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Claymore/AlphaShares China Real Estate Message Board

shocklord_de 12 posts  |  Last Activity: Dec 19, 2014 8:04 AM Member since: Mar 11, 2005
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  • Reply to

    do or die time for Wabush

    by shocklord_de Dec 5, 2014 2:40 AM
    shocklord_de shocklord_de Dec 19, 2014 8:04 AM Flag

    your message from a few days ago stating you sold half your holdings seems to have disappeared, but I can only note that your timing could have been better. Well, at least you kept the other half.

  • Reply to

    do or die time for Wabush

    by shocklord_de Dec 5, 2014 2:40 AM
    shocklord_de shocklord_de Dec 7, 2014 8:41 AM Flag

    Flooded pits, broken pipes and trashed buildings...
    rebuilding it all (if anyone wants to) will be prohibitively expensive.
    Once the mine is done, Wabush will likely become a ghost town. Getting people to move up there will also be no easy task once they all have left.
    I hope they all know what they are doing!
    And what about the pellet plant and shipping platform (Ponte-Noire, Sept-Iles)? That is crucial infrastructure, just like the Crystal City smelter for the Pea Ridge Mine (which is being "de-emphasized" according to the infamous last CC).

  • Reply to

    do or die time for Wabush

    by shocklord_de Dec 5, 2014 2:40 AM
    shocklord_de shocklord_de Dec 5, 2014 6:45 AM Flag

    Not admitting defeat, Penney is still sending letters to the provincial government, requesting that it intervene and stop Cliff’s from destroying the infrastructure as part of the company’s closure agreement with the province.

    The responsibility, however, is circular. At any given moment the burden shifts from one party to the next, creating a whirlwind of blame, duty and desperation.

    Cliff’s is meeting its responsibility to bring the land back to its natural state as part of a closure plan that’s costing the company approximately $50 million.

    The province is enforcing Cliff’s obligation, but is also unable to intervene between two private companies.

    MFC wants to take over the mine, and will assume liability for the closure, but the province doesn’t want to be on the hook for cleanup in case MFC doesn’t take over, so the closure must continue.

    And so the onus is on MFC to get a hard plan in place. But a $50-million closure plan can’t be done overnight. By the time it’s done, it may be too late and Cliff’s will have destroyed the mines beyond salvage, as is its responsibility.

    What happens if it’s too late?

    “Wabush becomes a ghost town,” Penney says. “Once that building is torn up, it’ll never run again.”

    And it won’t just be the 450 displaced workers unable to find work in Wabush.

    Companies in the town’s industrial park have already begun layoffs and more will undoubtedly come if Cliff’s follows through with shutting down the Bloom Lake mine in Quebec.

  • Reply to

    do or die time for Wabush

    by shocklord_de Dec 5, 2014 2:40 AM
    shocklord_de shocklord_de Dec 5, 2014 2:42 AM Flag

    Penney sits back in his chair, resting his hands behind his head, and looks out the window. It’s not a position of complacency, but acceptance. He, too, will lose his position as the union office closes without a mine to sustain it, just like his workers.

    He fought. He questioned. He begged and pleaded. It’s out of his hands now. And so he waits for something to be done so he and his fellow 450 workers can either work in their hometown or watch it become a ghost town.

    Meanwhile, the clock keeps ticking.

  • shocklord_de by shocklord_de Dec 5, 2014 2:40 AM Flag

    from the Aurora

    Faux wood panelling lines the walls and echoes bounce down the hallway, amplifying the vacant offices of a once bustling union office. A black and blue cap with “USW” and “6285” sits snugly on Jason Penney’s head as he hunches over a string of cheques, pen in hand.

    Signing cheques is one of many responsibilities in Penney’s all-encompassing role.

    He’s seated in the chair of the receptionist who was laid off from the United Steelworkers (USW) union six months ago, due to the idling of Wabush Mines and the union losing 90 per cent of its revenue.

    Penney goes back into his office, where “Union President” is stamped on the door. Shelving runs along the wall behind him, stuffed with untidy papers and folders labelled “DC Pension” and “Railway.” Letters and notes are strewn on his desk.

    It may be an unkempt office, but it’s nowhere near as messy as the work Penney has found himself in, as he tries to bridge the gap between Cliff’s Natural Resources, MFC Industrial and the provincial government.

    Just a few kilometres down the road from where Penney moves from desk to desk, a crew is dismantling Wabush Mines. The de-watering equipment is being removed, allowing the pits to fill with water. Fire systems are draining. The heat is being turned off. As the cold begins to set in, the only thing keeping the pipes from freezing and bursting is time.

