Pretty messed up in my view, but considering the problems they've had for decades, it almost seems justified to try anything really if they aren't going to restructure completely.
On another note, WLT ended up taking a big juicy coal dump. Good thing it went up 15-20% two or three days after I made that trade like I thought it would and I was able to get out and go with the Call buys strategy. So now when I have to eat those calls at least it's coming from a portion of the profits from that trade and not other money I had.