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Sarcastic Processor

Sarcastic Processor
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  • Molycorp: After Q3 Cash Burn Of $48MM, Is S&P Upgrade Imminent? [View article]
    Well, I posted this before seeing this morning's 8-K announcing a debt for equity exchange. Don't know what that will do to S&P ratings assessment, but I suppose it might help (a little).
    Nov 21, 2014. 08:55 AM | 2 Likes Like |Link to Comment
  • Molycorp: After Q3 Cash Burn Of $48MM, Is S&P Upgrade Imminent? [View article]
    Since Oaktree financing closed over two months ago, and earnings were released over two weeks ago, if S&P were to upgrade, shouldn't it have done so by now, and if S&P decided not to upgrade, should it have, or has it already, removed Molycorp from CreditWatch?
    Nov 21, 2014. 08:27 AM | Likes Like |Link to Comment
  • The Resources Segment Is Killing Molycorp [View article]
    Jack, as for your vaunted Rare Element Resources, which is listed on NYSE MKT (which is what used to be known as AMEX), it hasn't seen the north side of a buck, even intra-day, since September 12, and closed today at 56 U.S. cents per share.
    Nov 20, 2014. 07:17 PM | Likes Like |Link to Comment
  • Molycorp: Will Q3 Results Trigger S&P Upgrade? [View article]
    Jack, you'll also be "happy" to know that Molycorp's $20 million investment in Boulder Wind Power, Inc. convertible preferred stock has now been written down to zero (it was written down to $12 million on Dec 31, 2013) per p. 29 of Molycorp 2014Q3 10Q http://1.usa.gov/1tKdqjI
    Nov 5, 2014. 10:21 PM | Likes Like |Link to Comment
  • Molycorp: Will Q3 Results Trigger S&P Upgrade? [View article]
    Jack, are you at liberty to say which one? Is there a link?
    Nov 5, 2014. 09:39 PM | Likes Like |Link to Comment
  • Molycorp Plummets After Oaktree Discloses 9.1% Stake: Will Shares Recover? [View article]
    That 9.1% stake, such as it were, had already been revealed a week earlier on September 11, complete with pricing and other details.

    Anyhow go look back at my comments on Molycorp as far back as early 2011, to see what I thought of it then. That was back when you were but a rare earth babe in the woods.
    Oct 1, 2014. 01:55 PM | Likes Like |Link to Comment
  • Molycorp Plummets After Oaktree Discloses 9.1% Stake: Will Shares Recover? [View article]
    Ha ha, I knew you were going to dismiss it as irrelevant, and thought about mentioning that preemptively. It shows your lack of attention to detail and facts. That's not to say that the big picture is not important, but at least get facts correct, rather than playing fast and loose with them.

    Regardless, only 3/4 of the warrants are in the money, yet the stated percentage ownership and deemed beneficial ownership are based on all the warrants, including the 1/4 of them well out of the money at present.
    Oct 1, 2014. 01:18 PM | Likes Like |Link to Comment
  • Molycorp Plummets After Oaktree Discloses 9.1% Stake: Will Shares Recover? [View article]
    You wrote "The company's shares outstanding increased from 244 million to 269 million. In effect, the strike price for Oaktree's warrants were so low that they were exercised immediately into additional shares."

    Did you actually read the 13G filed on September 18? There is no indication that Oaktree has actually exercised any warrants as of yet. On p. 2:

    "(2) All calculations of percentage ownership herein are based on a total of 269,250,948 shares of common stock of the Issuer, par value $0.001 per share (the “Common Stock”), outstanding, consisting of (i) 244,773,589 shares of Common Stock outstanding as of August 5, 2014, as disclosed in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on August 6, 2014, (ii) 18,358,019 warrants to purchase Common Stock held by the Reporting
    Persons (as defined below), entitling them to purchase an aggregate of 18,358,019 shares of Common Stock of the Issuer at an exercise price of $0.01 per share, subject to expiration on September 11, 2019 (the “Penny Warrants”) and (iii) 6,119,340 warrants to purchase Common Stock held by the Reporting
    Persons, entitling them to purchase an aggregate of 6,119,340 shares of Common Stock of the Issuer at an exercise price of $2.04 per share, subject to
    expiration on September 11, 2019 (the “Oaktree Warrants” and together with the Penny Warrants, the “Warrants”). In accordance with Rule 13d-3(d)(1). the
    Warrants are treated as exercised for the purpose of computing the deemed beneficial ownership percentage of the Reporting Persons."

