skit.. read my POST on pros and cons for sale or keeping BL.mine. Its costing a lot in draining liquidity for a small company like CLF if they hold onto it or shut it down while IO prices are under $100.
For last 12 months and keep hoping for it to rise, and missed out ON TRADING other companies while markets were hitting new all time Highs. I can be out @ slightly under $22 with a breakeven but will see what CASA does. Like to see it get to $25 before I sell.
Kirsch and other officers will get a ton of CLF shares and other compensation stuff since the Compensation Package on the ballot ,as I understand, PASSED.
CASA will move very swiftly to get rid of losing assets or spin off those operations. More upgrades will begin to flow very soon and I expect CLF to get to $20 shortly. CASA has a lot of work to do here for RESTRUCTURING as this company is royally messed up by Kirsch, Carraba and others.
If CASA as indicated has won a majority on the Board and takes the control of the company very soon.
Current BL mines estimate of EBITDA is negative 60 mil and free Cash Flow of is negative $260 mil. If BL is sold, CLF will not have a NEGETIVE Cash Flow. Shutting down the BL mine will cost Cliffs as much as $300 Mil. and will take a toll on their cash liquidity. Once CLF frees itself of BL Mine, they will be relatively stable and profitable and will not be bleeding liquidity.
Except the small unprofitable Met Coal mine and BL Cliffs other divisions are solid and profitable. Even if they sell both BL and Asia-Pac assets, they should remain healthy and profitable and this is what CASA has promised to do as soon as they take the control of the company.
If passed, the company officers like Kirsch, Halverson and others get huge amount of predetermined number of shares plus huge Severance packages, if they are kicked out by CASA. Its all in the Annual Report they mailed out with White Proxy.. These crooks have NO interest in CLF's welfare except to bleed it to death on top of what they have already done to the stock price. Good Riddance is the only solution when CASA takes over the control now that they won the majority on the Board.
I hope the Compensation Package was voted down. CASA recommended to vote AGAINST It.
Keep dreaming. Kirsch will find any excuses he can to delay the results of VoteTabulation and award his cronies big stock compensation as termination prizes plus big other severance packages at the expense of this debt laden money losing company.
Kirsch, Halverson and Carraba never looked for either partnership or outright sale of many assets that would had brought so much money that after paying off all the debt, they would had a lot left to pour into dividend and improve domestic mines... but those turds..???????????????
While Cliffs remains mum about voting count, the stock keeps going down...now @$17.18
I am furious about this very slow voting count( English translation of the above post in German)
ArcelorMittal (AM) probably would also had been happy to participate in a Joint Venture with Cliff in BL and/or Wabush IO Mines if CLF's management was proactive for JV. Another lost opportunity. Casablanca will
explore all this kind of possiblities for Eastern Canada or Asia/Pac Mines.
In this modern age, its taking them this long to count the votes? Kirsch just doesn't want to admit defeat, lose control and want SH suffer as long as possible.. This stock will NOT go up until this MNGT is
punished, removed and new people can take the control. The stock is @ $17.36 instead $18 or over it should be.
It Does MATTER. CLF's Management is very SICK and change will invigorate this company. The word I hear is that Kirsch/CLF suffered very badly. We will know soon who the new CEO will be.. likely guy is Goncalves. surf.. get out of your dream world and open your eyes... NEW DAWN is here !!
The requirement for the Voting Certification is three(3) days but its taking them a lot longer. I will have to see it to believe if it will happen on Monday( tomorrow). Like every thing else that Kirsch has done about delaying earnings, meeting date, dividend date announcement, I would NOT be surprised if this is delayed till the middle of the next week or even to the end of the week .
Lets face it.. Kirsch JUST CAN"T LET IT GO!! So we will all wait for the certification of votes whenever they announce. I so HOPE Kirsch is out. He is only 56 and the recruiters will find him another job...and I will feel so sorry for that company.