The article today by Seeking Alpha is a good one. Everyone who is a serious investor on here should read it. However I neither agree or disagree with the assertion that this still has not bottomed. What this company will always have in its hip pocket is that they have got some really good coal. I would not be surprised if a steel company eventually bought them out vs. another miner.
What is for sure is that in the short term (absent a buyout) this company is in the toilet. However, as eluded to in the article WLT will have a hard time lowering its costs because their fixed costs are very high. This is why Audley was trying to call them out and force them to disclose during the recent proxy fight.
Well the President and CEO saw $75 as a good buying price and bought 10,000 for $750,000 of his own money. He also bought $1.0M at $19. Today it is $13.40. Morgan Stanley knows what the company can sell for... and $47 is reasonable,