(AP) The top official with a national miners' union says bankrupt Patriot Coal's bid to cut retiree health care benefits, while seeking millions of dollars for executive bonuses, is immoral.
United Mine Workers of America President Cecil Roberts also on Monday questioned what he said was $16 million in legal fees and expenses that the St. Louis-based company has spent so far in its quest to emerge from bankruptcy protection.
Patriot filed for bankruptcy eight months ago. Last week it asked the court to modify collective-bargaining agreements with the UMWA, saying its retiree health care cost amounted to an unsustainable $1.6 billion.
A message left Monday with Patriot wasn't immediately returned.
Patriot was spun off from St. Louis-based Peabody Energy Corp. in 2007.
This really is a major bummer. I had around 100 shares or so of Patriot. I got some of 'em after they were spun off of Peabody. Then later I bought some more and watched 'em rise. Did they ever take off! I thought I found a really good investment but then all of a sudden POOOF! Like magic it all disappeared.
Oh well, what can ya do?
that is why you buy low and sell high. I learned that from Railroad Tycoon II and III (I have both) and the movie Trading Places. I guess that you can learn from video games and movies!
Based on what I paid for the stock, I really didn't lose a lot of money. I think around 25 shares or so were "spun off" of Peabody. Then I later bought the balance for around $8 or $9 a share and watched it climb to around $25 or 35 a share before it crashed. I shoulda sold it then, you're right! But I was in for the long term. It just didn't occur to me that this company would go bad.
But you just never know for sure!