At present, there are 3 businesses up for sale.
All three are having or had their books looked over.
1. Plastic Additives shopped by Lazard (as found in the billings and the newly released article,,also given away as pointed out week and a half ago by the retention of the French firm)
2. Petroleum Additives shopped by Citibank
3. Crop Protection shopped by Merrill Lynch
It's important to note that you will find little to no billings related to #2 and #3 because they were pre BK agreements that based compensation for shopping the businesses upon a successful sale. No sale = no billings, unlike Lazard. Strictly incentive and % based, much like any real estate transaction.
No billings have been filed by the Australian firm, which would be telling, as they may have been required to do some title work for the crop protection unit.
Of the small army of law firms retained, special attention is being paid to NOL's, NOL's as relating to subsidiary overseas, NUBIG'S, NUBIL'S, tax basis's, valuations, effects relating to divestures, intellectual property, property title clarification as related to IP, etc.
This is NO WAY an indication that the company has given up on an asset sale, it's quite the contrary. All indictations still point to a very significant sale; little to no dilution therefore saving the commons, and saving the retirement plans of the employees.
Now KPMG also has expanded tax coverage. That's way to much emphasis put on taxes for a company that's not making much money. There's some serious sh!t about to go down. Just the shear amount of law firms retained shows that.
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