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yeah, I wish I had some more money to have jumped in at those as well. That's why I was thinking of selling and jumping back in at those, but that's fine. Better off just staying put and keep riding this out, and be patient with it.
Well we had a huge sell off in the morning and had some good resistance along the way. looked like it was going to build back up and be stable, but another huge sell off keeps derailing this.
if we can close above .15 I would consider that a big win. Obviously anything higher should be good.
were you expecting it to dive this much initially? I'm guessing that this is just going to be today and tomorrow and will go back starting next week after people stop freaking out.
Ok cool, that's what I had figured, but sometimes you never know for sure with how people react to things like this. I recall you mentioning that we are already down with dumbama in office, so staying in office shouldn't really dip this much lower.
hey Ernie, now that Obama has won, what do you think will happen with PCX?
I also saw this report on fidelity (that's who I use). this is the beginning of the latest research article. If the link doesn't work, here is the beginning:
http://research2.fidelity.com/fidelity/research/reports/pdf/getReport.asp?dockey=751-70336T104&pr=latres
Patriot Coal Corporation (NYSE:PCXCQ)
Accounting & Governance Risk Overview
AGR Rating:
Aggressive (24)
Industry: Coal Market Cap: USD 16.9mm (Nano Cap) Period End: Jun 30, 2012
Patriot Coal Corporation is currently rated as having Aggressive Accounting
& Governance Risk (AGR®), receiving an AGR score that places them in
the 24th percentile among all companies in North America rated by GMI,
indicating higher accounting and governance risk than 76% of the other
companies.
It also shows it as underperform for "opinion".
I might be able to save it and send it to you, wanted to get your thoughts. I'm also thinking of selling out of it all and jump back in once it settles down again from election. Just not sure what to do at this point. I know the venue decision hasn't been made yet, and the EC isn't going to be decided until December.
thanks in advance for any input
-Frank
guess here is the question again, how bad will this hit PCX?
hopefully it won't really take a big hit since it's already low as it is.
Fully agree...I'm hoping he doesn't win either. I'm hoping with me saying that he is going to win, just to prove I'm wrong (as usual) that Romney will win. Then we all win don't mind being wrong if we all win
heard it here first, Obama will be in office for 4 more years.
I don't mind being wrong though. It doesn't happen much, but it does happen (more than I like to admit)
well, I say "spike" because it's not going in the other direction
no worries, I'm just saying whatever positive motion this went, may be short lived. then again, this is already low as hell anyways
guess the nice spike today will be short lived?
I doubt it. the 10Q looked bad. They didn't make anything and lost a lot of money. But that's what PCX is wanting to do, make themselves look bad in order to stress the BK and its need to be restructured. But then again, I could be wrong. I'm definitely no expert on BK and how this process works for corporations.
Would be nice if they did reject it out of BK, but that doesn't mean the company will keep surviving without restructuring it to be profitable.
Yeah, I figured nothing is going to be pretty until they decide on the venue, presidential is done, and the EC is finally formed. Have to wait for anything to happen till December it looks like.
Hey again Ernie, saw that they posted the 10Q.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8531200
what's your thoughts?
we took a big hit today, but it appears every place did.
Hey Ernie! Hope all is well and you aren't stuck in those nasty storms and don't have any family in those areas. If you you are, and have family there, hope they are all safe!
With the markets closed for a few days this week, how do you think this will play for the PCX? Do you think people will just sell all out after market finally opens because the markets were closed? Or do you think something like this propels something like PCX since it is coal? I know it's not cold weather to help with it, but this also could be something to where it makes it go up with how it helps with power.
Just trying to figure out how the market and that ticker will react to something like this
Agreed. I've seen some good direction lately, so it's a start. Still need something more solid and positive for it to be go further up though.
Hopefully the venue decision will be soon. I think when they say it will remain in NY, it will go up a little bit more.
I thought the equity committee was moved from Oct 10th to Dec 10th (or is it 11th?). Once that happens, then we should see a little bit more up tick. If they produce or profit, it will be a big deal, but we all know that won't happen. Even with bad weather already hitting (thanks to hurricane Sandy) that won't be enough to really get it profitable. But, it's a start. I think they are holding back on a lot until they are out of BK and will push forward on it, but I could be way off base. I'm guessing on that.
either way, I think we should see some steady moving up. not sure how much, but it won't really do much unless we have something positive.
I hear that brother!!
no worries, Chevy. Just wanted to also be clear where I was coming from with my post.
agreed, the delay DOES have me concerned. You would think it's an easy decision, but then that delay could be leaning towards WV.
I'm also thinking perhaps the judge is trying to put together a good and valid reason to keep it in NY so there is no doubt it belongs there, and try to satisfy the people wanting it to go to WV. Not necessarily "pleasing" the union people from WV, but making a point that it's better overall for the company AND the union if it stays in NY (e.g. financially).
Of course, having Peabody be responsible for the retirees and union will be another biggie
yeah, I just saw that recent lawsuit claim. That would definitely be a great and huge deal if they can get Peabody to pick those up and not make PCX be fully responsible. Especially considering Peabody is the one that has backed them for way more years than PCX.
