A letter from Jeff
ALL BLACKJEWEL EMPLOYEES:

I REALIZE WE HAVE 1800 HURTING PEOPLE OUT THERE RIGHT NOW AND NO
ONE IS HURTING MORE THAN ME OVER WHAT HAS OCCURRED THESE PAST 8
DAYS. IT IS TIME TO SET A LITTLE OF THE RECORD STRAIGHT AS IT IS CLEAR
EACH OF YOU HAVE NO IDEA WHAT HAS TRANSPIRED AND IS LEADING TO
THREATS BEING MADE AGAINST ME, MY FAMILY AND ANYONE AND ANYTHING
ASSOCIATED WITH ME AS A RESULT OF MISINFORMATION. SO HERE ARE THE
FACTS AND THEY ARE CLEARLY DOCUMENTED:
- CLEARWATER INVESTMENTS, OWNED BY A HOOPS DYNASTY TRUST WITH
MANY INVESTMENTS HAS LOANED BLACKJEWEL MORE THAN $11M SINCE
JANUARY OF 2019, MOST OF IT REQUIRED DUE TO THE FLOODING AND MISSED
SHIPMENTS IN THE WEST
- THERE HAS NOT BEEN ONE CENT TAKEN OUT OF THE MINING COMPANY, THE
EXACT OPPOSITE I HAVE LOANED MORE MONEY TO TRY TO GET THIS
COMPANY THROUGH THESE DIFFICULT TIMES.
HERE IS WHAT HAS HAPPENED OVER THE PAST WEEK:
- MONDAY JUNE24TH
o RIVERSTONE AND I HAD A DEAL FOR ME TO LOAN THE COMPANY $20M
UNDER VERY FAVORABLE TERMS
- WEDNESDAY JUNE 26
o RIVERSTONE SENT A NOTICE TO ME THAT RATHER THAN EXTENDING THEIR
$28M LOAN THROUGH NEXT JANUARY AS PREVIOUSLY PROMISED IT WAS NOW
DUE AND PAYABLE IN FULL ON JULY 17TH
o RIVERSTONE ALSO NOTIFIED ME THAT THAT $11M I HAD LOANED THE
COMPANY WAS NOT DONE PROPERLY AND THAT I COULD PERSONALLY OWE
THEM AS MUCH AS $34M IF I CONTINUED TO LOAN MONEY TO THE BUSINESS.
- THURSDAY JUNE 27TH

 o RIVERSTONE SHOWED UP AT THE OFFICE WITH FTI OUT OF DENVER
COLORADO REALIZING THEY HAD FORCED US INTO BANKRUPTCY WITH THESE
MOVES AND SO OUR FOCUS TURNED IMMEDIATELY TO HOW DO WE SAVE THIS
COMPANY
o ENGAGED ATTORNEYS SQUIRE, PATTON AND BOGGS
o BASED ON THEIR RECOMMENDATIONS WE HAD NO CHOICE BUT TO BEGIN
PREPARING FOR CHAPTER 11 BANKRUPTCY
- FRIDAY
o FOCUS WAS ON COVERING PAYROLL FOR THAT DAY AND PREPARING
DOCUMENTS TO GO TO COURT MONDAY MORNING AFTER FILING AT MIDNIGHT
SUNDAY
§ PAYROLL
· WE INITIATED PAYROLL FOR THE WEST WHICH WAS ELECTRONIC
· LEARNED AT 4:31PM WHEN JOFF CALLED ME THE FUNDS WERE NOT HITTING
EMPLOYEE ACCOUNTS, IMMEDIATELY GOT UNITED BANK ON THE PHONE TO
FIND OUT WHY
· AFTER NEARLY 30 MINUTES OF WAITING, DAVE MILLS, THE VP CAME ON THE
PHONE TO SAY RIVERSTONES ATTORNEY FROM BAILEY & GLASSER CALLED
THEM AT 3PM AND TOLD THEM I HAD RESIGNED, THE COMPANY WAS FILING
BANKRUPTCY AND THAT I WAS GOING TO EMPTY OUT MY ACCOUNTS AND
THEY SHOULD SHUT THEM DOWN, WHICH THEY DID. NOT JUST BLACKJEWEL,
BUT ALL OF MY ACCOUNTS TOTALLY UNRELATED TO BLACKJEWEL
· MY FOCUS TURNED IMMEDIATELY TO HOW DO WE GET PEOPLE PAID
o I WORKED ON THIS NON-STOP UNTIL AFTER MIDNIGHT AND FINALLY CAME UP
WITH A SOLUTION
§ UNITED BANK REALIZING THEY HAD CREATED HUGE LIABILITIES FOR
THEMSELVES AGREED TO BRING PEOPLE IN ON SATURDAY AND WRITE MORE
THAN 700 CASHIERS CHECKS TO EMPLOYEES IN WYOMING
§ MY PLANE WAS IN FLORIDA WHERE I WAS SUPPOSED TO BE WITH MY WIFE
ON VACATION AND I HIM FLY BACK TO CHARLESTON, WV AND THEN TO
WYOMING ON SATURDAY TO DELIVER THE CHECKS AT A PERSONAL COST TO

