Japan Airlines Corporation Ordinary Shares (JALFQ)

[Madclown]

OT: Blip, the company you are referring to regarding Tronox is Kerr-McGee. Tronox was spun off from the old Kerr-McGee who bundled up all of its old legacy liabilities and sold it to the market as "Tronox". SOme of the liabilities on the balance sheet of Tronox belong to the old Kerr mcGee which was bought out by Anadarko, thus all of the lawsuits.

Most of the legacy liabilities have absolutely nothing to do with Tronox's line of business. To add insult to injury, old Kerr-Mcgee took out some debt in the name of Tronox to cover those legacy liabilities and environmental claims but Tronox did not get access to the funds to pay down that debt (i.e. received no benefit but got stuck with the bill). That's why the debt remains and why there is a great hope that the liabilities will eventually be moved over to their rightful place on the balance sheet of Anadarko-Old Kerr McGee.

The debtholders term sheet for a POR includes giving an 87% interest in the lawsuit proceeds to the government to satisfy these envirnmental claims. The equity committee is working on its own plan of reorganization that is purported to preserve value for shareholders.