Chemtura Corp (fka CHMT)

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Anyone: Is it possible for the creditors to reject the plan at this point? I have been (possibly mistakenly) reading that the lawyers for the creditors have threatened to pull the plug on the plan if valution was changed dramatically. I guess it's really up to Gerber in the end so it doesn't really matter what the creditors say/do at this point, no? Do they have any ability to muck up the plan at this point?

Madclown, when you say that there is incremental value in the rejection of the bond "make-whole" payments and the potential disallowance of PBGC payments, how does this value get passed on to the shareholders? What I think you're saying is that the TEV will be confirmed by Gerber and any disallowance of liabilities enhances equity (regardless of the % distribution determined). Let's say Gerber agrees to $2.1BN: whereas before there were x amount of claims/liabilities, implying that equity's value would be ($2.1BN - x), with the rejection of make-whole payments and PBGC payments worth approx. $100MM, now equity's value is $2.1BN - x + $100MM.

Or is the way that this reduction of liabilities gets passed on to equity come from a change in the distribution %?