The way the markets are today....Dow down some 50 points, I think both CLF and TWTR are holding up well.
No..Kirsch is bitter and gone now. He is also very arrogant, or should had taken the CASA deal when they offered it in January about appointing Goncalves, the CEO and 2 or 3 seats on the Board. .Instead ,he went out and found Halverson. Do you know the staus of Halverson? Perhaps he took $10 Mil package and left.
Its already done now . CASA is officially in charge as Goncalves is appointed Chairman, CEO and President of CLF.
Goncalves took the both positions of Kirsch and Halverson as a Chairman of the Board , CEO and President effective immediately. Is that means Halverson took his $10 Mil and gone? This stock will now move rather fast upward. Very decision and gutsy statement!!
This is all water over the dam NOW.. Kirsch and his group of people are crooks and didn't care for the SH or the company... It is VERY IMP that the new BOARD is certified ASAP and Kirsch and them are foot dragging. CASA should push hard to move this certification as fast as they. W/O that ,CASA can not take the control of the Board and obviously the company to turn it around. I HAVE NEVER SEEN ANY THING LIKE THIS WITH ANY OTHER COMPANY. KIRSCH JUST WONT LET IT GO.
Shorts should cover immediately. As soon as the new Board is certified ,CASA will take the control and will do their very best to turnaround this company. Shorts are playing with fire at this point.
Longs worried about missing out on a big gain if CASA does something terrific and Short Sellers worried about losing their #$%$ if something terrific like CASA selling or spinning off some assets and the stock makes a big move up. I think the Stock price will fluctuate in a very narrow $17-$18 range and Volume will be much low around 2 to 4 mil shares way down from its normal volume of some 7 mil shares. This is a perfect game for day traders until something happens.
This will continue until CASA actually takes the control of the Company and makes some announcement on the course of action. Remember, they promised to come up with a 90 day plan. So will see.
surf.. Asia-Pac is making profit but BLmine is NOT. Where did you see BL is making money.? Currently BL estimates EBITDA of negative $60 mil and Free Cash Flow of negative $260 mil. Also the cost of shutting down BL mine is $300 mil. This drains a lot of liquidity from a small company like Cliffs. Its going to take a long time and much higher IO price ( $120/tonne or higher )to make BL profitable . Its best to sell if CLF can get halfway decent price.
Very low Volume.. People who own stock are waiting for CASA to do something drastic to move up the stock price before they sell and shorts are scared that the stock might move up fast with some restructuring and don't wanna lose their shirt.
Halverson gets paid $10 mil even if he goes. So might as well keep him as a President reporting to Goncalves who will be the new CEO and put him in charge of selling Canadian and /or Asia-Pac assets at a fair price to reduce debt.
They need to sell assets but NOT all at once .but WS will then realize that CASA is serious about it and that will push stock price up. I think for Wabush mine, some Canadian mining company or even BHP ,or VALE might be interested in buying at a fair price.
surf.. Do you know when CASA might take the control of the Board and the Company? As I understand vote is still not certified and they are NOT in charge yet?.My contacts tell me Kirsch and them are still there.
Here is the Contact info.
450 Park Ave.
New York City, NY 10022
Investors Relations... John Donovan, 212-461-6128
CLF stock is NOT doing anything differently than what it had been doing under Kirsch. This GOTTA change.
They need to take control of CLF very soon and start Restructuring so WS can have confidence in their ability to get things done fast. Only then this stock will move up. Cutting cost , streamlining operations and selling or spinning off the money losing assets is the only way to go .
I know a company that will be glad to hire Halverson to carry interoffice mail from one office to another and one floor to another, and he may also have to run errands for the CEO and his wife. lt will pay as much as $10:10 per hour that is recommended by Obama.