Just going to put this out there: How much value does anyone think the Gold and Iron Ore assets are worth.
If needed cash these properties could be sold off if they cannot land any sort of financing. Also the debt is only 50 million not due until later in 2013. If I were to look at the balance sheet of Cline I would say they are under debt as compared to their assets, and could take on more debt or credit facility moving forward. The only sticking point we have now is trying to find a buyer for the coal. This is the only uncertainty IMO the market is looking at and is not sure if CMK can land long term contracts for their coal or not. Once a contract is announced (hoping sooner than later) share price will react very positively.
IMO the marketing and sales dept. at CMK was way behind the curve in securing contracts....even before they started to produce any coal they should have secured some sort of a commitment. I think their egos got in the way and thought selling coal is not a big deal......Well now they are realizing their BIG mistake in not doing their homework before hand.....The idiot Marz I believe is the one person solely responsible for bringing the house of cards down. What a moron, and the fools who put him in charge did not realize this mistake early on! If Stone was in place a year earlier results would have been different IMO!
It is still not too late for CMK to regain its footing IMO, they may have saved the company by taking these drastic steps, be it the last minute, nonetheless may save the company and reward the shareholders going forward!