not really a major strategic partner as billed, page-2

Yep, yet more huge dilution that will only cover the RR loan and coal royalties at the holdco. Still, is better than a few days ago when were asking for approval to sell the stake at any cost. May be enough to get them a refi of the holdco convertible and they live to struggle another day. Still promise of some news pending on Dewitt also. Looks a bit more tradable than usual just here. Longer term I'd be guessing VMR will regret this day. Just my view though. Hopefully they've done a lot more work on it than I have.