    And there is nothing but time stopping the small town of Wabush from collapsing.

    Nothing but time looming over Penney.

    “It’s pretty much too late,” he says. “If it’s not done in the next two weeks, it’ll be too late.”

    Penney is referring to the sale of Wabush Mines to MFC Industrial. Talks between MFC and Cliff’s ended last month, disappointing the hundreds of workers hoping to return to their familiar jobsite.

  • Reply to

    Valuation.

    by zjdc Dec 3, 2014 2:42 PM
    shocklord_de shocklord_de Dec 4, 2014 12:46 AM Flag

    I don't get why some are buying Golden Ocean at $0.73. You get 0.13749 shares of VLCCF in the merger, which means VLCCF at 4.63 is a WAY better deal - The Golden Ocean share price implies a $5.30 VLCCF share price. Either Golden Ocean is overvalued or VLCCF is severely underpriced - or some people are betting on the deal being called off - which I seriously doubt. The EGMs are going to be held over the next few weeks, and in January the merger will close. Rates are down but that's the time to buy. The merged GO group will have very low breakeven rates and a huge fleet. When rates recover they (and the shareholders) will make a killing.

    Sentiment: Strong Buy

  • Reply to

    Looks Like a New 52 Week Low After Earnings

    by gp5561 Nov 8, 2014 6:00 AM
    shocklord_de shocklord_de Nov 17, 2014 11:14 AM Flag

    links are not allowed anymore on this board, sadly.
    Go to EDGAR or look at the last SC13-D entry on the "SEC filings" section of MFC's website.

  • Reply to

    Wabush

    by dickeypiper1 Nov 14, 2014 8:13 AM
    shocklord_de shocklord_de Nov 17, 2014 9:55 AM Flag

    "CLF threatening to flood the pits, remove buildings, etc."
    in the Q3 report MFC said
    "Upon formal notice to terminate the lease, Cliffs may remove any of their equipment, buildings or structures from Wabush within a period of six months. However, prior to any such removal, MFC holds the sole and absolute right to purchase any of these assets at a then reasonable market price."
    Looks like this one will end in lawsuits. The interview with the union guy on CBC sounds like they are willfully destroying the infrastructure in place.

  • Reply to

    Looks Like a New 52 Week Low After Earnings

    by gp5561 Nov 8, 2014 6:00 AM
    shocklord_de shocklord_de Nov 13, 2014 7:51 AM Flag

    Lloyd Miller has been buying all the way down from $8 to $6 and now holds more than 5% as per the recent SC-13D/A.

  • Reply to

    question for veterans

    by shocklord_de Oct 22, 2014 4:15 AM
    shocklord_de shocklord_de Oct 24, 2014 1:19 AM Flag

    I'm also assuming it's the same guy. Just google smeenk and bresea and you'll find an article "cash liberator on trail of Bresea riches" that gives details of the struggle between Smeenk and Smith/MFC.
    Interesting that they somewhat "meet again" over the Cliffs carcass.

  • Reply to

    question for veterans

    by shocklord_de Oct 22, 2014 4:15 AM
    shocklord_de shocklord_de Oct 24, 2014 1:16 AM Flag

    mixed feelings when you read the management circular for the upcoming meeting.
    First, it's not happening on christmas in Hong Kong anymore, but holding it in November in Mexico City is hardly an improvement that will make corporate governance advocates jump for joy.
    The old consulting contract with MS has been terminated and a $1.8m fee was paid. Now he remains on board as "managing director" who oversees "special, strategic projects" and acts as "mentor" to the CEO (and is still getting paid very well). Interesting that they want to keep Chatterjee, the "expert on Indian politics and the Indian market" on board after all the multi-million dollar failures in India (e.g. Canoro and Magnum Minerals). Also I'd really like to know who is supposed to have bought the german Aluminium plants (see last quarterly filing), as the german commercial register filings show that Marlene Bryl (Smith's girl that also manages the german industrial parks) is now in charge of these businesses. Asset stripping? As always, more transparency from the company would prevent shareholders from always having to assume the worst.

  • shocklord_de by shocklord_de Oct 22, 2014 4:15 AM Flag

    Is Frank Smeenk from KWG resources, that currently has disputes/claims with CLF over their chromite projects, the same Frank Smeenk of MacDonald oil that clashed with MFC/Smith over Bresea back in the day?
    Also, it seems posts are disappearing at random on this board. Shame on Yahoo, they really ruined it good.

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