What would the point of a capital raise have been? The entire issue revolves around them getting out from under the pension/labor contract. They could not raise enough capital to diffuse either issue so actually a capital raise would have been the worst thing they could have done because then the union wouldn't think they were a week away from chapter 11. At the end of the day the whole company is going to have to be recapitalized in a manner in which the union (if they think they are so good at what they do) takes a big chunk of the equity in the company in exchange for substantial forgiveness on the pension side and continued give backs on the labor contract. But since union employees don't believe that equity in a company exists they will never go for this so the company will thrash around until there is no sucker left to buy a lottery ticket at which point the plan will go to the government and the assets will be liquidated. Then all the union guys can get their 40 cents on the dollar on the pension they thought they had and will have another reason to scream. But at least at that point they might scream at the union bozos that used the pension plan as their piggy bank for the last 30 years. I say good for all of them. They deserve the screwing and they don't deserve to use lube
My prediction is another reverse split is in order.
I am guess a close in the low 14's, possibly test support at 13.65. No good news. No reason to believe in any uptick. Ugly. Buying a lot of 15 puts for November. selling even more 16 calls for this Friday to pay for them. A free short.
you would be better off burying the money in your flower bed for the next two years, at least there you don't risk losing all of it. There is zero upside here for at least 2 years and the downside is 100%. Where do I sign up for trades like that.
pretty smart people that didn't see the tidal wave of cheap nat gas coming and the taking over of the country by the greens. But besides that they are smart. Or maybe they meant within the coal industry they are pretty smart. Like being the tallest midget.
looks like my question is much more relevant than the "committed longs" would care to admit. Enjoy your losses. Long and strong. Losers
out of the puts. Nice little coin in the pocket. Actually speculated a little and bought some 15.50 for 8 cents. A roll of the dice. A likely loser but with one vix crushing market ramp I could triple my money.