If they postpone the annual meeting, I will agree with you. Here is what Casablanca had to say:
""The Board that owns virtually no shares and has presided over an 80% value destruction is in our view showing its true colors by indefinitely postponing a shareholder vote and falsely suggesting that the delay was advocated by Casablanca. We look forward to engaging in a substantive dialogue with other Cliffs shareholders."
This company has gone wild and crazy when they cancelled an annual meeting. Are they out of their minds? I hope CAS gets support of other big investors and do what is best in the interest of the company and shareholders. CLF is down more than 80% and the Chairman of BOD Kirsch and CEO Halverson don't even realize how badly CLF is messed up. Its even down to $18.58 today. God help us all!!
CAS, if succeed with putting their 6 directors on the CLF's Board, it can't be too far they will insist on firing Halverson and bringing their own CEO. That may make a whole new beginning for CLF and they will be forced to do what CAS wants.. ie.. spinning off Asia/Pac and other non -performing assets in another company and taking the domestic CLF in MLP. This will raise the stock price if not $53 but at least to$40....IMO