Tronox Inc. (TROX)

[macjockey]

The Equity Committee Objections:

This is a very interesting and tangled document, but Ill extract a few interesting bits:

2. While the Debtors and other parties to the Plan Support Agreement have worked
together during the past few weeks to create the structure for the reorganization underlying the
Motion, the Equity Committee was not invited to participate in these discussions.

Imagine that. Next:

The Debtors,
the ad hoc bondholders (the “Ad Hoc Bondholders”) and the EPA did keep the Equity
Committee abreast of the status of their plan development and the Equity Committee’s advisors
did receive drafts of the transaction documents, however, to date there have been no meaningful,
substantive discussions with the Equity Committee regarding a potential settlement with and
distribution to the shareholders of this estate. The Equity Committee is hopeful that the parties
will engage in productive, good-faith discussions during the next few weeks and prior to the
filing of any plan. Ultimately, the Equity Committee hopes that the existing plan framework can
be modified to provide for a meaningful distribution to shareholders. However, at this time, the
Equity Committee has largely been left out of the substantive process and must preserve all of its
options, including the option to propose its own plan that will reflect the true value of the
underlying business.

So there are two plans in development. The EC has a plan that will demonstrate a much higher value of tronox while maintaining the integrity of stakeholders. However, it also seems they are open to using the current frame work as long as it can be modified to include stake holders

It will be interesting to see what happens in court tomorrow. But I can guarantee that this isn't over yet.

I firmly believe people involved in today's mass exodus will be kicking themselves in the ass shortly.