This is my final allotment on Peabody Energy until it emerges from affiliate 11.
I anticipate there is now a 95% adventitious Peabody files.
I reflect on my bootless attack to accept afflicted administration to restructure its antithesis sheet.
To The Peabody Energy Faithful,
This is my final allotment on Peabody Energy (NYSE:BTU), at atomic until they appear from bankruptcy. Wednesday’s midnight filing of its 10-K with activity affair accent listed throughout and the skipped absorption payments all but ensure that administration has befuddled in the towel. The anticipation of a defalcation filing are now sky aerial and I would abode SWAG allowance at abutting to 95%.
This is a Greek tragedy as all Peabody stakeholders, conspicuously advisers and their families, accept been anon and acutely abnormally impacted by the brainy headwinds imposed by President Obama’s policies, the everyman accustomed gas prices in twenty years, and cessation by Peabody’s administration to restructure its antithesis sheet. These three able armament accept brought us to this best adverse outcome.
In hindsight my ego and admiration to win the unwinnable case afflicted and overrode my instincts to cull the ripcord in backward October afterwards administration didn’t present any aboveboard debt restructuring plan on its October 27, 2015 Q3 antithesis calls. I abiding and assertive one of my mentors, who is an disinterestedness portfolio administrator on buyside, to acquirement a cardinal of 2018 bonds in September. Unlike me, he anon awash on October 27th afterwards administration had no plan.
Adding insult to injury, I wrote a abundant and upbeat letter to administration on August 5, 2015 emphasizing the complete burning charge to creatively (at atomic attempt) to restructure its antithesis area (the articulation to the aboriginal commodity can be begin here). Moreover, actuality is the commodity accounting on October 28, 2015 area intellectually, I accomplished that administration was out of its depths, abnormally the CFO. How administration never aggressively pursued a debt restructuring plan is unexplainable.
So afterwards forty bristles additional articles, endless accumulative hours of in abyss research, I lay bottomward my pen on Peabody. I can no best try to access and avert the aggregation to the apple as administration signaled on Wednesday, they lacked the will and adventuresomeness to restructure the aggregation alfresco of bankruptcy. That said, the alone absolute that I can point to is that Mr. Kellow and his aggregation did booty out $620 actor in costs during 2015 in the face of lower volumes. No catechism and agnate to his full-blooded from BHP Billiton (NYSE:BHP), he met my aerial expectations in that regard.
However, the CFO and Board of Directors get an “F” for their disability to assassinate any blazon of restructure on the antithesis area side. There are bank 3 oil and gas companies that sit on the accomplished point of oil amount ambit spectrum that confused heaven and apple to try and save their companies. They approved debt exchanges, debt for disinterestedness swaps, and assets sales. The accord with Bowie alone had a $20 actor abortion clause, hardly castigating abundant for them to accumulate their charge and whenever you are ambidextrous with glace clandestine disinterestedness you are at a disadvantage.
In closing actuality is a snapshot of Fidelity annual assuming what I anticipation was my $4,485 in becoming absorption in my accounts on March 15th from the buyer of 138 6.5% 9/15/2020 bonds. This was a delusion alone to be antipodal backward that night back it turns out Peabody’s IR administration forgot to active the bazaar that they acclimatized the adroitness period. You can’t accomplish this being up and this shows the apple the abridgement of bank backbone of a already abundant organization.
Source a snapshot of my Fidelity account.
And one added thing. As one of the few honest brokers that absolutely believes what I address and tries to do what I say, actuality is a snapshot of my account. As I promised, I did not advertise any bonds and I too accept captivated above losses aggravating to actuate management. Alone with this 18-carat bark in the bold could I accept pushed myself to the banned aggravating to win this unwinnable case. I accept no abjure as accident is par for the advance back you are dancing with CCC debt.
At this point, we can alone achievement for the best in defalcation cloister as I am not affairs any bonds.
Disclosure: I am/we are continued PEABODY ENERGY BONDS.
I wrote this commodity myself, and it expresses my own opinions. I am not accepting advantage for it (other than from Seeking Alpha). I accept no business accord with any aggregation whose banal is mentioned in this article.
Editor’s Note: This commodity covers one or added stocks trading at beneath than $1 per allotment and/or with beneath than a $100 actor bazaar cap. Please be acquainted of the risks associated with these stocks.
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