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Patriot was a draw for me, sold at .27 after the collapse, which had taken my profits back.....I would have been way in the clear if they had waited to announce until after the market closed on that Friday, when my buy limit order would have expired!!!!...missed it by less than 30 minutes, but that's the markets.....timing, timing, timing....
PS: hope the management here gets a lump of coal for Christmas!!!!
Or perhaps you should have said, "checkmate".
You must keep in mind, it is the jobs of the officers of the company to save the company, no matter what the cost. Sometimes, filing for bankruptcy is the only way to save the company.
Now, I wouldn't be voting them a raise or anything.
Secured creditors should get paid first. Can't really blame the system other than the fact, most often officers of the company walk away in good shape.
And the failed management and BOD keep their jobs and get their piece of the new pie
Something is just inherently wrong with failure being rewarded - THE WHOLE LOT OF MANAGEMENT TO THE GUY SIGNING THE CHECKS SHOULD LOSE THEIR JOBS AND BE TOSSED OUT ON THE STREETS - but they are allowed to keep killing the goose that gave them that damn golden egg.
Like I said earlier - I WISH THEM THE WORST AND WOULD HOPE THEY HAVE A VERY HARD TIME GETTING FUNDING FROM ANYONE.
JMO
The secured creditors get most of the pie, with crumbs to the unsecured creditors getting the tailings.
Shareholders should get sumthin in the mix, but in most instances shareholders get a lump o' coal, pardon the connection to Patriot Coal.
Who else should take the hit if not the owners?
My Class Action Lawyer has stock records
of several investors who were duped by
Patriot hqtrs. I will wait a few days
for news to settle in and then call them.
And get back to this board.
As I understand they are "only" prosecuting
on behalf of those shareholders who owned stock
prior to BK announcement. That would be
those who among other things thought hqtrs
had an obligation to tell the truth when
they declared:
5/29/12 - "We will enhance value for our shareholders."
And yes they do have an obligation to tell
the truth. Maybe the forensics will even discover
they were selling when they were telling their
loyal investors to buy; KNOWING with insider
knowledge that their promises were
hollow.
It's a travesty that shareholders who help to fund a company by owning shares are not considered in the reorganization.
Common stock shareholders are chopped liver in most BK's and that's just wrong.
How sad. To think I gave away all my profits to break even.
PCXCQ: BK PLAN effective. Finra deleted symbol.
http://www.otcbb.com/asp/dailylist_detail.asp?d=12/17/2013&mkt_ctg=NON-OTCBB
I'm sure there will be class action suits. Although I believe I already got a letter from them saying tough luck
any lawsuite to be file by the any shareholders?
The 8.25% bonds have gone from $52 per bond to $1.75. I'd say that tells the story.
I wish Patriot nothing but the worst in the future.
Wow, talk about brutal! I feel for those heavily invested here! Financially raped indeed!
Well the company does, as do the employees. As does some of the creditors. But no, shareholders aren't.
Any info to how preferred shareholders will be treated?
Truly no matter which way you look at it - it's sad
No one really wins IMO
Aren't you happy the miners will be keeping their jobs?
I assume this means the commons get canceled ?
I wish Patriot and their bosses nothing..
but the worst.
Why?
Because they deserve it.
Court Confirms Patriot Coal's Plan Of Reorganization
11:02 AM ET 12/17/13 | PR Newswire
Patriot Coal Corporation (OTC: PCXCQ) today announced that the U.S. Bankruptcy Court for the Eastern District of Missouri has confirmed the Company's Plan of Reorganization. Patriot will close on its exit financing, complete the rights offerings and emerge from Chapter 11 reorganization on December 18.
"This marks the final step in Patriot's financial restructuring," commented Patriot President and Chief Executive Officer Bennett K. Hatfield. "We look forward to a new beginning as a well-capitalized company providing a competitive product to the electric utility and steel industries."
About Patriot Coal Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 10 active mining complexes in Appalachia and the Illinois Basin. Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves.
