tell me why.
That letter will be recorded in the court documents and available for as many ambulance chasers as I can find to sue every officer and director and law firm involved in this case on contingency.
yeah baby
The local yokels in your friendly local branch are almost worth what they are paid. You have to go up the food chain to get answers there.
highest trading volume since early '09 today. EOD trending up, buys outnumber sells. Glad I added this morning.
I use Scottrade, have received nothing in the mail regarding the several hundred thousand shares I control, but after persistent calling, got my info to vote via proxyvote.com from a registered broker at Scottrade. Have not yet attempted to vote, waiting to review "package".
Great grounds for bk reversal on appeal to fed district court and/or lawyers will probably line up to file additional suits on contingency basis if we are locked out of a vote IMHO.
Goffman was replying to e-mails at 1 am, obviously is working very hard and very skilled.
I picked up another 13K shares earlier.
Yeah and what about Trian? I would be really pissed after what has happened to them.
Links to several items sent in an e-mail tonight. I Hope they actually look at them, and it gives them some good and helpful ideas.
Not specifically.
Look at what happened in the Chapter 11 case of Antelope Technologies.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=53283601
I did, to his assistant in the form of a question. They had not considered it yet but she said she would bring it up. Others should ask about it also.
The settlement comes at a cost of $0.10 per share to current shareholders, to the benefit of post reorganization shareholders.
The mailing on August 20 is actually 10 days later than a deadline given in Gerber's order issued on August 5 if I read it right and my memory is correct. You can find that on the KLCC web site.
No idea, other than a lot of gloom on the market and economy in the press today and recently.
There is a control number and a PIN. The PIN is the last 4 of your ssn. My control number is 12 digits.
If you talk only to one of their customer service guys, that is what you get...but those guys are not registered brokers with those firms typically. Try again and get them to send you to a registered broker.
still here, just nothing more to say for now.
Only the moderators can do this.
CALL YOUR BROKER TO GET VOTING INSTRUCTIONS, THEY WILL KNOW ALL ABOUT IT.
THIS WORKS, NO KIDDING. CALL SKADDEN IF YOU DON'T BELIEVE ME.
YOU DO NOT NEED A PAPER BALLOT TO VOTE! CALL YOUR BROKER AND GET THE INSTRUCTIONS AND YOUR CONTROL NUMBER TO DO IT AT PROXYVOTE.COM. THIS HAS BEEN SET UP THERE, BUT YOU WILL NEED TO GET YOUR UNIQUE CONTROL NUMBER FROM YOUR BROKER. OF COURSE THEY DON'T WANT US TO VOTE AND WILL DO EVERYTHING TO PREVENT IT BY DELAYING SENDING THINGS KEEPING IT QUIET, ETC... CALL YOUR BROKER, TELL THEM THERE IS A VOTE ON THE POR, AND AS A SHAREHOLDER YOU HAVE THE RIGHT TO VOTE! IT ONLY TOOK A FEW MINUTES FOR SCOTTRADE TO GET THE INFORMATION ONCE THEY TRANSFERRED ME TO A LICENSED BROKER AT SCOTTRADE. EVEN A DISCOUNT BROKER HAS REAL PEOPLE WHO CAN GET YOU THIS INFORMATION, BUT DO NOT WAIT UNTIL THE LAST MINUTE. VOTE DEADLINE IS SEPTEMBER 9. STUDY THE POR FROM AUG 4 AND MAKE YOUR DECISION.
Yep, and that's not even considering what this thing will do when it is re-listed.
Volume does not indicate significant institutional selling, there is really more evidence to the contrary. BNCH serves institutional and private equity clients according to their web site. Price has stayed more or less flat and maybe slight upward trend despite retail panic.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46684558
Do you think the institutions have done any risk analysis, do you think they spent any time and resources in it, or do you just think they have stayed here because of their "balls"?
Good luck to you.
I called Skadden, and a young assistant returned my call. She said the discovery requests have received cooperation, and that was about it. I imagine are not likely to tell a lot without secrecy.
I am sure that they are working it as hard as they can within the cofines of bankruptcy code and bankruptcy court. My question about shareholders rights being addressed in addition venues was taken and she said they would discuss it.
She also said equity would not be completely "wiped out" but could be in the range of 1-1/2 and 10% under the august 4 POR disclosure. She said that was the most current state of the POR which we should all review and understand as we each make our decisions.
Good luck to you too.
Thanks.
http://www.reuters.com/article/idUSTRE67G2U920100817
Does anyone have access to information about what the bond prices have done lately?
POR Votes must be in by Sept 9, 2010. Voting will be done through proxyvote.com (Broadridge). Log in information will have to be obtained for you shares in your account directly from your broker.
According to my broker, broadridge did not receive the information to set this up until last Friday.
Has anyone received a ballot? I have not received anything. Do we have to specifically request these? Seems like it should go to all stockholders of record just as any proxy vote would. If anyone has one, is it something that can be posted or made available as a download?
I haven't tried to contact Skadden, but I would imagine that calling is next if the emails don't work.
Link seems to indicate to me that it is, someone much more qualified than I should be consulted IMHO.
http://www.gibsondunn.com/publications/Documents/Weirick-Wortmann-Stephens-Barinsky-DownRoundFinancings.pdf
If that answer is still yes, then it opens some interesting "options" about what really could be done with all that new cash as obtaining it is now no longer a question.
With dilution, market has valued these shares at about $10, seems a damn shame to just let a few jackanapes walk off 95% or more of it when the whole process can and probably should be reversed by a federal district court under the right circumstances.
Can the EC's attorney file in other courts besides just bankruptcy?