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Monday, 05/30/2011 3:05:26 AM

Monday, May 30, 2011 3:05:26 AM

Post# of 67237
Chemtura Disputed Claims Reserve Spreadsheet

http://thediligentinvestor.blogspot.com/2011/05/chemtura-disputed-claims-reserve.html

Follow the link below for the tracking spreadsheet. It looks like the $10.6 million released from the Oildale reserve will be split 50% to CEMJQ holders while the other 50% will be first diverted over to the non-objecting disputed claims reserve pool. I was able to get the first round of distributions described in the most recent quarterly status report to reconcile to the spreadsheet within about a $50k variance so it should be fairly close. About $8 million has been diverted to the non-objecting pool thusfar so hopefully we will eventually see that money as well.

I show that, based on the remaining funds within the various pools, the max distribution we could see going forward would be about $0.24 per share based on a CHMT share price of $13.45 as defined by the POR.

Since we are trading at about $5 per share above the POR value and there are approximately 100 million shares outstanding it appears that our friends at Lazard were able to convince the Court to confirm a POR at about $500 million below market value. As bad as that seems, in the Tronox case the financial analysts depressed the enterprise value by over a cool $1 Billion.

Anyone know if Lazard's Aronson is still parading around New York with that pink umbrella?

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