Thank Goodness This is small consolation given where the SP is at, but thank goodness that management chose to act replacing mine management and implementing cost containment strategies. Who knows, if the world economy tanks, the difference would've been a matter of months, but at least managements strategy will buy them time for the coal market to return.
The small glimmer of hope is that as Sean Casey stated, the customers are at this point are seating on their hands given the great uncertainty in the short term. It's not like they are reducing capacity or production. This industry like all others is at present paralysed given the uncertainty in Greece/Europe.
I got the feeling from the AGM that Earnest Cleaves may have been responsible for this change. Thank goodness he had the foresight to give Cline a little breathing space, perhaps 3-4 months at best given their $30 mil. cash position. Looking at the head table at the AGM, what I saw was the future, Cleaves, Stone and Casey. Very sad to see Bates at the other end, looking like a very small man. I wish him well.