why would funds sell at 70 c? because they got par allocations last year, mandates say dump single B coal after a CCC+ cut, and sev.en or another vulture is lifting every offer. TRACE printed three 5MM+ blocks at 72 to 73 c mid May which is real money leaving. once a buyer tops 200 m face they can veto the next abl waiver and pull the pin even if CRN still shows US $200 m cash. royalty relief only bites in 2027, FCF is still US 80 to 100 m a quarter at 190 coal, so the clock can run out long before your 2026 bridge. equity’s only defence is fresh equity from EMG, or other raise, or coal price above 230 quickly. i have no idea who you are, but i know you have no idea what you are talking about. just a desperate person it sounds like who cant look rationally at things.
CRN Price at posting:
11.0¢ Sentiment: None Disclosure: Not Held
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