Chemtura Corp (fka CHMT)

[BBalls-N-CowTown]

Yep, there will probably be many more times their derriers will hit the dirt.

Giving the benefit of the doubt, maybe this is just doing what was necessary to get a POR into the light of day (past the creditors), and fully expecting that the EC would rise to the occasion.

It's just a new level of comepetition between creditors who supposedly accepted a lower rate of return for more senior, lower risk debt and equity owners who staked the company and took all the risk expecting a higher return.

Bond holders really have no right to expect more than the rate of the offering unless they have gone past the maturity date and then that is limited too. Anything more is brought about by simple but stupid greed, and so now it's time to moderate that with a little fear. To allow this POR to stand would be to allow outright piracy of the ownership and control of the company, and does not seem to be to be a just outcome for a chapter 11 case with positive stockholder equity. The case for positive equity has always been obvious, and to deny it has always been folly just as this POR is.