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It's much better IMHO.
I'm thinking Goffman needs to get some phone calls from some of us asking him some questions.
Thank you MC. I hope your request is successful and I hope it opens the judge's eyes that something isn't right here in how common shareholder's interests are not being protected in the filings from any of the committees so far in this proceeding.
Maybe we'll have an inverted head and shoulders like we had last december.
CHEMTURA CORPORATION $ 0.40
CEMJQ -0.00
Daily Short Sale Volume - NEW view
Short Interest (Shares Short) 122,800
Days To Cover (Short Interest Ratio) 0.1
Short Percent of Float view
Threshold Securities List - NEW view
Short Interest - Prior 663,400
Short % Increase / Decrease -81.49
Short Squeeze Ranking™ view
% From 52-Wk High ($ 1.78 ) -77.58 %
% From 52-Wk Low ($ 0.02 ) 1713.64 %
% From 200-Day MA ($ 1.14 ) -65.00 %
% From 50-Day MA ($ 1.47 ) -72.86 %
Price % Change (52-Week) 805.70 %
Shares Float 0
Total Shares Outstanding 242,979,186
Acquiring shares of the shaken
Apparently not. I also thought this post about a Texas judge's ruling was very interesting.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=52659217
Do that, and the managment gets thrown out and replaced by a trustee, or the bankruptcy gets denied and THEN you force a shareholder election to throw them out. As someone said earlier, nobody's above the law-so they really need to uniformly apply all those ethics the lower echelons must adhere to as stated on their corporate web site. That is the only way that all of us can WIN. Win-Win is better that Win-Lose in this case, just like collaboration instead of isolation and competition would be better in producing a fair POR that would be likely endorsed by all and approved.
Your idea about contacting Chemtura is a good one, and at their corporate web site, they give several ways to contact the Board of Directors. It would be interesting to know when the last time they had a stockholders meeting to elect board members, and if the audit or finance committees are aware of or have reviewed the valuation of the company being used by K&E to screw the stockholders (who they supposedly work for) out of their equity in the company, and if they have asked the chief counsel about the corporate and personal liability they stand to bear as a result of any mendacity that happened in that regard during their watch and governance of the company.
http://phx.corporate-ir.net/phoenix.zhtml?c=68079&p=irol-contactBoard
Bad idea to harrass a Judge. I wouldn't do that.
I don't think it would hurt. You might want to ask him about his position from 2008 below:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=52610086
Speculative comment on my part. I don't watch the bond prices but they have been coming down lately. If I was a CEM bond holder I might rather sell while price is premium and build and equity position if I thought equity's argument would hold up in the POR and FS discussions to come.
Cantor-Fitzgerald...Equity and Debt Trading Brokers and Investment Bankers. Buyers probably aren't day trade flippers...perhaps they are deleveraging CEMJQ bond positions?
No sales volume reported so far today and big spread between bid and ask. I got "liquidity" trapped one time like that...it can be a bad scene if you need your money. It depends on your style and what you believe about the company. I really like CEMJQ, but I'm not a flipper-don't have time to watch stocks that close. One of my kids is a flipper, and he's done well in FGOCQ lately.
Someone would need to contact the people on the list, and get them to update their position information. The original list was created as a grass-roots effort that started on this board. Jax, WS, and CEMM collected and collated the information.
This effort followed a letter writing campaign to the trustee and the judge requesting and equity committee, the letters were written by individual stockholders not attorneys or hedge fund managers.
Fern, I'm too cheap to be able to PM, but you have mail over where the cowboy yells.
That's interesting! Forsythe is into this for 350000 shares acquired for $592500 in November of 2008.
You mean Craig "Boris" Rogerson, and Natashia "Fatale" Labovitz? I think Golden is the one to be afraid of. He's not stupid and Goffman's not either. I think Gerber sent a pretty clear message that fear is available to modulate the greed in all camps. Now it's a matter of finding the payoff for creditors who are entitled to that only while structuring the equity and indebtedness in a way that allows conclusion of the BK proceeding in a way that leaves a robust enterprise that can emerge to the marketplace on the right footing to be a responsible and robust contributor to the US and world economy.
Why would they do that? Well, it has created a means for somebody to get some cheap shares hasn't it? I can't assign motives, but 2+2 has always been equal to four.
