Chemtura Corp (fka CHMT)

[jaxstraw]

The Judge ruled today in favor of hiring Deloitte for Fresh Start Accounting.
I will give a brief description but will leave the details to WS when he gets home tomorrow night from NY.
Basically WS spoke first and gave his statement explaining the reasons against, he brought up the rules stated in SOP 90-7 along with various examples pertaining to solvency.
KE rebutted with a standard argument against, and while admitting they do not meet the criteria for hiring the firm, they stated that there are still undergoing valuation as to equity and had no real answer to that at this time.
WS was given a chance for rebuttal and gave some counterpoints.
This all took about 30-40 minutes.
At that time the Judge rendered his decision , it was not based on arguements by either WS or KE.
He based it on one of his last cases involving Global Crossing and the fact that he felt that exiting BK was paramount to both arguements and if hiring Deloitte accomplished this than he was going to rule for hiring them.

Thanks for all the support, please , it's been a very long two days and I'm very tired so answering any more questions is near impossible for me.
I have to work tomorrow and WS will be traveling back home so we'll both be around then.
Thanks again.