 ME OF MORE THAN $16,000.
§ EASTERN PAYROLL
· AS PART OF THE CHAPTER 11 FILING WE INCLUDED PETITIIONS THAT WOULD
HAVE ALLOWED ME TO PUT $9MM INTO THE COMPANY ON MONDAY TO COVER
THE EASTERN PAYROLL CHECKS
· UNITED BANK HAD A LOAN FOR $6MM TO BLACKJEWEL WITH NO
GUARANTEES OR ASSOCIATION WITH ANY OF THE OTHER BUSINESSES
OWNED BY MY FAMILY TRUST, YET UNITED BANK ON ADVICE FROM THEIR
COUNSEL JOE BUNN WITH STEPTOE & JOHNSON CHOSE TO BLOCK ACCESS
TO ALL OF MY FUNDS ON MONDAY, 10 TIMES THE $6M THEY WERE OWED AND
WE HAD TO TELL THE COURT I DID NOT HAVE THE MONEY TO FUND THE LOAN
THAT WOULD HAVE ALLOWED TO COMPANY TO CONTINUE IN BUSINESS
- SATURDAY & SUNDAY
o WORKED AROUND THE CLOCK UNTIL 4:30AM MONDAY MORNING, WENT
HOME SHOWERED, PUT ON A SUIT, RETURNED TO THE OFFICE TO MAKE FINAL
PREPARATIONS TO GO TO COURT AS THE CHAPTER 11 HAD BEEN FILED.
- MONDAY JULY 1ST
o WENT TO COURT WITH THE EXPECTATION IT WOULD BE A FORMALITY TO GET
MY LOAN APPROVED AND KEEP EVERYONE WORKING SO WE COULD
CONTINUE BUSINESS AS NORMAL
o LEARNED JUST BEFOPRE GOING TO COURT UNITED BANK HAD BLOCKED
ACCESS TO ALL OF MY FUNDS AND I COULD NOT FUND THE LOAN SO IT WAS A
VERY SHORT HEARING.
o SPENT NEXT SEVERAL HOURS WITH UNITED BANK, I REACHED OUT TO A
BOARD MEMBER I KNEW AND HE WAS ABLE TO LET SENIOR MANAGEMENT
KNOW HOW MUCH DAMAGE THEY WERE CREATING FOR THEMSELVES AS WE
HAD NO CHOICE BUT TO IDLE THE MINES AS AT THIS POINT WE DID NOT HAVE
FUNDS TO PAY PEOPLE. THIS IS THE MOMENT EVERYONE BECAME IMPACTED
AND CHANGES THE ENTIRE COURSE OF THIS RESTRUCTURING.
o NOW THAT UNITED FREED UP MY FUNDS WE WENT TO WORK ON PREPARING
NEW MOTIONS FOR THE COURT AND ONCE AGAIN WORKED THROUGH THE

