It could also be that investors are positioning themselves in the company's debt to have a big stake in the restructured Chemtura. One group (Dish Network) tried that with Sirius XM several months ago, hoping to force BK, and ended up bidding the bonds up over par value to $105 and then another investor (DirecTV) came in riding on a white horse and lent Sirius XM enough to pay those bonds off and avoid BK altogether. So the vulture capitalist paid more than face value ($105) but only got paid back at face ($100). Something to watch for as we await a potential asset sale. Gotta be careful out there ;)
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