Well I don't think it matters. Whatever stock they have now, they will get when the company emerges from BK. Obviously if they keep it intact, or issue new warrants to current holders, they keep it. But, if they issue new shares, they will get them in the new company stock. So they probably don't care either way.
Plus if they sold pre-BK they can get into trouble since they knew before hand. I have a feeling they knew it didn't matter because they would get new shares once they emerge from BK.
The Judge is definitely an idiot. She has no business trying to do this case of a company this size (multi billion dollar). She may have done some million or hundred million dollar cases, but nothing anywhere close as big as this company. So she has no clue what she is doing. She made it obvious when she denied the EC being formed. She "thinks" that The Board of Directors and Debtors are going to protect shareholders, and we all know that is complete BS.
This still has many months to go. I don't think this is going to be finally "over" until October. I still think that is the plan the whole time for PCX. To drag this out until Sept/Oct/November time frame. Get this all started back up and get ready for 2014 and hit the ground running. They haven't been trying to sell at all, taking huge losses and blaming the economy and everything else. When in fact it's because they aren't trying to sell, so they can make it look really sad and pathetic, to gain sympathy in the court and against the union (as well as shine the spotlight on Peabody). But once out of BK, they will be selling big time as they need to then get more investors in Jan/Feb time to shoot up the stock price. Can't do that unless they show PROFITS in their 1st quarter since emerging from BK.
we may not be with that party as they may get rid of everything and start over. I'm still holding out as this has a long ways to go. The POR will be the first indicator as to their full intentions with current holders. Even if they say they plan to get rid of all shares and no one gets anything, it still doesn't mean this won't keep moving up, and doesn't mean they won't change their minds. It's the rough draft and intended to look like the worst possible outcome of a POR. Then everyone weighs in with their opinions on changing it (e.g. Debtors/Creditors/Unions/etc).
lots of waiting to do.
