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Buck I agree with you. It's in the Documents that 2 BOD formed and studied the offer and at end it did not work out. I dont know what they where buying but an offer of $450k was made. I think its shady.
According to the buyer that made the offer for the "agency" part of the business they offered $450,000 and the BOD rejected it.
It's in the BK filings.
If I did please let me know so i can go back and correct it.
This one was published yesterday.
I agree with you 100%
1st lets get one thing straight so everyone understands... I only posted THE EMAILS WITH EK AFTER 2 THINGS TOOK PLACE.
1. SOMEONE went around PM investors saying he talked to 2 ppl at the company and they are filing BK
2. SOMEONE (THE SAME PERSON IN THE PM) Went on the board and posted that he talked to someone in the company and they were filings BK.
After the matter, I posted the emails I had with EK so everyone can see things and judge for yourself if it was real or not.
I did not believe the rumor until we got a PR and then I sold.
emails are, phone recording depends on the state you are in.
Solid play PCX.. Great swings.. Buy on the dips $1.40 sell at $1.55+.
Great close today!
It's not old. .
Published: Jun 19, 2012 4:49 PM
The judge wont deny it.. the company has no cash...I have been involved in BK stocks before...
Report: Patriot Coal sues Keystone Industries for breach of contract
St. Louis Business Journal by Greta Weiderman, Web Editor
Date: Wednesday, June 6, 2012, 10:18am CDT
Related: Legal Services, Energy
Greta Weiderman
Web Editor- St. Louis Business Journal
Patriot Coal sued Keystone Industries on June 1, claiming it broke a purchase contract, OregonLive.com reports.
In the lawsuit filed in U.S. District Court for the Southern District of West Virginia, Patriot claimed that Keystone hadn’t taken or paid for hundreds of thousands of tons of coal that it is obligated to purchase under the terms of the contract, according to the website.
Although Fort Myers, Fla.-based Keystone agreed to buy the coal to resell it to its own customers, the contract wasn’t contingent on Keystone finding customers to purchase the coal, Patriot argues in the filing. Patriot is suing for the value of the lost sales to Keystone plus interest.
Patriot Coal idled a coal mile in Kentucky in April and has shed about 1,000 employees since the beginning of the year. The idling is part of the company’s production cut in response to continued weakness in market demand for thermal coal. During the first quarter, Patriot idled three smaller Central Appalachian thermal coal mines that together produced about 1.2 million tons of coal in 2011.
In late May, Standard & Poor’s Ratings Services lowered its ratings for Patriot further into junk status, and Moody’s Investors Services placed the company on watch for a possible downgrade. Also, a Dallas law firm announced May 24 that it was investigating to determine if Patriot Coal investors have grounds for a lawsuit.
St. Louis-based Patriot Coal Corp. (NYSE: PCX), led by recently appointed CEO Irl Engelhardt, reported a loss of $115.5 million on revenue of $2.4 billion for 2011.
http://www.bizjournals.com/stlouis/news/2012/06/06/report-patriot-coal-sues-keystone.html
Patriot Coal legacy bondholders sell as market awaits fate of refi
Chunks of Patriot Coal’s normally illiquid 8.25% notes have been trading in the secondary as the legacy holders have been selling off their existing positions, according to sources.
The $250 million issue, placed in 2010 for corporate purposes, is quoted in the 37/40 context today, according to sources. The top 5 or 6 holders in the name held 20% of the outstanding bonds, sources said, and multiple other institutional holders have been selling smaller positions.
At least one of the top holders is not yet looking to sell off its position at this distressed a price, according to a source, as the market awaits the fate of a refinancing the company had lined up in early May.
Meanwhile, financial advisors have been pitching the bondholders in the case that the financing does not go through and the company has to explore other options, but have yet to identify any current majority holders mobilizing.
Round-lot trades have occurred at progressively lower levels in the 40s over the past two weeks, from 48 on May 22, according to trade data. The name had recovered to that level after a series of adverse news had driven the bonds down more than 30% in May: Citi, Barclays and Natixis were about to launch the new revolving credit facility and new term loan facility in May for a total of $625 million, comprising a new $250 million revolving credit line due 2016 and a $375 million second-lien term loan due 2017. Proceeds were to be used to refinance existing debt and a $200 million issue of 3.25% convertible notes due next year, the filings show. Sources say the convertible notes are well out of the money right now and are subordinate to the 8.25% notes.
