Chemtura Corp (fka CHMT)

[MonkeyJon]

In reading through the MOR, I see the DIP allows for a 40 mm loan to non-debtor subsidiaries. With this in mind, I also notice they list a $36 mm investment in subsidiaries (though it doesn't say if it is debtor or non-debtor, or I missed it). Since the non-debtor subs are not part of the bankruptcy, does that seem like an easy way to hide $40 million from the debtors assets? Taking this into account, if you were to add that $ back to their cash available, would that take the book value up to around $1.60? Again, these are questions from a rookie investor and I may be misunderstanding something here.