Patriot Coal

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wondering

Belle, WV

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#1
Mar 25, 2013
 
If Patriot Coal files for chapter 7 bankruptcy, will this effect current employees?
rockstar

Saylorsburg, PA

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#2
Mar 25, 2013
 
wondering wrote:
If Patriot Coal files for chapter 7 bankruptcy, will this effect current employees?
Couldn't be a good thing.
um

Charleston, WV

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#3
Mar 25, 2013
 
I would guess so they are trying to dump all retirement and pensions. Guess you wouldn't have one either if they are successful
nemesis

Milton, WV

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#4
Mar 26, 2013
 

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The Federal courts are going to give them the right to steal from these old miners.
Wonder No More

Wharton, WV

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#5
Mar 26, 2013
 

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wondering wrote:
If Patriot Coal files for chapter 7 bankruptcy, will this effect current employees?
Chapter 7 means close up and go home. Affects everybody. Won't be a need to worry about reduction in union pay, health care, retire health care or anything else.

Stick a fork in it, everyone involved will be - DONE.

Execpt executives, managers of course. They will be taken care of.
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me and only me

Charleston, WV

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#7
Mar 26, 2013
 

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coal is dead. move on . new career. sorry but the days of caol have passed
Justas

Danville, WV

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#8
Mar 26, 2013
 

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That’s exactly how the GOP-selected courts serve big business. This state supported Romney and the ideology of the GOP party. This is right from the Romney “play book”.
http://en.wikipedia.org/wiki/Venture_capital
This is just the beginning. Too bad it takes something as drastic as this to open your eyes to what has been in the works since the previous administration.
SUCK-IT-UP! More to come.
nemesis

Milton, WV

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#9
Mar 26, 2013
 

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They've already requested that part of the money be set aside for bonuses for the Executives. Same old Massey song, just played to a different tune.
Retiree

Saylorsburg, PA

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#10
Mar 28, 2013
 

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nemesis wrote:
They've already requested that part of the money be set aside for bonuses for the Executives. Same old Massey song, just played to a different tune.
Patriot Coal Corp. is seeking bankruptcy-court approval to pay nearly $7 million in bonuses to the employees it is counting on to shepherd it through an "increasingly difficult" time.

The bonus plan has further inflamed Patriot's miners, who are already angry about the threat they say the company's bankruptcy filing poses to their retiree benefits. United Mine Workers of America President Cecil Roberts said Wednesday that the bonus proposal shows "callous disregard" for union-represented workers and retirees, according to the union's website.

While the fight rages on, Patriot is proposing two separate bonus plans. The first covers 225 employees--about 5% of Patriot's workforce--in such departments as operations management, finance, human resources, legal engineering and sales.

Up to $1.75 million in bonuses would be paid to these employees if they hit financial, safety, environmental and other benchmarks. Patriot said the average participant would receive $7,526.

Under the second bonus plan, 119 employees would share in up to $5.2 million in retention bonuses, depending on how long they remain with the company. Patriot would pay out up to $1.3 million to employees still around by the end of March and another $1.3 million to those who remain through September. A final $ 2.6 million could go out to those who stick with the company through its exit from Chapter 11 or March 2014, whichever comes later.

Newspaper information says bonuses going to engineers and human resource workers and some others. Ain't a human resource person at patriot got sense enough to git out of the rain. These people don't deserve their salary much less a bonus
nemesis

Milton, WV

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#11
Mar 28, 2013
 
"Callous disregard". Boy that's a good one from Cecil Roberts. He walked away from representing the Miners in the Coalfields during the 80s Coal strike, and over 1000 men lost their jobs, Health benefits, and their Retirement benefits. I guess he has a convenient loss of memory when he is confronted about this. Old Don had him in his hip pocket. He was bought and paid for.
mineboggled

Paynesville, WV

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#12
Mar 29, 2013
 
Where was Cecil a few years ago when Peabody and Arch Coal made a new company and took all of the retirees who's healthcard and retirement was secure by contract by these two big coal giants and let them dump it into this newley formed company?Did he sign to approve it?I can't believe he just found out when Patriot filed for bankpruptcy can you?
nemesis

Milton, WV

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#13
Mar 29, 2013
 
Ditto. I still remember when he let Massey pull out of their Marrowbone Mine, let the mine go Union, and dumped Massey's employees over on the UMWA Pension fund. That let Massey off the hook for their Retirement benefits, and old Cecil was included in this scam. Same situation here, he acts like he's completely in the dark as to what happened. How long is the UMWA going to put up with this Clown?
Clean Junkie

Lexington, KY

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#14
Mar 29, 2013
 
wondering wrote:
If Patriot Coal files for chapter 7 bankruptcy, will this effect current employees?
Yeah, they're phuqued!
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Lewis

Sioux City, IA

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#18
Mar 29, 2013
 
mineboggled wrote:
Where was Cecil a few years ago when Peabody and Arch Coal made a new company and took all of the retirees who's healthcard and retirement was secure by contract by these two big coal giants and let them dump it into this newley formed company?Did he sign to approve it?I can't believe he just found out when Patriot filed for bankpruptcy can you?
Couple of years ago Patriots Ben Hatfield stated in news he was pleased to sign new agreement with UMWA when contract negotiations were ongoing. That was RED FLAG right there. UMWA did well in that agreement but Patriot knew then they couldn't afford it. Wheels were turning to get out of contract. Bankruptcy gives Hatfield a green light. Best thing ever to happen to a coal company. Don't be fooled by Patriot. They are relishing this situation. Going to make changes in how coal industry operates. Wait and see.
Bobby P

Pittsburgh, PA

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#19
Mar 29, 2013
 
me and only me wrote:
coal is dead. move on . new career. sorry but the days of caol have passed
Just out of curiosity, since coal is dead and we should move on. What do you propose we do to make up the nearly half of electricity generate by coal in America?
Bill

Sioux City, IA

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#20
Mar 29, 2013
 
Coal is not dead. As fracking continues to create environmental issues and cost of gas goes up it will make coal look good.

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