Peabody Energy Corporation (BTU)

[LouisDesyjr]

The muppets pile in

It is usually clear why the muppets are piling in these situations, but this time I can't believe that they are.

Apparently, it looks like the muppets are being told somewhere or believe that the operations in Australia are making all kinds of money, plus the deadline for filing a reorg plan has been extended to December 14, 2016. So they think the common shares are going to have value.
Document 1453 - ORDER EXTENDING PERIOD DURING WHICH THE DEBTORS HAVE THE EXCLUSIVE RIGHT TO FILE A PLAN OF REORGANIZATION

This is in spite of the fact that the September 2016 operations report shows a loss of $66 million. Document 1465, Sept 2016 operations report
At this rate the equity that is showing on the books, at book value, will be wiped out before the company exits Chap 11, never mind the losses on the sale of any assets that may take place or the write downs on assets the company holds.

Louis J. Desy Jr.