James River Coal Company (NDAQ:JRCC) may see some volatility in its future and Pirate Capital continues to unload shares of the company, moving its stake from 14.1% to 8.8% according to their
13D/A filing with the SEC. This news comes after Pirate announced that its board member, Matthew Goldfarb, had resigned after the fund's shakeup and that the company's strategic alternatives review process had ended unsuccessfully. This series of blows could spell bad news for investors as hopes of a turnaround become more and more dim while even more shares are suddenly being dumped on the market. The stock has already moved down from $40 in 2006 to under $10 today, which means large losses already suffered by Pirate Capital and other shareholders who have been along for the ride. But is a turnaround still possible? Well, the company's latest financials indicated wider losses for Q3 reporting an operating loss that more than doubled year over year to $10.46 million, so any improvements in their bottom line remains to be seen.
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