Chemtura has some very profitable niche businesses in a sector that is screaming right now. If you compare the market capitalization to the "peer" companies listed by the brokerage houses, all of those companies are $2 to $4.5 billion with PE's around 18, whereas Chemtura is under $89 million right now, classing it as a small cap stock. Chemtura has not had the earnings because of write-downs and restructuring etc... which will disappear when we leave BK. They are in a very strong position for growth, with what is functionally a monopoly in some strategic areas. Consequently, in recognition of that, the PE multiple should probably go higher than those peers in time and the $.27 will become a multiple of that with patience.
WS was right about SVP and Canyon, those guys are really going to have to evolve or die with respect to the structure of the POR, and the creditors and debtor are also really in the same position. I am not a lawyer, just an humble working-stiff engineer who is trying to get 3 sons further along in life by working in a little investing in his sparse spare time. I cannot see or believe that there is any logic in the cancellation or non-conversion of shares bought after the chapter 11 petition. The shares have all been publicly traded and treated in the same way since the filing, all were converted to Q designation. I think the terminology would apply only if any shares had been issued after the petition, and to my knowledge none have been, and if they had, I think they would have been designated in a different class of security. I am glad someone is asking a lawyer for an authorative answer to this question.
I think we are just experiencing the hard turns of navigation through the rocks in getting to a concensual settlement. There are competing interests and each of those interests want, and are using gamesmanship to get all that they can get. As it stands now, the creditors probably know that they aren't going to get the sweetheart deal they crafted, and SVP/Canyon are going to have to deal with the fact that they aren't either and now they need to concern themselves with what is really fair and equitable. As I see it, we private shareholders, individual investors, employees, etc... will be the beneficiary of the changes that those competing interests are going to have to accomodate in order to get this thing past Judge Gerber.
Each should make their own decisions based on their own personal situation. Mine actually is OK even now, as long as the equity isn't cancelled, as even at $.27 I would still be in a profitable position. I actually benefit from the low current share price because I am divorcing a gold-digging shrew that I mistakenly married 2 years ago (divorce filed 8 months ago) and this is beneficial in expediting the goal of getting her claws out of my back at terms more favorable than they might have been at a higher share price. We are all entitled to our own opinions, and for others to respect our right to do that. We each will live with the consequences of our decisions and actions, also. If I am wrong, well, it just means I have to work harder and longer to meet my goals (nothing really changes), and if I am right, I get a lot of freedom, and my sons have a lot of opportunities that I have never had.
By october of last year, there were posts on this board that Strategic Value Partners had accumulated 45% of the stock.
the institutional percentage from shortsqueeze has to be wrong. Numerous sources on the web cite institutional and fund ownership at about 25%. I do not know how often those sources are updated, but that is around 60 million shares, and there just hasn't been anywhere near that volume in sales.
I don't think it is.
CHEMTURA CORPORATION $ 0.37
CEMJQ 0.00
Short Interest (Shares Short) 663,400
Days To Cover (Short Interest Ratio) 0.2
Short Percent of Float %
Short Interest - Prior 3,588,500
Short % Increase / Decrease -81.51 %
Short Squeeze Ranking™
% From 52-Wk High ($ 1.78 ) -79.49 %
% From 52-Wk Low ($ 0.02 ) 1559.09 %
% From 200-Day MA ($ 1.14 ) -67.98 %
% From 50-Day MA ($ 1.47 ) -75.17 %
Price % Change (52-Week) 805.70 %
Shares Float 0
Total Shares Outstanding 242,979,186
% Owned by Insiders 0.00 %
% Owned by Institutions 0.00 %
Market Cap. $
Trading Volume - Today 126,958
Trading Volume - Average 3,245,600
Trading Volume - Today vs. Average 11.68 %
Earnings Per Share -4.21
PE Ratio
Record Date 2010-JulyA
Sector
Industry
Exchange NBB
Well, someone is slapping it in the ask with good volume out of the gate this morning. Could it be someone is being "greedy when others are fearful"?
Good summary and thanks Jax. Lawyers as tools are obviously plentiful, so what we stockholders need now is a craftsman who knows how to work those tools.
Thanks Fernace. There is plenty of time for us to all understand the situation, and that is always done best in a relaxed and objective way. I truly appreciate what you have done despite the obstacles. I admire you because, unlike a lot of people, you know the true difference between an obstacle and a barrier. I look forward to learning more from you as opportunites permit. Truth is one of those things that is very hard to hide over time. I think this ruling and the issues of concern regarding the need to move this company through bankruptcy may ultimately prove to be to our advantage.
