RE: Dundee Report...skipping company history, mgmt What a garbage report by the analyst at Dundee. First of all the analyst states that Cline's debt is due at the end of 2014 when the actual maturity date is feb 27, 2014. Big Difference! the analyst also talks about Cline burning $1 million per month but yet conveniently ignores the $5 million of annual interest payments. Also, the analyst uses a coal price for Cline of 20% below the HCC benchmark price. Yet historically, semi soft coking coal has traded at 70% of the benchmark HCC price and PCI has traded historically at 75% of the benchmark price.
This report is really just a way to pump CMK's stock so that if the price of the stock ever did pop then Cline could issue more equity. Take one guess which firm might help underwrite the issue? Obviously, this report did nothing to boost the stock as anyone with half a brain can see what a sloppy piece of research this is.