Mac: There's a thing used in the United States. It's called the Constitution. One thing found in the Constitution is the right to property. Everyone who has a stake in Chemtura is entitled to their property. There are 2 basic legal classes of property holders: secured and unsecured. As the term implies, secured holders get first claim, and unsecured fall in line after the secured are satisfied when there is a bankruptcy. In cem's case, were the company to liquidate and sell everything, the secured note holders would get paid first, then the unsecured, among whom are the common shareholders. The common shareholders basically get to split among themselves everthing that's left after paying off everyone else. In our case, that would be about $1.7/share. That's why most here are tired of those who keep asking about the common getting wiped out. Worst case scenario we get 1.7/share (unless Obama gets involved).
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