 NIGHT TO MAKE THAT HAPPEN AND FINALLY GOT EVERYTHING TOGETHER
- TUESDAY JULY 2ND
o FINALLY GOT ALL OF THE NECESSARY DOCUMENTS TOGETHER AROUND 2PM
ON TUESDAY, FILED THEM WITH THE COURT AND ASK FOR HEARING
o WE ARE GIVEN A HEARING AND TOLD TO BE THERE AT 4:30PM THAT DAY
o WE WENT AND PRESENTED OUR CASE
§ I TESTIFIED FOR OVER 5 HOURS AND PLEADED WITH THE JUDGE,
RIVERSTONE’S ATTORNEY, UNITED’S ATTORNY, THE ATTORNEY FOR THE
UNSECURED LENDORS, THE ATTORNEY FOR THE US GOVERNMENT TO ALLOW
ME TO MAKE THIS $9M LOAN AND GET EVERYONE BACK TO WORK.
· I WOULD LIKE TO COMMEND OUR VENDOR PARTNERS AS THEY FORMED AN
AD HOC COMMITTEE THAT AFTERNOON AND ASK THE COURT TO APPROVE
THIS LOAN EVEN THOUGH IT WOULD GET REPAID BEFORE THEY GOT PAID.
THIS SHOWS THE KIND OF PEOPLE WE ARE DOING BUSINESS WITH THE HOW
MUCH THEY CARE ABOUT THIS BUSINESS AND EACH OF YOU.
§ THIS WENT ON UNTIL 3AM WHEN THE JUDGE FINALLY CAME OUT AND RULED
AGAINST THE LOAN.
§ THE MELTDOWN STARTED
- WEDNESDAY JULY 3R
o RIVERSTONE TOLD THE ATTORNEYS THEY WOULD PUT UP A $5M LOAN ON
ONE CONDITION, I RESIGN FROM THE COMPANY.
o IT ALL MADE SENSE NOW AS I GAVE THEM OUR PLANS FOR THE 2ND HALF OF
THE YEAR THAT SHOWED CASH FLOW IMPROVING BY $100M AS A RESULT OF
THE IMPROVED SHIPMENTS IN THE WEST AND OPERATIONAL CHANGES WE
WERE MAKING IN THE EAST. BY TAKING THE ACTIONS THEY HAD BEEN TAKING
OVER THE PRIOR 6 DAYS THIS EFFECTIVELY MADE THEM OWNERS OF THE
COMPANY.
o I AGREED AS MY ONLY GOAL ALL ALONG WAS TO KEEP PEOPLE WORKING
AND THE MINES OPERATING.
Hopefully each of you will take the time and read to try to understand what has

 transpired over the past weeks as essentially this has been a hostile takeover that
I fought every step of the way as I was trying to do the right thing, which would
have gotten each one of you paid and we would have all continued working. Now as I
understand they are not going to pay the people for lost wages and are going to do what
vulture capitalist do in these situations.
I accept responsibility for being unable to lead this company through these difficult times
and the purpose for me writing this letter and explaining in detail what happened is to
ask that you study it, hold me responsible, but leave my family and other business
relationships out of this matter. I know in my heart how hard I fought for each of you and
this company and to have people threaten me and say I took money out of this
company for other projects hurts more than words can express as it has been just the
opposite and that can be confirmed in a hundred different ways.
I cannot make up for what has happened over this past week, but my attention is
going to turn to making these people pay for what they have done to us and it is
my intent for 50% of any recovery to be placed in an account to be shared equally by
the employees harmed by these actions. I am sick over this and cannot begin to
understand why God would allow such a thing to happen, but he promises in Jeremiah,
that he has plans for us and plans to prosper us, so please do not lose Faith, God in still
in control……….Sincerely…….Jeff