for years and years they have been selling silver and gold at higher prices than their "all in" costs. and yet the company has never paid a dividend, and has accumulated losses of over $1 billion.
those vultures own 40% of it because they got the shares in all of cde's screwed up convertible debt deals right? i highly doubt any of those shares were purchased on the open market, and they are probably still convertible debt which shows up as "ownership". difference is those guys get interest payments and get paid back at some point while the real shareholders get NOTHING.
taking a $770 million writedown didn't mean anything either. i guess nothing means anything in cde fantasy land. please tell me what securities they would issue that would be non-dilutive. convertible debt = dilutive, stock = dilutive, warrants = dilutive.
so it is meaningless that they are filing to issue more securities just as their debt is being downgraded? it's not "automatic", you seem to imply that healthy companies do this all the time... selling more stock right at the bottom, or selling more debt just as you've been downgraded is a total sign of desperation.
sec statement doesn't break down what they are going to be issuing, or how much. hilarious that they have to go back to the well when they continue to claim their cost of mining silver/gold is much less than current prices. yes OK you are making money but have to keep begging for more LOL
so a company announcing a 1/3rd cut to book value is "no big deal" LOL
many of the longs kept spouting off how book value was $20/share, that is no longer true. a few more years of "only" $1200 gold and $20 silver, and the rest of book value will be wiped away too...
ok i meant SIGNIFICANT stock ownership/purchases. the largest purchase was 4650 shares, that's pathetic when lifetime stock purchases are less than 3 weeks salary.
schnitzer might have had some people in management positions that actually cared about the company and shareholders. that is not the case here. doesn't matter if silver is $5/ounce or $50/ounce, over time the value of cde stock trends towards fair value of 0.
if anyone in management actually owned shares of cde, or heaven forbid, BOUGHT SOME!, then maybe i would think differently about their objectives. all they are using cde for is an atm machine.
yes, silver could bounce up to $30, gold to $2000, and that would save cde. but at current prices the company has a short shelf-life. they can cut all the costs they want, and it still won't get them to below 20/oz...