Guess its another wait and see.
Not sure what the delay is on the venue decision. You would think that would be a slam dunk and announced a long time ago. What is the time frame for them to do the decision? Was it by the end of this month?
i was only stating something that Sam has kept saying for awhile that he feels that they said they are going to protect the share holders, etc, etc. I was under the impression this CEO said this. I'm just saying that this may be a way for them to escape that statement that was said
It could have been the CEO right before Irl. I don't know. i'm just saying this to Sam who has mentioned this before.
Whether this is true, or not, makes no difference. I know, and agree, with everything you said.
We definitely agree the new CEO is going to have one hell of a hill to climb and his job is going to suck for a long time now.
I was hoping that it would bump higher than that, but can't expect much.
Saw the new CEO announced, and thought it would jump a little bit. It looked like it did and it went back down. This doesn't seem to want to do much of anything and is either slowly going down, or just floating around. You see this happen a lot with BK?
I would have thought new CEO would be positive.
If this is all just standard for a BK, then just to keep trucking along then until we do finally get some positive news
Plus you can sit here and make Irl the scapegoat or whatnot as he was the one who made the comment about protecting the share holders, correct?
If so, and he's gone, then the new CEO won't have to back that statement up and go in whatever direction they want.
I could be way off base on that, but that's what i first thought when I saw he was replaced. Pretty much saying that Irl made these statements and he shouldn't have, and in order to make sure it doesn't come back to bite them, to just replace him with someone that didn't make these statements.
hey LostBall, you still with us? Haven't heard or seen you on here for a long time. You staying quiet like a lot of us?
yeah, agreed. Been waiting on the first positive news with the venue update, but so far it hasn't been announced. I guess it would be considered "positive".
The other would be if Romney wins. However, do you expect it to take a huge dive if Obama is re-elected?
not sure how much it will pop up if Romney wins.
good points. I've been in this since July, so waiting this long just means I can just keep waiting since the end game "should" be rewarding.
Hey Ernie! Thanks for the messages. I always appreciate it and hope to be able to take action on that soon as I'm looking to get out at certain points (like you recommended). I haven't gotten to my first "out" point yet, still waiting. Still looks like its doing bad again, but no positive news means nothing will happen anyways.
What is your thought on the lawyer fees discussed?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80821353
I was thinking it was going to be a lot more than that. I'm guessing with 500 million, this is just a small piece of that. I thought it was going to be almost 5 to 10 million a month. Thats still a lot though.
Guess this may be why we are taking yet another dip.
just looking for thoughts as usual on this. We got a couple of weeks for elections still, also we haven't heard on venue, and committee piece isn't until December.
not sure if you saw this already. I'm sure you have, but wanted to share. At least we got some dates set for some of it
On October 18, 2012, the Bankruptcy Court entered an order establishing December 14, 2012 at 5:00 p.m. (Prevailing Eastern Time) as the last date and time for each person or entity (including, without limitation, individuals, partnerships, corporations, joint ventures, estates and trusts), other than any governmental units (as defined in section 101(27) of the Bankruptcy Code) ("Governmental Units"), to file a proof of claim against Patriot Coal Corporation and its affiliated Debtors listed here. Solely as to Governmental Units, the Bar Date Order established January 21, 2013 at 5:00 p.m. (Prevailing Eastern Time) as the last date and time for each such Governmental Unit to file a proof of claim against the Debtors.
On July 9, 2012, Patriot Coal Corporation and substantially all of its wholly owned subsidiaries filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Patriot intends to use the reorganization process to make necessary changes and ensure the Company’s future viability.
Patriot expects its mining operations and customer shipments to continue in the ordinary course throughout the reorganization process. Patriot remains committed to serving its customers and maintaining safe, productive operations as it undertakes this process. The Company has received approximately $800 million in new financing and intends to move through this process as quickly as possible.
This website includes information related to Patriot’s reorganization proceedings, including all pleadings filed in the case, as well as notices and information about the claims process. Additional information including press releases, letters and Frequently Asked Questions for employees, retirees, customers, suppliers, and investors can be found at www.patriotcoal.com.
The 341 Meeting of creditors was held on August 23, 2012 at 3:00 p.m. (ET) at the Office of the United States Trustee, 80 Broad St, 4th Fl, New York, NY 10004. Please continue to visit this website from time to time for updates relating to the case.
The website for the Official Committee of Unsecured Creditors of Patriot Coal Corporation, et al. can be found here: http://www.patriotcoalcommittee.com.
yeah, tempted indeed! If I wasn't in the hole I would definitely look to get out, but you never know how and when this will pop and to what extent.
would like to get out at those pops and look to get into something else. I like to follow along what you recommend as it appears you're doing WAY better than I have
The fact that the AONE did 200% for you is AWESOME! That's so great!
I definitely learn a lot and quickly, so hopefully I can keep doing that.
Besides being in the hole, if this may take another dip, I might as well just get out and jump in another point, or finally move on. I just been trying to get back to square one for awhile now.
hey Ernie, hope all is well. Love the new logo you used for the one ticker, that's awesome.
