Tronox Inc. (TROX)

[Madclown]

That's one inference that could be drawn. Another that might be drawn is that with the equity and debt selling off in tandem, then it might be inferred that the EPA is back at the negotiating table trying to extract more money out of the estate. I guess $115 million, 88% of the litigation proceeds and a TiO2 plant are simply not enough to provide the EPA with enough comfort. This is all just bald speculation but perhaps more disclosure might obviate the need for speculation.

Given all of the recent motions being filed under seal, in addition to the rule 2004 examination request by the EC (and numerous objections thereto) it might suggest that maybe full disclosure to all parties in interest is not as consensual as advertised. The unwillingness by the cramming down parties (Debtors, Creditors and the EPA) to disclose information to the party being crammed down does tend to make the mind wonder just what do they all have to hide? On some of these filings we don't even get to see who the filing party is much less what is being objected to due to the protective order.

Here's the reorganization formula to achieve the greatest possible returns for the parties who are in a position to drive this result:

Suppress information, suppress value, suppress recovery, delever, emerge, expose value, then relever.