Tronox Inc. (TROX)

[Madclown]

I know that each case presents it's own set of challenges but in Chemtura there were EPA claims of over $2 billion and Diacetyl claims in the hundreds of millions and product liability claims of $9 billion so it was no cakewalk. You are correct that the posture of the Debtors plays a big role but just understand that in Chemtura the Debtors counsel was downright adversarial with those of us who fought for the equity committee and the relationship between the EC and Debtors was also contentious and strained. But it was only strained because that EC and counsel made a fair amount of noise on behalf of its constituents. In this case it didn't appear contentious because the debtors did whatever they wanted without much of a fight from our guys. From the outside looking in it appeared to me to be a go along to get along attitude and it will get you steamrolled every time. The EPA and management will be receiving the recovery that shareholders should have been partially entitled to and that is the bottom line. Success and failure is defined by recovery of a constituency and our guys didn't get it done. They may be able to sit under the dinner table now where the big boys and girls are eating and beg for scraps that may return value above where the stock trades now but it will pale in comparison to what it could have been.