Post by
bond46 on Jun 06, 2013 1:19pm
Was Bates Dishonest
The speed by which the new management got rid of the coal inventory raises some questions why the previous management did not sell this coal even at a discount price in order to meet their bond interest obligations that led to default. My take is that Bates and his gang did not want to show the Marret bond holders that he had money in the kitty to pay off the interest so it could drag them into a restructuring plan and save his #$%8&. For after paying off the interest who was going to give him money to run the business? With the reputation of being a flip flopper in the market not even a chance in a million to secure financing. So the only option he had was to default on the bond interest and drag Marret into it. Marret got dragged into it alright, but they dug his grave at the same time and that to the benefit of everyone out there. So you little vampires outthere who wanted Bate's blood for so long, now you have your chance of quenching your thirst. There was going to be a day of reckoning; all you had to do is wait.