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Peabody ruled responsible for Peabody retiree health benefits

  • A federal appeals court keeps Peabody Energy (BTU -1.6%) on the hook for health benefits for ~3,100 retired Patriot Coal (PCXCQ.OB +40.2%) miners, a reversal of the bankruptcy judge's earlier ruling that BTU no longer owed the benefits.
  • Patriot praises the ruling, that BTU "should not be permitted to use Patriot's bankruptcy to escape its health care obligations to thousands of retirees."
  • Patriot earlier this year gained court permission to abrogate its labor deals for current and retired workers, and recently agreed to new, cost-cutting deals.
Comments (8)
  • samdehne
    , contributor
    Comments (35) | Send Message
     
    Good News.. but Totally Justified
    Would anybody else like to hear what that guy in the
    cowboy hat has to say about the chances of Patriot
    hqtrs living up to its 5/29/12 fiduciary Pledge to "protect
    shareholder value"?
    If anybody thinks the stock climb in last few days
    has been too fast.. just remember it only took it
    30 minutes to plummet from about $2.50 to .20
    cents back on 12 July, 2012.
    So there is a long way to go to get back to being
    even close to being "even".
    And if hqtrs for some bizarre reason does NOT
    keep the stock intact.. there are myriad lawsuits
    lurking out there. That would hold hqtrs
    personally liable to the shareholders that
    they vowed to protect.
    Sam Dehne
    21 Aug 2013, 03:51 PM Reply Like
  • Jack Wildcat
    , contributor
    Comments (160) | Send Message
     
    Sam,

     

    The stock will get cancelled due to liabilities being higher than assets. I would sell it while you still can. Also, there are no promises anywhere to keep the stock intact. Go to their website and check it out.
    21 Aug 2013, 04:29 PM Reply Like
  • samdehne
    , contributor
    Comments (35) | Send Message
     
    Liabilities versus assets is in the eyes (hands) of
    the money crunchers.
    The coal in the ground.. and now the excellent
    labor contracts.. and now Peabody having to
    pay for THEIR workers' retirements (instead of
    Patriot having to).. INCREASE PATRIOT'S ASSETS
    ASTRONOMICALLY.
    I hope Patriot hqtrs sees it that way.. the honest
    way.
    22 Aug 2013, 10:48 AM Reply Like
  • chistletoe
    , contributor
    Comments (271) | Send Message
     
    Sam and Jack

     

    Last friday Patriot's unions agreed to a new contract which among other provisions, provides capital for the new retiree health benefits program in the form of Patriot Coal equity in lieu of stock.

     

    That about guarantees that the stock is going to be worth something going forward ...

     

    I suspect the man in the cowboy hat (Mark Antony?) got wiped out.... but there are still some long term successful investors in this stock ....
    21 Aug 2013, 08:08 PM Reply Like
  • chillywilly69
    , contributor
    Comments (27) | Send Message
     
    Obama sank the coal industry. He should be responsible for the workers now. However, it was obvious from long ago, that underground coal mines were NOT the future for coal.
    21 Aug 2013, 09:00 PM Reply Like
  • samdehne
    , contributor
    Comments (35) | Send Message
     
    WISHFULL THINKING? Patriot hqtrs did not handle
    the negotiations the heavy-handed way the "business"
    bullies normally do in BK (at least according to
    union chief Cecil's video covering the settlement).
    So maybe, just maybe, hqtrs will not perpetrate
    the regular old diabolical and un-American business
    scheme of stealing citizens' stock during
    bankruptcy.
    The stock action would sort of indicate that.
    Ya think?
    22 Aug 2013, 09:59 AM Reply Like
  • samdehne
    , contributor
    Comments (35) | Send Message
     
    THEY ARE NOT CANCELING THE STOCK - A BRAND NEW PLEDGE FROM HQTRS:
    TO SAVE THE STOCK and protect our "STAKE":
    "Patriot remains committed to a fair outcome for our stakeholders, while securing the necessary savings to successfully emerge as a long-term coal producer," - PCX president Hatfield (8/21/13)

     

    A STAKEHOLDER IS A SHAREHOLDER. AND VICE VERSA.
    "Stake" Merriams Dictionary:
    claim, share, interest,
    co-ownership, ownership, part, partnership, possession, title

     

    FOLKS THAT IS US. PERIOD.
    22 Aug 2013, 11:45 AM Reply Like
  • samdehne
    , contributor
    Comments (35) | Send Message
     
    How come you removed/canceled this? It is a direct quote from Patriot Coal president. (and a legal definition from the dictionary.)

     

    THEY ARE NOT CANCELING THE STOCK - A BRAND NEW PLEDGE FROM HQTRS:
    TO SAVE THE STOCK and protect our "STAKE":
    "Patriot remains committed to a fair outcome for our stakeholders, while securing the necessary savings to successfully emerge as a long-term coal producer," - PCX president Hatfield (8/21/13)
    ( http://bit.ly/1d5PQGY;BTUid1877991/PCXCQ;BT... )

     

    A STAKEHOLDER IS A SHAREHOLDER. AND VICE VERSA.
    "Stake" Merriams Dictionary:
    claim, share, interest,
    co-ownership, ownership, part, partnership, possession, title
    22 Aug 2013, 01:36 PM Reply Like
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