He was hired as head of IR at Westmoreland Coal, per their press release. Looks like he moved up in the world. Good for him. A class act if there ever was one. He will be missed.
He has a voice mail that says he is "no longer with the company." I am presuming management is taking an additional meat cleaver to costs, to gain the full confidence of the lenders....and Gary is an unfortunate casualty.
What exact form are you, or runsfortheroses, thinking a final version of the bond amendment will look like?
With $330 million of cash. Leaving aside covenant requirements, it appears they are burning about $35 million quarterly. But when the Maersk contract is up and running, that should drop to $25 million a quarter. Add in SOME kind of oil price rebound, back into the $50's, by year end, and it is hard to see why the quarterly burn couldn't be down as low as $15-20 million, about a year from now. With all this in mind, it would SEEM that they might have at least THREE YEARS worth of cash.
Being able to buy something that is currently DEBT FREE (net of cash), for less than 1/10 of book, when that asset value has been FULLY written down, under fresh start accounting, SEEMS like a great opportunity. The runway is established....and the exploration of strategic alternatives is a "kicker." (We don't HAVE to sell out to anyone; we are NOT desperate.)
It still amazes me to think this thing has an EV of about ZERO, as we speak, give or take....and just prior to bankruptcy, it was well over a billion. Seems like a huge "disconnect," especially since there is a boatload of "runway" now....and the "new" common owners are clearly vested in getting their money back.
Sentiment: Strong Buy
Mike, you are a scourge on these boards...and unto yourself. Your self-pitying negativity, and dwelling on past losses does not FREE YOU UP to find the "next winner." You are a sad sack. Investing is about learning how to "move on," first and foremost, and looking for where the greener pastures are, rather than gnashing one's teeth in permanent cynicism. The markets are the markets; it is nothing personal. Why don't you just admit to yourself you don't have a mature enough pyschology to manage your own money, and put it all in mutual funds. And free us of your seemingly interminable bitterness....which drags everyone down on these boards...and is a complete embarrassment to you. Have you ever tried GRIEVING, in order to let things go?