W-8BEN form, page-15

do not understand your logic.

first you state , keeping CASH makes no sense with current interest rate. valid point , however , I would rather have idle cash vs debt or bad investment.

second , you state no-one has cash at the bottom of a cycle when investments are cheap.....


Well you would have cash for bottom of cycle if you did not buy investments at top.

If CRN approaches another bottom of cycle , with no cash and plenty of debt and a repeat of lower coal prices due to sluggish demand ...well someone will take CRN cheap.

In times of HAY , SAVE and play down debt , reward shareholders and with surplus buy back shares. CRN is still cheap given current coal prices.
CRN should buy CRN vs anything else. Strenghthen the balance sheet , make it a powerhouse for next downturn.