Bankrupt and Distressed (BAD) Research and Due Diligence

[Madclown]

Not that I am aware of. While we have had a 30+% price retracement in the last 5 days it is on very low volume. In that timeframe we have only seen about 1.5% of the total o/s turn over in the aggregate including both the "A's" and "B's". It is interesting that we are very near the level from which we gapped up on April 14, 2010 which was $0.90. This also happens to coincide with the 38% fibonacci retracement level. I Don't know if it means anything or not but it intrigues me.

The broad markets are rolling over hard right now and it is ugly all over. There are many big board stocks I follow that have been beaten up as bad or worse than Tronox. One of our competitiors, Huntsman (HUN), has retraced 35% or so in the last 6 weeks. One that has held up very well is Kronos (KRO) and they are our best "pure play" comparable. The fact that Kronos has been edging slightly higher while the rest of the market has tanked is a good sign for the TiO2 industry. We are very similar in size to Kronos but slightly less capacity without the Savannah and Germany facilities.