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To: eric deaver who wrote (5965)7/24/1998 9:36:00 PM
From: Little Engine  Read Replies (1) | Respond to of 11684
 
Eric, it doesn't matter how much coal and oil is there... unless we know:

1) How much of the coal is worth recovering (I believe the Kentucky coal estimate -- for counties on the West Virginia border -- was that five percent of the reserves could be profitably mined).

2) How long it will take

3) The future price of coal and oil (coal prices, as I am sure you know, have been dropping and are expected to continue that trend).

And again, it begs the question of why the landowners would trade $150 million of assets for 50 million shares of potentially worthless stock which they can't sell, and for which they don't even hold proxies.