Patriot Coal Corporation (fka PCXCQ)

[MorningLightMountain]

I don't have a huge issue with BK now proceeding according to normal procedures.....can't put the genie back into the bottle.....

what I DO HAVE AN ISSUE WITH is how Patriot lead shareholders on with stuff like this, and "leaks":

(lol, when does a BK "enhance shareholders"????)

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."

http://markets.on.nytimes.com/research/stocks/news/press_release.asp?docTag=201205290600PR_NEWS_USPRX____CG14586&feedID=600&press_symbol=9014913

Patriot Coal (PCX) had rallied strongly off of the $1/share level as a short squeeze must have been initiated and possibly even news leaking that it had secured financing - although just not the rest of the news regarding that financing.

http://seekingalpha.com/article/711411-update-our-outlook-for-coal

then, the BK was "leaked", so those in the know could unload before retail, with an excuse built in (IMO) for doing so:

so, when did the below become LEGAL????

The so-called debtor-in-possession financing is being provided by Citigroup Inc., Barclays Plc and Bank of America Corp., said the people, who asked not to be identified as the process is private.

http://www.bloomberg.com/news/2012-07-09/patriot-said-to-get-funding-ahead-of-possible-bankruptcy.html

COMPARE THE TIME IN THE ABOVE ARTICLE (Jul 9, 2012 4:04 PM CT) TO THIS POST: (note: all Ihub times are EST)

10452km2 Monday, July 09, 2012 3:45:06 PM
Re: IT Junkie post# 2396 Post # of 2770
http://www.bloomberg.com/news/2012-07-09/patriot-said-to-get-funding-ahead-of-possible-bankruptcy.html