Forward-Looking Statements Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may be beyond the Company's control and may cause actual future results to differ materially from current expectations. The Company undertakes no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Factors that could affect the Company's results include, but are not limited to: the ability of Patriot and its subsidiaries to continue as a going concern; coal price volatility and demand; the outcome of commercial negotiations involving sales contracts or other transactions; employee attrition and the Company's ability to retain senior management and key personnel; U.S. and international financial, economic and political conditions, including coal, power and steel market conditions; availability and prices of competing energy resources for electricity generation; geologic, equipment and operational risks associated with mining; the ability to successfully implement solutions to treat effluent selenium exceedances; actual costs of complying with selenium effluent limits; reductions of purchases or deferral of shipments by major customers; changes in the interpretation, enforcement or application of existing and potential laws and regulations affecting the production of the Company's coal; environmental laws and regulations, including those affecting the Company's operations and those affecting customers' coal usage; labor availability and relations; availability and costs of credit, surety bonds and letters of credit; weather patterns and conditions affecting energy demand or disrupting supply; regulatory and court decisions including those impacting permits issued pursuant to the Clean Water Act; developments in greenhouse gas emissions regulation and treatment; the outcome of pending or future litigation, changes in the costs to provide healthcare to eligible active employees and certain retirees under postretirement benefit obligations; increases to contribution requirements to multi-employer retiree healthcare and pension plans; customer performance and credit risks; inflationary trends; downturns in consumer and commercial spending; supplier performance and the availability and cost of key equipment and commodities; availability and costs of transportation; the Company's ability to respond to changing customer preferences; the effects of mergers, acquisitions and divestitures; competition in the coal industry; and the Company's ability to replace coal reserves. In the event that the risks disclosed in Patriot's public filings and those discussed above cause results to differ materially from those expressed in Patriot's forward-looking statements, Patriot's business, financial condition, results of operations or liquidity, and the interests of creditors, equity holders and other constituents, could be materially adversely affected. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to Patriot's Form 10-K and Form 10-Q reports.
SOURCE Patriot Coal Corporation
http://rt.prnewswire.com/rt.gif?NewsItemId=CG34501&Transmission_Id=201312171102PR_NEWS_USPR_____CG
What time is the verdict ?
I read somewhere that the bonds would still be around but not the equity? The bonds would have an option to participate in the new shares, can anyone confirm?
Why even have a judge.. if all the
court's gonna do is obey the stock thieves?
The court is supposed to decide between
right and wrong.
And violating fiduciary oaths and pilfering
citizens' stock is just plain wrong.
PS
Folks know PCX is going down tomorrow..
but the raping is still going to hurt.
rape: an act or instance of robbing or despoiling
or carrying away a person or thing by force
HOW DARE YOU INTRODUCE FACTS INTO THIS DISCUSSION?!!
The judge would have to be in on it. The plan to cancel the shares was submitted by PCXCQ to the judge for his/her approval. It's out of PCXCQ's hands.
This probably goes higher no matter what.
Even if they say that they are canceling the shares in two weeks. When Kodak wiped out the shares, the price plunged to 4 cents that day, then bounced to 13 cents. It traded for a good two weeks.
You can see EKDKQ on 8.21.13, when the Judge ruled that the plan could go forward and wipe out shareholders. Early on it traded at 4 cents that day, but then shorts started covering and it went to 13 cents, which was more than double the price of the day before the court hearing. Patriot could take weeks, or months, and you also get the longshot lottery ticket that something crazy good happens (though that is not likely).
You gotta zig when they zag. There are no guarantees, but PCXCQ at just over 4 cents is a likely winner, even if only for a week or two. I bought here today at just over 4 cents.
The market maker will unload at higher prices over the next week, no matter what. Below is EKDKQ.
2013/08/23 0.096 0.10 0.081 0.087 35,196,180 0.087
2013/08/22 0.12 0.13 0.086 0.10 55,402,699 0.10
2013/08/21 0.041 0.13 0.040 0.13 99,959,065 0.13
2013/08/20 0.076 0.079 0.051 0.056 32,847,748 0.056
2013/08/19 0.090 0.090 0.071 0.077 18,136,539 0.077
2013/08/16 0.075 0.100 0.075 0.087 26,486,242 0.087
2013/08/15 0.12 0.12 0.096 0.10 7,438,563 0.10
What if Elves came along and built shares....and shoes?
