Regis Philbin Still Believes in Molycorp

Bloomberg Businessweek reported that despite the fact that Molycorp Inc. (NYSE:MCP) has fallen upon hard times, the company still has at least one famous fan: former Who Wants to Be a Millionaire host Regis Philbin.

As quoted in the market news:

Mountain Pass has been hampered by delays and production bottlenecks. Molycorp lost $89 million on sales of $119 million in the first quarter. ‘Unsustainably high’ debt could lead to a default next year if prices drop further and the company struggles to ramp up demand as planned, Standard & Poor’s credit analysts said in a May 16 report.

The TV host remains undeterred, telling CNBC that he talked up Molycorp to Greenlight Capital’s David Einhorn. The hedge fund manager wasn’t interested. ‘Nobody shows any interest in Molycorp!’ Philbin said. On a May 28 segment, analysts advised him to dump his stake, take a tax loss, and instead trade in options that might pay off if the shares rose.

Click here to read the full Bloomberg Businessweek report.