    Note the key sentence "In accordance with Rule 13d-3(d)(1). the
    Warrants are treated as exercised for the purpose of computing the deemed beneficial ownership percentage of the Reporting Persons." The 13G is in essence just a pro forma report.
    Oct 1, 2014. 08:46 AM | 1 Like Like |Link to Comment
  • Molycorp Placed On CreditWatch By S&P, Tests 52-Week Low [View article]
    Adamantium, maybe you should go work for Howard Marks at Oak Tree if you're so enamored of him.
    Sep 9, 2014. 02:58 PM | 1 Like Like |Link to Comment
  • Molycorp: Sans Oaktree Financing, Q1 2015 Bankruptcy Likely [View article]
    Shock Exchange, what is the basis for your assertion that the legal settlement was in the amount of $13 million? Have you been able to divine that from SEC filings/financial statements?
    Aug 22, 2014. 09:48 AM | Likes Like |Link to Comment
  • Molycorp - Everything Is Moving In The Right Direction For Long Investors [View article]
    I didn't think it was possible, but the new CEO, Geoff Bedford, one-upped former CEO Mark Smith.

    In Nov 2011, Smith bragged that Molycorp sold every kilogram it produced, even though much of the sales were internal, such as to Silmet, and eventually written off. But Bedford was not content to brag about every kilogram, indeed "every molecule we ship downstream from Mountain Pass is ultimately sold in a higher value form". Unlike Smith, Bedford didn't even leave a stray molecule behind.
    Aug 16, 2014. 10:52 AM | Likes Like |Link to Comment
  • Molycorp cut to Sell at Euro Pacific, which cites falling rare earth prices [View news story]
    Don't be so quick to blame EuroPacific. Seeking Alpha my be due a fair bit of the blame.

    Benzinga wrote "Molycorp average sales prices decreased heavily from 974 tons at $10.3 per kg compared to 1,049 tons at $16.8 per kg in the company's second quarter of 2013." "from 974" should be "to 974". So if Seeking Alpha tried to summarize Benzinga, it botched it. I would reserve any criticism of EuroPacific until after reading what EuroPacific disseminated, not Benzinga's summary of it, or Seeking Alpha's summary of Benzinga's summary of the EuroPacific report.
    Aug 11, 2014. 02:40 PM | Likes Like |Link to Comment
  • Molycorp's Convertible Notes Are Worth From 3 - 5 Cents On The Dollar [View article]
    That is just really sloppy ausheds. That Engineering and Mining Engineering article has an error (typo). The original Molymet investment in Molycorp was announced on Feb 1, 2012, as stated above by End Game, see the original press release on the Molycorp website http://bit.ly/1l3PXk4 .

    As to whether Molymet realized its investment would be used to partially fund the Neo Material Technologies acquisition, perhaps, but I don't think that's ever been publicly disclosed. Perhaps Jack Lifton was hinting in his comment above that Molymet approached Molycorp with the idea of acquiring Neo, and using an investment from Molymet to do so (at least partially fund).
    Jun 10, 2014. 08:13 AM | Likes Like |Link to Comment
  • Molycorp's $560 Million Intangible Assets Are Worthless [View article]
    Yes, stockpiling rare earths by the Defense Department would be smart ... well, as smart as anything else the government does. Then what China cuts off the supply of rare earths to the U.S., the Defense Department can send its stockpiled rare earths to China for processing.
    May 31, 2014. 12:17 PM | 3 Likes Like |Link to Comment
  • Molycorp's $560 Million Intangible Assets Are Worthless [View article]
    There already is a Ce bomb. It's blown up Molycorp.
    May 31, 2014. 10:23 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
209 Comments
260 Likes