Chemtura Corp (fka CHMT)

[me3tv]

Late Ballot

I sent the following overnight letter to Hon.Judge Gerber. I doubt it will offer any weight in favor of equity compared to all the superb work done by others. But here it is:

Hon. Judge Robert E. Gerber
United States Bankruptcy Court, Courtroom: 621
One Bowling Green
New York, NY 10004-1408

RE: Chemtura POE

Your Honor:

Enclosed are my voting ballots which I received far too late to be of any use to exercise. I just wanted this to be available perhaps as evidence of a possible attempt to limit voting by equity holders regarding Chemtura’s initial POE. I realize there were sufficient votes from the Shareholders to reject the plan.

I invested in this company based on a knowledge of the Agricultural business and the Chemical industry in general - along with some significant press indicators from the management that stockholders as “stakeholders” would receive fair treatment. I expected a large number of Chemtura’s employees would also hold shares because of prior company encouragement and personal interest in their company. I believe many of them continue to hold shares.

In more recent months the plan submitted seemed to discount the shareholders almost completely while rewarding management for what is essentially non-performance. It appears from corporate records that income and company value have been purposefully “gerrymandered” to show a low figure while it is apparent sales and cash flow are burgeoning. Some reasonable valuation attempts from others more proficient than me show a possible two or three times greater company value most recently as compared with past company prepared valuations.

I hope the Equity Committee and others are able to present a clear case for improved treatment of the shareholders while allowing full recovery to the creditor class.

Respectfully yours,
...
SHORT AND TO THE POINT - no evidential material other than my late received ballots marked to REJECT the POE. I am hopeful our Equity Committee and large investors will make a significant impression on the court to allow improved shareholder treatment. I certainly feel their competence is quite high and they have a good chance.