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Sunday, April 23, 2017 11:16:46 AM
Have been checking all clf 10k/10q filings(after 2015) under section of "financial activities" and never able to locate payment(reconcile) of $268 million for the two coal mines sold.
Background references:
* "Cliffs said in a news release that it values the transaction at $268 million based on Seneca Coal assuming “all liabilities of the business.” Additionally, Seneca Coal “may pay Cliffs an earn out of up to $50 million contingent upon the terms of a revenue sharing plan which extends through the year 2020,” according to the release."
** "Seneca is an affiliate of West Virginia-based ERP Compliant Fuels LLC."
http://www.crainscleveland.com/article/20151223/NEWS/151229942/cliffs-natural-resources-sells-remaining-coal-business
and here is why and implication can be HUGE
from:
http://www.businessnorth.com/daily_briefing/concerns-high-stakes-even-higher-in-complicated-essar-bankruptcy/article_26befbb4-26ab-11e7-b248-5b47c881f3dd.html
Key points from above the WELL WRITTEN ARTICLE:
* Two of ERP’s coal mines were purchased on the open market from Cliffs Natural Resources. On Wednesday, Cliffs’ CEO Lourenco Goncalves said ERP’s principal, Tom Clarke, has not made his payment.
** “I will sue him until he pays me,” Goncalves said.
*** It’s worth noting that Cliffs is competing with SPL and ERP in the bidding war for Mesabi Metallics. The Cleveland-based iron ore mining and processing company has offered $75 million to bring the firm out of bankruptcy and Goncalves considers iron pellets the future of Minnesota mining. The best Minnesota source, he has said, is in the Nashwauk ore body.
Bottom line:
1 clf claim $268+ million against ERP is out in the open.
2 ERP need to explain and counter claim the 2015 deal/payment,like it or not.
Why this is HUGE to me:
If LG is stating the facts,ERP bid in the Chapter 11 just got marginalized BIG TIME.Woooooowwwwww.
or
clf is way under valued below $10.00.Wooooooowwwwwww.
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- Form 8-K - Current report • Edgar (US Regulatory) • 08/13/2024 09:14:47 PM
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