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.
Your whooping loss is after $25 depreciation, depletion and amortization charges, otherwise on a cash cost basis, they are breaking even.
We need a catalyst for a break out like finalizing a deal on Wabush, JV with BL or the Ring of Fire, stock buyback or any combination of a reorganization. I think a Wabush deal is close at hand.
Based on the cost and time of developing fields from scratch and the size of HK's debt, my guess is around $12 to $15 a share. TCK is partnered with Sunoco on some oil sands in Canada and it is taking them $4 billion and 2 years to develop the area.
He will become a day trader and show up here on this message board. He lives near Robert in Ohio (the Sheep Dude), so they may become buddies and work out of Robert's mother's basement.
With the severance package, they are still eligible for unemployment insurance. With the extension in Ohio, that should hold Kirsch over for a while.
Casablanca got in because they put 6 candidates on the ballot whereas CLF put 7. Due to the voting split, CLF's candidates lost out and won the individual items. If CLF would have gone with 6 candidates, they would have maintained control of the board.