Cline Mining Corporation T.CMK

need word from our CIO

[bond46]

Coalmnr come in and give us an update. What is happening on the ground has cannibalism started yet? Marret has vowed to take their pound of flesh at any cost. Is anybody still working down at the farm, or gone on vacation. We need to hear from our designated CIO, Chief Intelligence Officer the invaluable Coalmnr from whom we have not heard from a long time. So, Coalmnr, if you're still around post your input on this board and eventually you'll be rewarded.

[cokeexpert]

Yes...the cannibalism has begun and the reclamation bond issued to the mining office has been converted to cash.  The new CEO is experienced in selling off mining assets so this is not good.

[bond46]

The conversion of the bond to cash may be necessary to cover operating expenses since CMK has run out of cash to keep the lights on. This cash however is not going toward paying debt to Marret. Marret in order to get their money, CMK must either go into bankruptcy or be sold. Selling assets piece meal, is not in the interests of Marret's since it lowers the value of the assets by allocating

[cokeexpert]

No...the conversion of the bond was done by the State mining authority.  That money is not available to Marret to use for ANYTHING.  Cline must post another bond, since it appears that the current issuer of the bond has decided to cancel.  That's why the State asked for the money under the letter of credit. Now who, pray tell, will issue a new reclamation bond on Cline's

[bond46]

Maybe that is what Marret want; the State to move in and shut down the operation. In that case they can move toward liquidation of the assets save the resource. The mine can be sealed and probably be sold in the future. But Marret is not gaining anything. If they go for the auctioning of the assets, they will be lucky to get a third to the dollar in the current market conditions. Their best bet is

[Coalmnr]

Hey guys!!!! Nothing much has changed. The mine still has several employees on site doing upkeep and regular maintance. But some of the equipment is bein sold to keep money coming in to keep the mine at an idle. I have not heard of any potential buyers or coal sale contracts. I will keep you guys posted on any new information I might gather. Have a great day!

[bond46]

Hello CIO, where have you been. Good to hear from you coming out of hibernation, hope that that snow up there did not bury you in, we were worried for a while. What type of equipment are they selling? Miners, vehicles or what. You see guys that Marret, don't want to convert bonds into equity and take ownership of this outfit for they would have to incur the operating costs. So what they do, is

[Coalmnr]

Hi there, sorry for the late reply. I have found out that the mine has sold two continuos miners, the last eat has been sold three days ago. They are bein sold at about half the value that cline bought them for. Other equipment has also been sold and also company trucks have been given to local suppliers as payment. No coal sales contract or a buyer for the mine had been found. But a local

[bond46]

CIO welcome back on board. It's not surprising that they are selling off assets in order to keep the mine open. What screw this mine up was the overextended capital investment by the idiots in charge Bates and his cronies on the Board Senators et al. Possessed my their megalomania, Bates and his gang, went into a spending spree as if they had the cat in the bag. Now, the new masters, Marret

[NightowI]

This post has been removed in accordance with Community Policy

[bond46]

You do because you're posting on this board

[colominer4life]

Yeah equipment being sold for dirt cheap. Maybe someone should check into whom it's being sold to and is it for cash. There has been items removed from the property in personal vehicles. Really. Who's lining who's pockets!!!  Just saying my own opinion. 

[bond46]

Your opinion has no merit because it does not matter who buys these equipment. What matters is this outfit needs cash flow to pay for wages, maintenance work, salaries and so forth until Marret finds a buyer or signs a sale contract and go into production, if ever given the depressed state of the met coal market.