RE:80m theshold....Certainly Cliffs posts are credible. On calls with mgmt I too have been told $80m debt level for ROC. Although discussions I've had specified divs only, no buy backs. Word for word from Mr. Gill was : we want to reward shareholders not share sellers. ( which as mentioned BoD / insiders benefits too). It's logical too.
The ROC was / is never a major factor in owning YGR for me. If I want that I have options that offer that immediately. I have always thought of this a growth stock the bizarre thing was it never really got going even when oil was $120. It was pinned down by massive short position that retail could not force their hand. I tried. Believe me I did. One day I may tell the story but not while I still own shares.