Chemtura Corp (fka CHMT)

[Madclown]

Blog Post: Interlachen Capital Files Objection to Chemtura's Reorganization Plan

http://chemturaresearch.blogspot.com/2010/09/interlachen-capital-files-objection-to.html

On Thursday, September 9, 2010, INVESTCORP INTERLACHEN MULTI-STRATEGY MASTER FUND LIMITED, through its retained counsel, filed an objection to Chemtura's reorganization plan. The details of the filing reflect that they are holders of the 2009 Notes in the principal amount of $4,000,000 and also holders of the 2026 Notes in the principal of $6,000,000. In addition, they revealed that they hold 10,009,000 shares of common stock.

Their objection was premised on the following:

• The Plan Is Based on an Erroneous Valuation

• Noteholders Will Receive More Than Full Recovery

• Plan Does Not Attempt To Provide Highest Cash Return To Creditors Or Preserve Equity Value For Shareholders

• Rights Offering Cap Is Nonsensical

• The Plan Unnecessarily And Inappropriately Satisfies And/Or Settles Contingent And Contested Claims

• Noteholder Settlements Are Inappropriate

• PBGC Settlement Is Not Necessary

• Diacetyl Settlements Should Ride Through Bankruptcy Case And Be Addressed In the Ordinary Course Of The Reorganized Debtors Business

• The Plan Provides Inequitable Stock Distribution To Management

• The Plan Releases Are Overly Broad

• The Plan Unjustifiably Discriminates Against Shareholders Based On Their Vote


Link to filing below:
http://www.kccllc.net/documents/0911233/0911233100909000000000018.pdf