The bank meeting was scheduled for the May 15, but Patriot announced that same day a “key” customer was defaulting on a contract that would have an impact on Patriot's numbers going forward. There is still debate over whether this will be enough of an impact to derail the financing.
News emerged shortly thereafter that the company hired Blackstone Advisors while trying to culminate a recently announced refinancing. The bonds plummeted 25 points in the span of 24 hours May 21 and May 22 to the 40s.
Trying to stop the rapid decline in both the bond and the share price of its publicly traded equity PCX, Patriot gave what it called an “update” that day on the financing, along with a letter from its then CEO, saying it continued to work with these lenders to strengthen its finances, including the replacement of its current credit facilities before certain of its debt obligations become due in March 2013.
In addition to hiring Blackstone, the company said it hired Davis Polk & Wardwell LLP, to help “achieve an optimal financing package.”
The company then announced a new leadership team May 29, including inserting the board chairman Irl Engelhardt as CEO to take over for Richard Whiting, who had headed the company since 2007.
Later on June 1, Patriot Coal turned around and sued Keystone Industries, claiming it broke a purchase contract. In the lawsuit filed in the U.S. District Court for the Southern District of West Virginia, Patriot said “Keystone failed to take or pay for a single ton of coal as it is obligated to do…despite having contracted to take and pay for hundreds of thousands of tons of coal,” according to court documents.
Patriot is suing for the value of the lost sales to Keystone plus interest, but hasn’t put a dollar value in the price, as it is trying to put the contract as a sealed exhibit, according to court documents. The judge, however, has denied Patriot’s motion to submit a sealed exhibit, something the company has asked the court to reconsider because Patriot has a “business interest in avoiding public disclosure of the terms upon which it is willing to contract.”
St. Louis, Mo.-based Patriot produces thermal coal and has operations and coal reserves in Appalachia and the Illinois Basin. – Max Frumes
https://www.lcdcomps.com/lcd/n/article.html?rid=10&aid=12339398
Finance news will really give everyone confidence in PCX... Its just a matter of time that they will announce this news.
Its a little short covering and some day traders buying the bottom. I am always going to be looking and will be following the case very very closely.. I am just waiting for next weeks court date. This play is not over, I sold and will rebuy when the time is right again.
Patriot Coal legacy bondholders sell as market awaits fate of refinancing.
19 Jun 2012 at 3:49pm
Anyone have access to this place?
http://www.leveragedloan.com/
If Obama does not get reelected that alone will make these coal stocks go up... Obama has been bad for the coal industry. Coal industry provides thousands of good paying jobs. Some folks have been in the industry for generations.
Mitt Romney’s campaign swung through the coal town of Craig, Colorado, today so that the candidate could slam President Obama for supposedly killing the coal industry, even though Romney pursued his own regulations against coal companies as governor of Massachusetts.
“He’s going after energy. He’s made it harder to get coal out of the ground,” Romney said. “I’m not going to forget communities like this across the country that are hurting right now under this president.”
http://www.salon.com/2012/05/29/romney_flips_on_coal/
Romney says Obama policies have hurt coal-dependent areas
http://www.cbsnews.com/8301-503544_162-57443037-503544/romney-says-obama-policies-have-hurt-coal-dependent-areas/
Mitt Romney: Coal is Good for Our Economy
www.youtube.com/watch?v=TG29_0_J7qg
Engelhardt said, "Ben and I will immediately focus on improving Patriot's competitive position as well as its financial structure to enhance value for our shareholders and all other groups who have a stake in the Company's success. Our team has successfully navigated the inherent cycles in the energy industry in the past, and I am confident Patriot can overcome the industry challenges that we currently face. As we move forward, I could not have a better operating partner than Ben, who has demonstrated outstanding leadership and a deep knowledge of the coal industry in his 30-year career." Engelhardt added, "On behalf of the Board and the senior management team, we thank Rick for his contributions, commitment and service to Patriot. As President and CEO, he guided Patriot through a complex spin-off and its emergence as a standalone public company. We wish him well in his future endeavors." About Irl F. Engelhardt With more than 30 years of experience in the coal and energy industries, Mr.
http://www.cnbc.com/id/47595878
You want to compare General Growth Properties to this stock??
