Alpha Natural Resources, Inc.(fka ANRZQ)

[llewxam]

You are assuming that $70m investment is basically cash. This is the same company that spent its cash on a natural gas joint venture right before filing for bankruptcy, and since then, gas price has dropped 30%. If the $70m was put into bonds, that cashflow is negligible in the current low rate environment. Meanwhile, shareholder's equity value continues to get revised downwards every other month.