It is take one step, get permission from regulator (such as Bermuda), take next step, get permission from multiple state regulators including Delaware, Virginia and New York.
Yes, it will take a good while as it isn't an issue that is high on regulator's priority list and they want to be careful. Might happen faster than 12 months but it sure won't be a quick process.
They are on the edge of death but given that inventories and receivables are likely coming down they could conceivably get through 2016. That is what they are arguing anyway. Very tough to predict an actual death date given that markets still go crazy for them every so often for reasons that escape me.
They have to convince their auditors that they can issue more shares in order to avoid a going concern audit opinion. They have yet to issue a press release of any significance but yet the price increases anyway as it always has.
Material probability that it literally comes crashing down to bankruptcy in the next month.
A virtual certainty that they come to market with a new share issuance in the next two.
Believe I was able to find it. NORN. Guess the executives aren't working today so no press release.
No volume and bid is 38.5 cents. Ask 93 cents and zero volume. Imagine it will get better next week but that is the worst transition to the OTCBB I've ever seen. Having said that I've only followed 3 companies where this happened.
Normally companies issue press releases with this information but I've not seen anything.
Yep that sounds about right. I come up with $1.15 but that essentially is the same number you came up with and the number creeps up day after day to the point where they have to get to around $1.50 a share.
Depending on how the rule is administered it seems reasonable to assume no trading on the NYSE effective Friday.
He may want to be let go so he can collect his golden parachute.
Not saying he actually wants to be let go, I'm just saying it is in his financial interests to be replaced.
I'm not sure about who was selling but delisting is a distinct possibility given how low their market cap has become. Pink sheets wouldn't necessarily be the end of the world but $1.06 a pound reflects very poorly on management.
Garbage. They not only have the revolver, they also have the $20 million plus in cash surrender value in life insurance.
I can't say with certainty how long they can survive with aluminum and alumina prices at this level but it is likely a couple of years assuming they can avoid another explosion.
Have not listened to the call yet but they have revolver availability. Bankruptcy may ultimately come but they should be around a year from now.
Yep revenues are definitely going down but costs are going down more assuming aluminum stays at its current price. Curtailments are a shame but what can one do?
Certainly true that aluminum pricing is the key.
Having said that, Gramercy has been pretty close to a disaster the last couple of years due to efficiency problems but showed huge improvement the last couple of quarters. Also, alumina prices finally went down so while Gramercy might do well in 3rd Q, 4th Q will probably be tougher.
Hopefully, the rolling mills will somehow find a way to do better. They were doing well already so difficult to imagine.
3rd quarter is likely going to be just awful. 4th quarter will improve with electricity prices going down but those aluminum prices just aren't high enough to have high hopes.
They weren't down exactly the same as Alcoa (13%).
Was exactly what was expected on an EBITDA basis. Iceland still profitable. US obviously not and won't be in 4th Q either but will be at breakeven even in the current pricing environment in 2016. No one, except those making very shallow analyses (or with other agendas), would argue those results were out-of-line.
Of course, share price obviously isn't always driven by reason nor is it reasonable for anyone to try and pretend that there is a true "fair value" for an aluminum smelter.
Oh, the comments about China in the call are more along the lines of not being willing to blow an opportunity to seek trade protection.