Ok... if you have been there as you stated, you cannot deny that a there has been a lot invested in that mine. Not just money but work also. I have seen it firsthand too. The scam conspiracy crowd fails to take into account the huge amount of initial investment that is required in any type of mining endeavor before any profit can be made. In general, initial mining operations are commonly highly leveraged operations. If the goal was simply to sell shares, why bother spending one red cent on rehabbing the mine? Why bother contracting to run the mine? Why even bother maintaining a cache of leases and filing BK11 to protect them? I could go on and on about the earnest effort that has been made, engineering reports, government licensing, etc, but what is the point? About that investment in the mine... Where do you think that money came from? It came from third party investors and was secured by the only asset the company had available, common shares (convertible debt). The plan was to use that money to bring the mine online and become profitable. Proceeds from that profit were to be the primary intended method of repaying that debt, not common shares. It was a perfectly legitimate business plan based on the limited options that were available at the time. But production was not achieved during that window of opportunity and now that window appears to be closing. Now the convertible debt is coming due. Without profitability there is no way for the company to cover that debt other than dilution. Eugene has been trying since he gained sole control several years ago to get this company rolling. I've read the Qs and the BK docs with an open mind. What I see is one setback after another. The one situation in 2007 that stands out in my mind is the reason why the mining operation was ceased in 2007. The owner of the mining contractor was killed in an auto accident and the contracting company ceased operations. I don't believe that contractor was doing an adequate job anyway based on actions and statements from the current contractor. Eugene probably honestly believed that coal production and a BK resolution were close at hand when he released those PRs last summer. As a yankee (no insult intended) from NJ, he is probably not the best guy to be running a coal mining operation in the Appalachian hills of East KY. But he had a lot more to gain by successfully mining coal than by hawking shares of a penny stock. He has made an earnest effort and the next and possibly last chapter is still being written.
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