Just wanted to see if you saw my last post where it looks like they are doing a possible extension of the BK proceedings. It also looks like we had a nice pop yesterday, was up over 20% or higher, but closed really well. Not sure where that came from and why. We are going all over today.
noticed still no announcement on the venue decision. Wonder why they are dragging that out.
wow, excellent. never thought it that way before, but very good point.
think EC for PCX won't happen until December. Would be nice to have the venue update to let this go up, then the EC will help it shoot up more.
However, I just saw this by Chevy
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=80713324
Thoughts on this?
It appears they are just extended it
looks like PCX is dipping a little bit again. Surprised we haven't seen the update for the venue or anything else. Looks to be stalling again.
Interesting article released today. Explains why we had a good pop last week. We should still see some good positive side again. Looks like we are having typical up and downs yesterday and today. Hopefully the venue decision comes this week and it will push it up a little bit more.
here's the article:
James River Coal and Patriot Coal Shares Rally as Metallurgical Coal Demand Speculated to Rise
BY Market Wire
— 8:20 AM ET 10/16/2012
NEW YORK, NY -- (MARKETWIRE) -- 10/16/12 -- Coal stocks surged last Friday on speculation that steel demand was on the rise. Rising rebar prices in China have boosted prices for iron ore and analysts have speculated that metallurgical coal, used to make steel, may also soon be on the rise. Five Star Equities examines the outlook for companies in the Coal Industry and provides equity research on James River Coal Company (JRCC) and Patriot Coal Corporation (PCXCQ
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) .
Access to the full company reports can be found at:
www.FiveStarEquities.com/JRCC
www.FiveStarEquities.com/PCXCQ
Coal stocks have benefitted from the current rally in natural gas prices, which gained another 3 percent Thursday, as high prices may see some utilities switch back to coal. Dahlman Rose & Co on Thursday predicted that demand for metallurgical from steel manufacturers in China may be on the rise. The rise in Chinese rebar prices have led to a widening of implied spot steel margins, and have boosted iron ore prices, which have gained approximately 36 from their 2012 lows. According to Dahlman analyst Daniel W. Scott Chinese spot steel margins have jumped more than 30 percent since late July, and he speculated that met coal market could see a move similar to iron ore.
Five Star Equities releases regular market updates on the Coal Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.FiveStarEquities.com and get exclusive access to our numerous stock reports and industry newsletters.
James River Coal Company (JRCC
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) is one of the leading coal producers in Central Appalachia and the Illinois Basin. The company sells metallurgical, bituminous steam and industrial-grade coal to electric utility companies and industrial customers both domestically and internationally. Shares of the company have soared over 30 percent in the last week.
Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.9 billion tons of proven and probable coal reserves. The company in September announced reductions of approximately 85,000 tons of metallurgical coal production per month.
Five Star Equities provides Market Research focused on equities hat offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. Five Star Equities has not been compensated by any of the above-mentioned companies. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
www.FiveStarEquities.com/disclaimer
Contact:
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I believe they are going to announce the venue location soon (either this week or next). Everything is pointing to staying in NY. Union wants it in WV, but it should stay in NY which will have a better chance (and cheaper in the long run) of getting this done cheaper and quicker.
yeah, I think I will be selling around .30 as well for some of it and like you said before, sell here and there on other points.
I saw a few times, and also recently, someone mentioned that once it gets past the .30 is will gap up to .60. Are you seeing the same thing they are? I'm assuming this is L2 stuff that I don't see at all.
got some really huge volume today for PCX. Was up pretty good and now it's down a little bit, but I figured that's to be expected with a lot of people trying to dump now while many may be buying. Hopefully it will keep building up from there after some of the selling off.
what is your take on it so far after seeing the huge volume?
Hopefully we will see the news this week that its staying in NY and keep the momentum going up
good lord, that's amazing! wish I could get in on that and get me out of the hole I'm in already
That is definitely true. I'm still holding out to try and break even
I'm going to hopefully get in the green and start selling here and there and at spots where it goes up. Then hopefully I can jump on some of the others you've recommended that I haven't been able to get in on. Looks like some of the ones you got in on are doing really well. Oh well, all in due time
looking forward to at least making a few bucks and go from there. one step at a time
hey Ernie! Hope you're having a great weekend.
I'm happy to see Thursday and a big jump on Friday (finally!)
Do you think this is just going to continue? I figured we already hit the bottom and we are going to finally keep pushing upwards.
didn't see or read any "news" that would cause it to jump up like it did, so I'm hoping that we finally hear some actual good news next week that may help it keep going.
thoughts?
Thanks Chevy! Good stuff shared. hope you also have a great w/e and looking forward to more climbing next week, possible .20s and higher. Decision on venue should be coming soon as well and that may help it
wow, wonder if PCX will have any pre-market increase or if we see it go up right at the opening of the market. Looks like Republicans are doing a great job and we are only a month away from the final decision on who will be in office.
If Republicans keep getting good hits off the current office, we should continue to see a steady rise over the next month, and hopefully a possible "pop" once they finally win. Just another wait and see