The key element we need to surface is more transparency and truth than what apparently surfaced in those meetings. As a legal matter, I beleive it is governed by rules of procedure or at least more so in the court room than than in what apparently occurred in those meetings. Those rules are a tool that an attorney of Goffman's reputed stature should be able to use effectively. How many of those 22 meetings did Goffman attend anyway, I wonder? Were there minutes or notes of EC members to those meetings? I hope there were and that he has them.
A man like that has his rep to worry about. I agree with you.
Put a cork in it edge. It stinks.
LOL!!! How very appropriate! I now need a glass of that funky cold medina!
Yep, and my holdings are not small either. Wall is not the only one who's been "down" a few grand, but I was up before that also so it's really not a loss for me. My basis is under $.28, so the way I see it, as long as I can tend this rose garden and avoid selling, it could be kinda nice in time. I wonder what the dividend yields will be after we get out ot BK, it could be pretty good with so few shares.
It's easy to let emotions take over at times like this, and that is when I (speaking solely for myself), can make mistakes. I do not think Judge Gerber is in the pocket of managment, I just think he understands what bankruptcy does to all the parties better than any of the rest of us do. The one thing that does not serve the interests of anyone but the attorneys is to remain in bankruptcy for a long time, and I think he is trying to avoid that.
As I read things, there will likely be a lot of negotiation and validation of what actually gets approved as a POR. I also think that when the next round of hearings begin, we may find we have a lot more leverage than we thought we did. I think we have a lot of upside from here, it's time to look around at where we are in the landscape of the market place and choose our direction based on that instead of the direction of the rumps of a lot of panicked lemmings in a misplaced instinctive run for the "safety" ofwhat is actually a cliff that none can see until it is too late.
Evaluate everything you read and hear carefully, and make sure it really is true and makes sense before you act on it. An example of that is the statement that only pre-petition shares could be preserved...folks I don't think are any post petition shares, all shares were issued before the bankruptcy petition, and all shares were converted to Q designation after the petition.
The other thing is...there were still some big block buys, some over 500000 shares in a single transaction today. Somebody's throwing some big money into this even now.
Finally, go look at your brokerages research on chemtura. What are the peer companies? Chemtura's valuation now is as a microcap stock, but all of its peers are between two and four billion dollars captialization. It's making money, the segment is doing well, and there is equity despite the best efforts of the creditors to quash it. I think we need to try not to label anyone as "bad" or "crooked" or don't care. I do think there are competing interests that have to be understood and balanced for the overall greater good. I think that Gerber wants the enterprise to do well, and like a good doctor or vet would probably wants to get rid of the parasites quickly so that it actually will. I am looking forward to what I will learn in watching this unfold.
It isn't over until it is over. If you want to sell and get it over with for you then fine, you go right ahead and do that. I am not going to do that yet, there is big long term strategic value here.
There is no way they can do that any more than they could with the bond holders who bought bonds after filing. The shares now are the pre-petition shares, they were issued before filing the chapter 11 petition and there are no special post-petition shares that they could do that with.
I did. Thanks Anywhoo, it was good info. I own some shares here, I just don't post often here. I found those articles interesting,and I appreciated them.
Or...
http://www.turnaround.org/Publications/Articles.aspx?objectID=9658
Food for thought, there are many options available to equity according to the author, a bankruptcy trustee.
ASEL O Tradition Asiel Securities Inc. NEW YORK, NY 212-791-4500
ASEL O Tradition Asiel Securities Inc. ARBITRAGE 212-791-5572
ASEL O Tradition Asiel Securities Inc. NASDAQ 212-791-5572
Order-Entry trades, not a designated market-maker.
http://www.microcaptraders.com/research/marketmakers/
Shaking some shares loose may have been the strategy. We've seen many episodes of that since I entered my position in early April of last year.
Trivia: "Natasha" actress also played Hotlips Houlihan in orignal "MASH"
Is it the second mouse or the first mouse that usually gets the cheese?
He could be "Big Daddy" to Rogerson soon...what an opportunity for equity, if the Goffmeister has the right moves!!! Holding the keys to KEIP would be a great negotiating position to be in.