COAL is a non-operational zombie, so I’m in favor of any move by COAL’s board that will make this company a productive part of the PSE. That said, I’m not a fan of backdoor listings, as I think they encourage blind speculation and reward insider trading while also side-stepping important parts of the price discovery process. Let me be clear: I’m not alleging that anyone related to COAL or PURE has done anything specific to encourage blind speculation, or that they’ve done insider trading. The lack of information is the issue. In a regular IPO, we’d get a legally vetted document that lays out the ownership structure, the plan, and the risk/reward matrix for all to see. Here, what do we know? Just the names of the buyers.