Best 'near term' scenario for common shareholders in my view is:

a) announcement of deep pocket partner or sale of company

b) announcement of coal sales

c) announced sale of Iron Ore property and lawsuit settlement

In that order...

No bankruptcy here and longer term, 2 years or more, met coal market should turn around and CMK have sales, but is so diluted with billions of shares out, hard to see $0.25 per share price.    Market cap would be more ?  than it was at $3.

Seems like downside is limited at these prices.    For the sake of common shareholders, I hope a buyout or deep pocket partner is announced.      Question is:   will anybody be willing to pay top dollar for reserves in the ground for a product that we all know will be worth much, much more in the future.   The Chinese do, because they look at the big picture of peak coal and peak fossil fuels and look out 5, 10 years ahead and are not governed by the same economic analysis and NPVs as publically traded, market driven companies.   Many of these state owned companies look further ahead and pay for what the resource will be worth in the future, not what it is valued at today or tomorrow.     We are still consuming and selling our fossil fuels for way, way less than they are fundamentally worth.