There will be a decision handed down by the Trustee's office. Their decision will weigh the arguments of all respondents against the statutory requirements that must be met in order to form an equity committee. In my discussions with our case manager from the SEC he indicated that he felt we had laid out a good case. I have spoken to him about the financials filed with the SEC and let me assure you that the SEC's stance on the issue is not to discount them as meaningless.
Let's remember that this most recent letter that was sent by the Trustee to Chemtura's attorneys was initiated, in part, because of the 8% increase in the equity on the balance sheet so it does not appear that the Trustee was of a mind to discount those financials as meaningless.
As far as a timeframe for a decision on this latest EC attempt, I cannot answer with any certainty but I can say that anyone interested in providing a response to K & E's letter should do so on Monday because time is of the essence. Based on what I know of SVP and Skadden Arps I would expect that they will have a rebuttal as well, especially since they were specifically called out in K & E's response for addressing issues that K & E claims to have satsifactorily addressed. If that got my blood boiling, then it is sure to have done so with them but we should not rely on other parties to represent our interests until they have a legal obligation to do so.
My response letter is about 90% complete. Most likely I will finish it and post it tonight. I've been away from home all week and need to take all these kids out to do something fun. You guys have yourselves a great day!
AI
