Post by
bond46 on Jan 21, 2014 5:53pm
The options of Mr.Goldfarb
In their latest salvo of management shuffle, CMK brought in another expert from the Coal industry, Mr. Goldfarb, a veteran of the Apallachian coal mines and a blackstone operative, to restructure the co. or what is left of it. We thought Mr.Haywood stood a better chance to succeed as a CEO when the old guard, Bates and Co were placed on the skids. Mr.Haywood a mining engineer and a lawyer would fill the vacuum the old guard with their stuffed cronies on the board could not.So what now. Mr Goldfarb, duped Chief Restructuring Officer, brings a new flair to the saga of the fate of this outfit. What can Mr.Goldfarb do? Basically he has two options: Either to secure new financing and try to secure some sale contract or an offtake agreement, or strip the company of its assets piece by piece and sell all or part of the co in order to pay its creditor, Marret. Nothing is clear yet. The coal market is still in the dumps and no hope in sight. We do not see how Mr. Goldfarb can save this company or what he can do different than Haywood could not. Time only would tell what Marret is up to.
Comment by
cokeexpert on Jan 21, 2014 6:19pm
Lets say they get a buyer in Asia. They gave up the export terminal in CC, Texas. Are they going to float it overseas on rafts? No chance that this operation will produce any more coal. The workers are not there, contrary to popular belief. Find another penny stock to bet on as this one is all done.