I was able to talk with the trustee for the company by email today.
Here is what I found out or confirmed so far:
1: Management is no longer running the company.
I think that this is a plus in the sense that it removes them from the picture and the common stockholders do not have to worry about getting pushed out of anything that is left over. The first reorg plan had the current shares being exchanged on a 1 new for 20 current shares, that is the plan that the SEC stopped.
2: There are no operations.
This means that the cash that is being reported must be only from sale of assets.
3: Quote from the trustee's email to me about the common shares:
"To date, there are no classes. Equity holders would be paid something if other claims are paid in full."
This is good is the sale of assets exceeds liabilities. The only problem is figuring out what, if anything, the coal leases are worth. Another problem is that even if there is value here, how long will it take to realize anything. From what I saw in other chapter 11 cases, like Rancher Energy and Sterling Energy Resources, it could easily take 3 or 4 years before anything gets paid out, providing there is anything to payout. Since Americas filed in December 2011, the earliest I would expect anything would be December 2014 and probably more like sometime in 2015.
Right now the bid/ask is $0.003/$0.005 with the share blocks 4,988,300/580,000 with 121,300 shares traded as of 2:06 pm today.
Still not sure why so much action in the stock. At this point it looks like someone is investing $15K in the common providing they can get their price ($0.003/share).
Louis J. Desy Jr.
LouisDesyjr@gmail.com
Disclosure: I do NOT own any shares.
