Tronox Inc. (TROX)

[Madclown]

No recent news on the POR. The latest info I have seen was in the Knight Capital Report on Chemtura which you can get to from the link below. Their report discusses the Equity Committee's intentions of putting their own POR together.

To answer the other questions, I hold only the common stock. As far as equity treatment goes, you can expect the unsecured creditors of Chemtura to try and convince the court that the enterprise value is only enough to cover their interests so that they can capture all of the equity on the back end. It is really no different than the Tronox case in that regard.

I strongly believe that the equity constituencies of both Chemtura and Tronox will receive a meaningful distribution upon emergence because they both have motivated equity committees with some strong institutional backing. In Tronox's case, you can rest assured that if Cheever did not feel strongly about his chances of receiving a meaningful distribution then he would not have agreed to serve on the equity committee. To serve on an EC takes a great deal of personal sacrifice, not the least of which requires that you can no longer buy or sell the company's securities while in service. To make that sacrifice, it takes either a great leap of faith or a very strong belief in the endgame. This is not Cheever's first rodeo, he has served on court appointed committees before so he is well aware of what each committee is trying to achieve.

Best wishes


Link to Knight Capital Report:
http://chemturaresearch.blogspot.com/2010/01/knight-capital-initiates-coverage-of.html