What if hqtrs insiders are the ones
buying these nickle shares right now..
and then at last minute decide to not
cancel the shares?
The stock would rocket to $5 dollars
with any news of "honesty" at hqtrs.
Wouldn't put it past them.
Doomsday is tomorrow. As Patriot hqtrs
likely gets its requested "approval"
from courts.. to eradicate citizens'
stock.
And then the lawyers can start
challenging Patriot hqtrs for violating
their fiduciary oaths:
5/29/12 - "We will enhance value for our shareholders."
8/21/13 (PR NewsWire)
"Patriot remains committed to a fair outcome for our stakeholders, while securing the necessary savings to successfully emerge as a long-term coal producer," concluded Hatfield. "The decision of the Bankruptcy Appellate Panel is a welcome development that will help Patriot achieve these goals."
("Stake" Merriams Dictionary: claim, share, interest, co-ownership, ownership, part, partnership, possession, title )
"$24,750,000,000 billion in bond debts." Is..
Is that right. That is a huge number.
Way beyond what's been generally
talked about before.
excerpt from report:
".. as well as the holders of $24.75 billion in bond guarantee claims against Patriot's subsidiaries, will share in 60% of Patriot's new common shares."
It all depends on motherhood, apple
pie, American flag and and honest
court system.
(ONE THAT WILL OVERRULE PCX HQTRS' DIABOLICAL
SCHEME TO PILFER BOUGHT AND PAID FOR
STOCK FROM THE CITIZENRY)
C'mon judge.. look how things worked
out win win win for American Air that
DID NOT STEAL STOCK FORM ITS PEOPLE.
"On Tuesday, it is Patriot Coal Corp.'s (PCXCQ) turn to seek court approval of its bankruptcy-exit plan before a St. Louis judge.
The coal-mining company plans on funding its exit from Chapter 11 with $576 million in new financing as well as the proceeds from the sale of new notes and warrants in a $250 million rights offering.
Under Patriot's Chapter 11 plan, senior bondholders owed $250 million, as well as the holders of $24.75 billion in bond guarantee claims against Patriot's subsidiaries, will share in 60% of Patriot's new common shares. They will also be eligible to purchase new notes and warrants in the rights offering, together worth $138.46 million.
The holders of $200 million in convertible bond debt, as well as Patriot's general unsecured creditors, would get 5% of the new common stock as well as the ability to purchase up the new notes warrants in the rights offering, worth $11.55 million.
Patriot's current shareholders would see their shares canceled and wouldn't receive any payment under the plan. (We're talking maybe a $million or so to do the honorable thing.)
The plan also contains settlements with Arch Coal Inc. (ACI) and Peabody Energy Corp. (BTU), which spun off the mining units that came to comprise Patriot. The deals resolve a long-running battle over who is responsible for the liabilities Patriot took on as a result of the spinoffs.
Patriot, which mines for coal throughout Appalachia and the Illinois Basin, sought Chapter 11 protection in July 2012."
I don't wish for the eventual post-BK
demise of "Patriot" (after they steal
the stock they promised to protect).
But I won't mind attending the funeral.
PS
Although hqtrs will likely once
again end up with most of the money.
True true. Thanks for the reply.
Yes, current shareholders get wiped out 100%, as is the case in most Chapter 11 Bankruptcy Reorganizations.
Has it been written the stock will cease upon exit of bankruptcy?
I'm sure that with the bankruptcy behind them, they will indeed enhance value for the "new" shareholders. They just forgot to put the word "new" in that statement from the past.
I don't like what happened here anymore than anyone does. I bought thinking it was a turn-around play. It sure was a turn-around. Anyway, I've taken my lumps, didn't lose a ton as it was speculative from the get go, but I accept what has happened and what is about to happen.
Good luck with the lawsuits. I'm out as I don't hold much hope for them succeeding.
