I am starting to think there may be some errors with the schedules.
With the Evans claim, it is listed, I think as a secured claim but the schedules only list it against all of the assets of Evans Coal and Americas.
Evan Coals summary statement of financial assets does not look like it matches what is declared for the 100% ownership on Americas Energy, which normally I would expect it to do so. Another problem is that for Americas a number of schedules were amended after the first set was filed.
I think the $5 million to $7 million number was filed by the original management of the company. I am not sure, but it looks like the original management may still be trying to get back in to 'run the company'. If this is correct, I do not expect it will work since there are no operations. The case in a number of places indicates that the coal can not be mined at a profit with prices so low.
A just added documents for Evans Coal was pacer document #352. There an owner of one of the coal leases is trying to get the lease returned to them because there has been no mining since May 2010, the company has not corrected some state mining violations, and has no plans or ability to start mining again. It looks like the trustee would like to hold onto the lease with the hope of selling off the remainder of the lease if prices recover. The problem is that those leases (this one included apparently) have a clause in them that if there is no mining, then the lease terminates. From what I have read, I expect the lease owners to get it back again.
I am going to have to print out the entire list of documents and probably download most of the remaining ones that I do not have yet to make sure of what I am saying here.
The biggest problems here is that there is no clear indication yet as to how the coal leases ever got their $10.5 million value or why, even when they were operating, why sales were so low in relation to the value of the leases. Even back then it is not clear how the 10.5 million number was arrived at. I hope to look at some of the past 10Q and 10K SEC reports to see if there is something like a PV10 valuation for the coal leases, like there would be for oil or gas properties.
Louis J. Desy Jr
LouisDesyJr@gmail.com
Disclosure: I do NOT own any shares in this company.
