Does anyone have any explanation for the above nagging question? Why PRB SP is going down steadily from about $0.45/s to today's low at $0.35/s, a $0.10 drop or ~22% drop for no apparent reason.

Just to recap, $0.45 is approximately the cash value of PRB, assuming $15M currently in the kitty bank (let's leave the $4M royal aside for now, we also left the other assets, including BC, aside and assume that their values = zero). Nothing has changed since the take-over and Dave Palmer has not done anything yet with the $15M (at least, we have not been informed of any specific activities).

As far as I can see, the SP should just stay flat at ~$0.45/s, instead of moving down. In fact, I would expect to see a bit of increase due to the recent (positive) activity in the RoF (PRB has BC with ~10M tonnes of chromite and the strategic location for its real estate). The market is just simply irrational?

It is noted that there was a trade of 150k shares today (may be the seller(s) just want to get the money out for investing in something else), but that such selling alone should not be a reason for a steady decline, if shareholders have the confidence that DP would hit another "Borden" again.

goldhunter