WHC is basically the only independent that is making money at...

WHC is basically the only independent that is making money at these price levels. There are mines which are exceptions to this rule.

There is appetite for coal assets, that much is clear from the recent sale of bengalla (rio to new hope) for $800m (double WHC's whole MC) and Mount Pleasent (undeveloped asset) for $200m.

Thus its clear WHC's assets do hold significant value.
No doubt WHC's level of debt would be a bit of a turn off for a purchaser.

In the fullness of time there is zero chance WHC isn't worth well above today's level but the reality is the coal price needs to rise. Add $25/t to today price (broadly break even for the aussie TC industry as a whole) and WHC starts spitting out large sums of cash which would pay down debt very quickly.

Not out of the question they will be paying dividends again in about a year.

Still a hold though for me. There are better industries to buy on the ASX right now imo