Ann: Quarterly activities report, page-9

1. Just do yourself a favor and go to God...I mean Google and type in "What does June quarter mean"...and your answer is...NOTHING!  OMG!!! Us simple minded people...

2.  If you go back to the last year's announcement, there was a dividend paid in July from BT Mining to BRL.  Given that the whole point of creating BT Mining was to line Talley's pockets with cash...I mean dividends...horrors of horror...no dividend means cash is tight.  Perhaps they are still reeling from coughing up $18 million for the mining buyout?  That would imply BT Mining paid...but alas, that is not what the press release said.  It said "BRL bought the mining equipment from the contractor".  So where did all the cash in BT Mining get used for? 

3.  Of course there must be some logic to the whole thing...BRL management may not be the brightest sparks, but they are not dumb.  No one is saying that.  What is being asked is an explanation of what they did.  Feet to the fire.  Capisce?

4.  I take it you are confusing an IR employee with a conference call.  Conference calls (and their transcripts) should not cost more than $1k.  In any case, I assume you are routinely used to having the company tell you nothing.  For me, this denial of a simple conference call is a novel experience...and I hate it. Never seen it in the Western World.  Perhaps you are more used to Chinese type of corporate governance.

5. Alas...you missed the words of wisdom dropped by our BRL people.  Hedging does not work beyond a few months...forget about years...there is no depth in the futures market for coking coal!  Oil on the other hand can be routinely done for even 3 years out.  Heck...Mexico regularly hedges all its oil production 12 months out.  So yes...Coal IS different from oil.  In any case, it was NOT the coking coal price that did Solid in...it was their cavernous holdings of financial debt that turned Solid into Liquid.  And you can Google that!

6.  I admire your trust in BRL management.  I sadly lack any such faith in this team.  No trust...all verify for me.  

7.  47 minus 30 = 17.  You forgot the EBITDA"F" they generated of over $26 million.  I am deducting the $18 million it looks like BRL paid (and not BT).  You?

8.  F: I have yet to come across this new terminology.  But hey...one learns something all the time!  IMHO, EBITDA anyway is a F word...so what the heck...add another F to it!

9.  Hmm...this seems to be a case of shooting the messenger and not accepting the message.   I did not come up with all these concerns...it was all created by the trusty managers of our company.  I am just being an interpreter here.  Too bad the pill is just too bitter for you.  Angry old man...what a laugh!  Oh yes...the 7 cents...it is the last of the Fibonacci support levels. You say 1.8x is too low?  It is like saying something is too cheap when it trades below book.  But once below book value, is there any logical floor for a stock price?  That is how I get 7 cents IJ.  If logic does not work, something else has to.  Maybe chart support?