Tronox Inc. (TROX)

[Madclown]

I agree on all counts.

There was an 8-k that Tronox issued in the last few days that indicated the company was changing auditors and would soon be looking to issue 2008 and 2009 10-k reports. I won't hold my breath until the release of those but it would be nice to see some real numbers that reflect the whole enterprise. I suspect that if Tronox's performance were to have more exposure then other investors would see what we see as far as potential back-end equity remaining.

It is up to our court appointed equity committee to make the case in the courtroom. I know a number of long-term investors are becoming weary while waiting for news and watching the price come down but let me offer some perspective on that. If the EC were banging their fists on the table and issuing all manner of court filings in opposition to the Debtors then that might signal a cause for concern. The fact that we see nothing of the sort is some indication that the EC is currently on board with what is going on.

In my experience, when an Equity Committee or an ad hoc committee of equity holders is making a lot of noise it typically indicates that they are not being involved in the process at a level that is to their liking or they do not like what they are hearing. In this case, we have no idea what the EC is thinking or doing. In a twisted sort of way, that gives me comfort. This is counter intuitive and requires more than just a few passing thoughts because the investing community typically despises and punishes uncertainty. Silence from our equity committee which is represented by sophisticated and experienced investors and attorneys is not necessarily a reason for despair it might be viewed as an indicator of their support of current direction of the case.