Replies to post #60632 on Chemtura Corp (fka CHMT)

[JUST 10-11-12]

wow!

thanks!

Keith

[g2nec]

Thank you sir, time to rock and roll

[beeboys1]

So now what?? Doesnt look like the Jones Day group wants to eliminate commons just use there plan instead, is that right?

[Yoda0629]

Looking good

[chem8]

As I understand it, it's these two points of view opposing each other which prevent the filing of a POR which all parties agree on:

"The company’s POR is expected to call for the full equitization of Chemtura’s USD 1.15bn senior unsecured notes."

vs

"Skadden Arps attorney Jay Goffman, representing the equity committee, said his constituents are
ready to roll out an alternative plan based on USD
1.85bn of new financing that preserves equity and
makes creditors whole."

Obviously, we agree with and hope for the latter arrangement. Because "full equitization" of the debt doesn't leave room for existing shareholders, right?

[BrassOnes]

Between
"The company’s POR is expected to call for the full
equitization of Chemtura’s USD 1.15bn senior
unsecured notes. However, share holders led by Canyon Capital and Strategic Value Partners are
not on board.Counsel for the official equity
committee said the group is ready to file its own
POR in the next two weeks."
AND
"The outline of the share holder plan caught some
flak from attorney Richard Wynne of Jones Day,
representing a Harbinger and York Capital led ad
hoc group of note holders claiming to hold 70% of
Chemtura’s debt. “The equity has had a long time
to come up with a proposal to pay creditors,”
Wynne said. “It hasn’t been a secret they’re trying
to raise money. They haven’t come up with it. They
haven’t come up with a capital structure that
makes sense.” "
I don't like it.
Sorry, but I see this as something that's gonna hurt our share price short-term. It means that Rogerson didn't act as favorably to the shareholders as hoped, which the MM's will exploit for all its worth.
That, combined with doubting bond-holders, if Mr. Wynne is indeed shooting from the hip, can hurt us. The big Q is can the EC raise the cash, and do it in a way that erases their concerns? And if so, will Rogerson sign off?
Please...somebody!! Make me wrong! I'm in 7-figure territory on shares and this makes me nervous.
I'll even take back my parabola request, which is jinxing the share price, I just know it.

[JUST 10-11-12]

it is a "VERY GOOD READ"

from this person's perspective.

Keith

[jatd]

It's odd, why did CMM post this as a "Good Read." Am I reading too much into this. I'm getting the feeling that equity is intact but heavily diluted. It's something the EC some what accepts but want's to try to lower the dilution numbers.

[Iggles2009]

That is a good read. Better than the debtors POR. Gut check time and I am going with the EC. Keep up the hard work and get us a prettier POR! Looking forward to it.

[g2nec]

Just catching up and think there is a lot of premature reaction here as we all knew this would be a challenge and should not have expected too much from the first POR.

[floydborga]

CEMJQMM, is there a link for this? I can't find it anywhere. Thanks