Market's view on Bens Creek
Published on April 2024
- MBU’s emergency general meeting (EGM) aimed at raising additional funds is humorously noted, with Avani delaying this meeting until the implementation of Chapter 11 in the USA, indicating significant tensions and mutual dislike among involved parties.
- Predictions suggest the company will fail within months as it has minimal cash, and its US operations are likely to be transferred to Avani.
- Stock watchers question whether there is any potential for the company’s stock to rebound or if it is entirely defunct.
- Descriptions of the company’s situation include being metaphorically “up the creek without a paddle” and in trouble, indicating severe operational and financial issues.
- Concerns are raised about the company’s poor decision-making, ignoring numerous red flags, leading to its subsidiaries entering Chapter 11 and being described as a worthless investment, despite some shareholders’ belief in a conspiracy against them.
- Avani’s plan to acquire all assets and permits as part of a strategic move to address major operational issues, like coal refuse disposal, is outlined. They also propose a mine plan to substantially boost coal production, reflecting a significant restructuring effort under Chapter 11.
- Former employees describe the company as a poorly managed “circus,” and the current situation includes a legal dispute over a 60k tons clean coal stockpile, with multiple parties including Integrity, Avani, MBU, and BEN claiming ownership. This dispute highlights the chaotic state of affairs and widespread disdain for the leadership.