Replies to post #63501 on Chemtura Corp (fka CHMT)

[slickwillski]

thank you for being there Jax...

[srq4964]

Jax
thanks for your review and thoughts.
One thing stands out very high, is that when you recap the May 20th meeting, it was apparent that they knew where the POR was heading, and that the EC was NOT ON BOARD.
Yet in the May 25th press release, they indicated that they "were in active and ongoing discussions with its official unsecured and equity committees in an effort to reach a consensual POR"

am I missing something, or is this a total conflict of what happened on May 20th????

[Fernace]

No, thank you Jax. Beautiful summary. An education it was indeed. next time, the iphone is coming with me...along with a press pass

[jaxstraw]

One other point, Goffman repeatedly brought up the point of how everyone was getting paid in full with the EC's plan.
He hammered it home constantly.
He also shot down the argument from the other committees about filing a bunch of plans and clogging up the proceedings if the motion was granted by saying that it was a hollow threat.
They had such a sweetheart deal in the present POR there is no need for any other POR's. They'd be foolish to even waste their time.

These were excellent points he made, but the Judge ruled on the law, the record, and on argument last as he said he would.

[MarMaro]

Thank you Jaxstraw for going and reporting back -you too Fern

[Belgianshareholder]

Jax, Fernace, Many thanks. Just wondering:

Does the EC still have options to do something about this situation?

TIA

[PeterS237]

Great work Jax. Thx for all the support and effort.

Let's see what still happens.

[Philter1972]

Thanks for being there and the heads up!

much appreciated...


you too fern....

[BBalls-N-CowTown]

Good summary and thanks Jax. Lawyers as tools are obviously plentiful, so what we stockholders need now is a craftsman who knows how to work those tools.

[hot-penguin]

many thanks for your hard work, time and reporting.

[Popper]

Thank you for an excellent summary!!!

[local]

Did the Judge not catch that if everyone is threating to file their own PORs that the current POR probably under represents true value.

"And he took it one step further than Natasha, he stated that if the Judge granted the motion, that his committee was going to file their own POR and the court could expect all the committees to do the same. ( Smart again.)

The lawyer for the Bond Holders was next and I'll have to admit I could not hear much of what he said, but what I did hear was the threat of their own POR if the motion was granted"

[ggwpq]

Jax :

Thanks for your great effort since the beginning of this journey.
Based on your observation in court, seems like the judge didn't realize that lots of us regular "joe", not just hedge funds, are holding the stock. Judge Gerber might not know the debtor is trying to enrich themselves, creditors and bondholders unfairly at the expense of future retirement and educational funds of regular stockholders. It might be a good idea to update the Chemtura Alliance list and get it to Goffman before he shows up in court next time.