I'm getting tired of this action, so I think it's best not to follow the price any longer. Either the company makes it and I'm going to be very happy or they don't and I lose my entire investment. Good Luck Longs!
With today's 13G filings, it appears Vanguard sold about 200k shares but State Street added 3.8 million shares. Of course this is as of 12/31/14, so it doesn't explain who's been buying the past few weeks.
Letter received because stock averaged 99 cents over the past 30-days. Company has 6-months now to rectify the situation. No big deal, either the company survives or it doesn't.
Pinching pennies for a possible 20 cent gain seems fruitless to me, but what do I know. This would not be happening if the company introduce a share repurchase program instead of an RS.
I guess they really think they can influence anybody into selling at this point?
We know you guys didn't want to hold your positions over the weekend. You should certainly know by now that most of us are in for the long haul. It either goes to zero or the company survives. Anybody buying at or under 50 cents, knows they are getting into this stock as a speculative trade.
Reverse Splits or any other news except a BK filing is meaningless at this point, either the company survives or it doesn't. All that it takes for a huge upward spike is one of those big boys (buying at current levels) leaking some b.s. rumor about a takeover or merger.
Hang in there longs, the upside far outweighs the downside!
Using a Reverse Split to raise the stock's price and then selling those additional shares is the issue. It's simple not in current shareholders best interest. Why don't you understand the problem? Yes, use the cash or Sell RICE shares to buy down debt, lower interest payments, etc.
It's dilutive and I'm voting against it. The company is completely non-responsive to investor inquiries and could care less about the retail investor. They are proving it with these two proposals. I don't care if my 100k "no" votes don't add up to squat against the institutional and insider votes, but they are my shares and that's how I'm voting.
If the company had current shareholders in mind and desired to reduce the number of shares prior to selling additional shares at a higher price, they would introduce a share repurchase program instead of a reverse split. There is nobody in this world or any other that can convince me that Wall Street, current shareholders and future prospective shareholders view a Reverse Split as a more attractive alternative over a share repurchase program.
It would cost the company the same amount of money to retire the shares, but a repurchase program shows the company has current shareholders in mind!
Must be another company employee. What happen last Saturday when so many of us already pledged that we are voting against these issues. A Reverse Split and then adding new additional shares post RS is simply not in current shareholders best interest.
Walter Energy, Inc. (the “Company”) is permitted under the applicable indenture to elect, for any interest payment period prior to October 1, 2019,to use the payment-in-kind (“PIK”) feature of its 11.0%/12.0% Senior Secured Second Lien PIK Toggle Notes due 2020 (the “Second Lien Notes”). TheCompany may pay interest on the Second Lien Notes (1) entirely in cash, at a rate of 11.0% (“Cash Interest”), or, if it uses the PIK feature, (2) with a 50%/50%or 75%/25% combination of (i) Cash Interest and (ii)(a) an increase in the principal amount of the Second Lien Notes outstanding or (b) an issuance ofadditional notes, in the case of each of clause (a) and (b), at a rate per annum equal to 12% (“PIK Interest”).
With respect to the interest payment due on the Second Lien Notes for the period commencing on April 1, 2015, the Company has elected to pay50% in Cash Interest (approximately $9.9 million) and the balance in PIK Interest (approximately $10.8 million).
The Company intends to evaluate this option prior to the beginning of each eligible interest period, taking into account market conditions and other relevant factors at that time.
On March 20, 2015, the Company delivered a notice to Wilmington Trust, National Association, in its capacity as trustee under the Indenturegoverning the Second Lien Notes, that on the October 1, 2015 interest payment date of the Second Lien Notes, the Company will pay 50% of such interest payment in Cash Interest and the remainder in PIK Interest.
They should follow WLT's creative lead and find ways to lower their interest payments. WLT has so much less cash on hand than ANR, but they found a way to lower their quarterly interest payments by paying in cash and pik. Every little bit helps as the company cuts costs while waiting for Obama to leave office.
If you're going to use a portion of those cash reserves to retire shares through a reverse split, then do it through a share repurchased program instead. Current shareholders would opening advocate the dilutive process of adding additional shares, if they were taken care of too. The stock's price would not continue downward if there was a share repurchase program on that Proxy instead of the Reverse Split.
Why did BNQFX delete his two topics yesterday from this board concerning the reverse split and adding additional shares? We had over 40 responses to that topic and most were against the proposal. Now I'm really thinking it was a company employee!
I'm sure most of you remember those two topics: "It's important to understand the aim of the proposed share increase" and "ANR proposed share increase is the right thing to do".
Does anyone else believe this is a bit suspicious? There were so many negative responses and only a couple positive responses to these two topics and now both topics are deleted from this board? I would not put it past management to gauge how the vote may go, but honestly what did we have maybe 265,000 pledged "No" votes. That doesn't really add up to much, but if it was ANR at least they know we are not bending on those two proposals that have absolutely ZERO concern for current shareholders.
Did you get that info from ANR:
Indian state-owned mills settle Q2 met coal at $109.50/mt
US miners Alpha Natural Resources and Logan & Kanawha or L&K have inked Q2 deals with the Indian mills at $100/mt FOB US for five cargoes, sources said.
Of these, Alpha sold three Panamaxes of its Cambria Creek brand to SAIL, and L&K two shipments of its mid-vol material.
The Q2 prices for premium low-vol coals, such as Anglo American's German Creek brand and mid-vol material like Anglo's Moranbah North, were set at $109.50/mt FOB Australia.
I told you I bought under $.80 and just sold this morning at $.95, does that look like a lose to you? Learn how to pay attention.
8K Filing from 3/2/15: As stated by the company: We executed this transaction to reduce our debt and interest cost, increase our equity, and improve our balance sheet. Read cut and paste below:
Item 3.02. Unregistered Sales of Equity Securities.
We have agreed to issue an aggregate of 8,650,000 shares of our common stock, par value $0.01 per share, in exchange for $66,725,000 aggregate principal amount of our 8.5% Senior Notes due 2021 (the “Senior Notes”) held by a noteholder.
We will not receive any cash proceeds as a result of the exchange of our common stock for the Senior Notes, which notes will be retired and cancelled. We executed this transaction to reduce our debt and interest cost, increase our equity, and improve our balance sheet.
The issuance of the shares of our common stock was made pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Act”), contained in Section 3(a)(9) of the Act.