Gonclaves is making the same mistake that the previous management, failure to take on the shorts in the public opinion arena. The problem is and always has been the short attack and corresponding short interest and this problem is not going away by running a mining company correctly. As with LVS, GMCR, TSLA and others, the management took the profits away from the shorts by directly attacking the shorts in the media. Casablanca plays this game and should know better than the previous management!
I have been monitoring the Canadian newspapers and nothing has come out. It is really strange that even the unions have not made any more statements. The deal must be under review by CLF's new management and everyone must be waiting for a response. This silence from CLF is the same old stuff that the old management was famous for. Sad thing is the networks like CNBC would fall all over themselves to get the new management on the air.
My problem is every one of those board members took the required steps to stop the short attack, all they did was run a mining business. Because of that, they were voted out.
What is the big deal? It is a business decision the current management is making, they think they can make more money for the company by getting rid of him. It is a contractional cost that the current management knows it has to pay. The only crime here is if the current management follows the same path of keeping the market in the dark with their intentions. So everyone needs to get off the $11 million payout and put pressure on the current management to be more open and transparent. Management does not need 90 days to speak to the markets, they need to start now.
So Sawyer is whining now… he and the others had all the chances in the world to keep control of the company but could not see exactly what the problem was. 3 years ago the company had the opportunity to keep the shorts at bay and did not take the required steps. A year ago when they posted good earnings, they had a great chance to clear the shorts out and they sat on their thumbs. So now he is crying that the current board mistreated Halverson. He needs to realize that throughout the whole proxy fight, the only thing they did was copy and paste the same statement 6 times! They did absolutely nothing to address the real problem, the short attack and they allowed Casablanca to manipulate the stock price. It is now clear Sawyer and others don't have the nuts to do what is needed and jumps ship when things don do their way!
On the investigation for a possible lawsuit is just noise where an attorney is just trying to get clients to pay for their habits.
Read his resignation letter on the SEC filing. I am speculating on the whole IPO thing as Mr. Sullivan stated that the CAS people are ignoring all steps the previous management took and choose not to take their suggestions.
He did not like the way Casablanca stepped in, ignored the returning CLF directors and stuck to their pre scripted plan. Sounds like to me they reversed the Pinnacle mine shut down and stopped all negotiations on the Wabush sale, all pointing to putting together all the assets and debts they what to shed in a new IPO.
I can't figure out how anyone can see something wrong in pre market when there have been no trades and no action on the bid-ask. Appears to be another baseless statement.
I agree, with US iron ore shipments increasing, they should be selling down their huge inventory and with that money, they could easily buy back shares now.
6,681,796 tons, the highest July amount over the last 5 years. Year to date, still 3 million tons less shipped than the 5 year average, but the difference is shrinking.
I am sure the new management is reviewing the path the old management set forth and is realizing the old management was on track. Hence the talk of selling off international has come to an end.
Management has changed, same way of conducting business, not a single word out of the company. I am beginning to think it is a miner thing, they can't dig and talk at the same time.