Stop dreaming. Any material event would have to be reported on an 8-K. No bail out.
S&P downgrade today - S&P does not expect MCP to come up with the skipped payment in 30 days and considers MCP to be in default and unlikely to be able to continue to operate.
streetinsider D C /Credit+Ratings/UPDATE%3A+S%26P+Downgrades+Molycorp+(MCP)+to+D%3B+Considers+Default+Move+to+Occurred/10617368.html
Take the emotion out of it. Decide how much more you are willing to lose and put in a stop loss.
In the unlikely event the stock moves up, move the stop up. Some brokers have an automatic trailing stop loss order. Do not buy more.
" They have all but wiped out the equity."
PE and hedge funds did not wipe out equity. Poor mine performance, projects over budget over schedule, poor mgt, and collapsing REE prices did it. One thing you can be sure of, current stockholders will be wiped out one way or another.
Actually it was the other way around. Execs were req'd to hold at least $150K worth of stock. I think your anger is clouding your memory. Don't believe everything you read on a Yhoo MB.
I have been unable to find(nor remember) any sale by PdT in the past 6 months. Would be on site Canadian Insider and under symbol PDL not PAL or PALDF. Nor any sale by Gallagher.
canadianinsider D C /company?menu_tickersearch=PDL%20%7C%20North%20American%20Palladium
Just because skittle said something doesn't mean it was true. He had a habit of making up "facts"
" He was selling his shares ..."
As much as you dislike PdT , at least don't make things up. He has not sold any shares. His most recent (according to Canadian Insider site) is purchase of 56K at .16 on Jan 28
BK or not the present stockholders will be wiped out. Debt holders already "own" the company. Any re-org will just reflect that fact.
On the other hand without the BAM financing they would have gone BK two years ago. If there were better offers them PAL would (should) have taken them unless it was less than an arms' length transaction between BAM and PAL.
"I disagree here, Bell.
The asset(s) are worth billions. Proper mining technique and business approach will prove this to be."
I think we agree. Execution is the key. Are the current crew sandbagging or can they do it when it will line their pockets?
Do you think their are other interested parties or does BAM keep operating and "miraculously" things turn around?
They also mentioned UG flooding. Do not Canadian calendars show that winter turns to spring? As I see it, they have built a giant bathtub (pit) with a drain at the bottom (mine entrance).
"BAM got a multi-billion dollar mining asset for a couple hundred million."
Not quite. You left out a critical word.
BAM got a POTENTIAL multi-billion dollar mining asset for a couple hundred million.
Until someone , BAM or otherwise, can demonstrate they can mine this asset at a profit at current prices it is worthless.
Meanwhile 31 days remaining. No one cares anymore with only about $22K worth of stock traded Friday.
I don't think there will be any legal action - if there were a potential for fees the lawyers would have shown up already.
I agree that the content and his demeanor at the cc were through rose colored glasses but you still have to do your own dd, especially with minor miners Canadian or otherwise.
You have to take some of the blame for your loss also. If you had compared what he was saying compared to carefully reading the 10-Q you could have seen this a mile and a year away. I remember one particular statement "Everything is trending in the right direction". But if you looked at the report there was clearly a table going back several qtrs that showed all the important numbers were in fact going in the wrong direction. I pointed that out and most on this board attacked the analysis.
Why would they want to scare away buyers? BAM would love to get out from under this mess. PAL as a corp has no skin in the game, the stockholders do. Do you think BAM really want to own this mine long term?
With the mill shut down until further notice very unlikely that there will be a better offer. Thus BAM is the new defacto owner. Still surprised the stock is .04, .005 seems more reasonable.
What a disaster.