Tronox Inc. (TROX)

[newtechinvestor]

You're absolutely correct there. Assets at fire sale price would have put us equity holders in a deep bind as well as the bondholders. PSA was arranged hastily to prevent DIP loan default by January 12, 2010.

Now, that we have both stumbling blocks out of the way, we have only one major issue to deal with and that is recapitalization and reorganize Tronox. Those damn bondholders have some big balls to suggest a plan that locks out equity holders of the value of Tronox in the tune of $249mil. That belongs to Equity Holders. They even gave away the whole lawsuit against Kerr McGee-Anadarko Pet. to EPA when Tronox paid out millions to fund liability claims stemming from those fraudulently allocated environmental liabilities.

If EC somehow can replace current bond and accrued interests with another corporate bond and do a equity offering like the one proposed by EC on its "Term Sheet", we can flush the current bondholders plus their PSA down the toilet.

This might just be the last chance to buy down here before EC discloses the Alternative Plan. Last filing said they were "finalizing", so could be any day IMO. With the O/S and the float so tiny, it will be some kind of firework.