I, and most honorable Americans,
are trained to take their "medicine".
But they are also indoctrinated into
believing in the American flag and
and an even playing field.
They do not like it when their stock
is taken from them.. and then the
"profits" from that thievery are given
to the exact same dimwitted profiteers
who drove Patriot into BK in the
first place. (bonuses, pay raises,
retirement kickbacks, caviar, South Seas
vacations, etc, etc)
Nope! Not in America.
It's almost as if it was premeditated.
Why can't the court see what is as plain
as the fingers on your feet?
PS
I still own the shares that I bought
pre-BK. The stock that PCX hqtrs
guaranteed.. just days before their
diabolical BK "declaration"..
to protect for shareholders.
5/29/12 - "We will enhance value for our shareholders."
Owners don't just have 'rights', they have 'responsibilities' too. One of the most important ones is 'pay your bills'. They were not able to, so here is the pied piper...
Diversify
Do due diligence
Fold 'em as soon as you know you've got a loser
Hope, sentimentality & stubborness (against the face of reality) are NOT the tools of the successful investor.
Needing attention again? Thought you sold?
Looks like some last minute day
trading as MMs and insiders try to
clean up a little before the dastardly
deed is done.
American Bankruptcy = stealing from
the poor downtrodden proletariat
(mom and pop stock holders and workers)
so big bonuses and special deals can
be given to bloated boardwajee and
their cronies.
How do "they" get away with this?
Because they can.
TIMBER.. as the greedy PCX hqtrs bureaucrats
prepare to collect their bloated bonuses for
getting away with lying to the shareholders.
5/29/12 - "We will enhance value for our shareholders."
8/21/13 - "Patriot remains committed to a fair outcome for our stakeholders."
PS
The defrauded stockholders' lawyers are standing by to
correct this gross injustice.
All they need is an honest court system.
Thanks, knew something shifty was going on
Hqtrs announced.. as suspected.. that
they want to confiscate all of that
stock that you see being sold.
Unless the judge does the honorable
thing and overrules hqtrs it is a
done deal.
Yup!
And she won't.
Nope.
But there are numerous lawsuits waiting
in the wings.. for hqtrs to verify that
they have violated their fiduciary
obligation to tell the truth:
5/29/12 - "We will enhance value for our shareholders."
8/21/13 - "Patriot remains committed to a fair outcome for our stakeholders."
What's going with this one? Been watching for a few weeks now and all there are is sells??
Me too. 3 of them. Different accounts. For-
Forwarded to the lawyers.
Yup!
It's really weird how it has "held"
at just about the exact price I sold
about 2 weeks ago.
Something magic about 8 pennies.
Not.
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This board is for fundamental and technical discussion about Patriot Coal Corporation, PCX.
On July 9, 2012, Patriot Coal Corporation and substantially all of its wholly owned
subsidiaries (collectively "Patriot") filed voluntary petitions for reorganization under
chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the
Southern District of New York. On November 27, 2012, an Order was entered which
transferred the Patriot chapter 11 proceedings to the Bankruptcy Court for the Eastern
District of Missouri. Patriot intends to use the reorganization process to make
necessary changes and ensure the Company's future viability.
Patriot Coal Corporation (Patriot) is a producer of coal in the eastern United States, with operations and coal reserves in Appalachia and the Illinois Basin. It is also a producer of metallurgical quality coal. The Company's operations consist of 10 company-operated mines and numerous contractor-operated mines serviced by eight coal preparation facilities, with one in northern West Virginia, four in southern West Virginia and three in western Kentucky. Patriot ships coal to electric utilities, industrial users and metallurgical coal customers via third-party loading facilities and multiple rail and river transportation routes. During the year ended December 31, 2007, the Company sold 22.1 million tons of coal, of which 77% was sold to domestic electric utilities and 23% was sold to domestic and global steel producers. Effective October 31, 2007, Patriot was spun-off from Peabody Energy Corporation (Peabody).
12312 Olive Boulevard
Suite 400
St. Louis, MO 63141
(314) 542-2109
http://www.patriotcoal.com/
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