Bhappu resigning from the board is the death knell. Second largest shareholder, no reason for him to leave. I would assume he wants to sell his shares. Short interest continues to rise even at all-time lows.
Hate to say it, MCP headed to bankruptcy. I sold out of all my shares on the news of the last equity offering...where there was no debt participation for the first time ever (a massive red flag)...and frankly, MCP's ore is just too common...won't ever command rising prices.
I would be selling on this news. I would get out as soon as possible.