Come on bro, General Growth Properties tanked because of all those business that went out and they had massive amounts of free space to rent... They come out and our doing the same type of business. I do not think ATRN will be doing the same thing.
Baker just opended up his own SEO busniess. check it out.
Besides this play as a chart, If we can get a nice hot summer going, coal stocks will pick up. We are at the bottom here almost so this pps is golden imo.
Interesting find thanks!
Whole industry is waiting for this... Here is an interesting read..
Patriot Coal (PCX) has been grabbing headlines lately, and honestly has probably been the target of rumors simply because it is the weakest player in an industry which looks increasingly vulnerable to having a few players go under. The bankruptcy rumors most likely put a low in for these shares in the near-term, but it is easy to imagine shares testing those levels once again if the company cannot arrange financing which the market can be pleased with. When one looks across the industry, Patriot is one of the most likely candidates to bite the dust in a prolonged downturn. The company is one of the riskiest plays, but if timed right it may also prove to be one of the most profitable investments too. The key is to be waiting so as to pounce once it is apparent that the coal market has turned and the bankruptcy risk has been minimized.
It's all about that new finance deal that I think we will hear about before or on july 6th.
Those Bk rumors were BS, This company can easily be a buyout target for bigger companies sucj as CONSOL Energy or Walter Energy, Inc.
Of course they are.
Aaron Baker HAS STARTED HIS OWN COMPANY IN HIS HOMETOWN.
Digital Net Agency, Inc.
http://www.facebook.com/digitalnetagency
lol BK stocks never go back and trade on a big board. I have never seen that....
There is more then just the $4 requirement to go on the big boards... Check it out....
Market knows best right now.. .01 might be the bottom but what kind of bounce will we see. Most of taken there money they lost or made here and our playing other plays.
We will see these games and then news will hit about the new fiance deal.
News about loan refinance will have a huge impact on the pps that can send this to $3+.. With positive news about the loan refinanced it will bring an upgrade to there credit rating back to hopefully a B-... We should hear some news on or about July 6th.
Those days where long long days.. took yrs to see something. Good bid support at .01 because no one else will dump at this pps, they might as well wait it out and hope for a bounce.
In that case they can have 51% of shares and still wipe out common shareholders? You know more about this then me because.
Well more importantly I think he can not sell the company for the NOLS either. I have to go back and look at the my records from the WAMU case. I think he can have NOLS and wipe out shareholders. I am sure either but I will check.
How do you know it comes with good intent?
hes increased the share structure to 950mil now and has sold millions of shares at crazy prices look at the updated financials.
Major ask slappen going on here!
If you have Ameritrade you have to call it in.
PCX look at that chartttt
understand bro that this is the POR this is the plan. BDE is not longer with the company BTW. they transferd there shares over to the other 2 noteholders... makes you wonder why.
dont bring back those wamuq days here now lololol tough days
OH and lets clarify ONE more thing... This stock is not a google stock as someone just posted on the DRP board.. They owe google money and they are telling them to FOFF because they are an unsecured creditor and they are not getting #hit.
Check out PCX huge up tank imo
BRO, those docs are not only the POR (Plan of Reorganization) IT ALSO includes the term sheets, the company is not wanting to drag this on.. TERM sheets only get exchanged when its time to neogitate.. It looks like they have done all that already. Next will be the disclosure statement and if any moeny if left for commons to vote on the POR. its a process that I dont want to get into again esp after being with WAMU for 2yrs.
Lawsuits are only as strong as being united as shareholders. Because now if the common shareholders want to fight this POR they will have to unit and ask the court to a point a lawyer to fight for there cause... Maybe there is not enough money to do that and shareholders will have to fight it out using what they know. Its a hard battle. I wish everyone well and if it drops to a point where I feel its worth the risk I would play it again.