Patriot Coal Corporation (fka PCXCQ)

[marayatano]

This BK is really about the creditors vs. the Union and Patriot taking advantage of the bankruptcy code to cancel unprofitable contracts (out of the money) contracts/reorganization/deal with the Union/Union liabilities/bounce some liabilities back to Peabody, the original parent who spun off patriot.

Equity is just the audience and not a player in this BK. The longer this BK drags, equity is as good as toast.

I only see equity surviving in some form if this is a SHORT bankruptcy proceeding, otherwise... don't bet your lunch money.

The army of lawyers and restructuring firms/advisers are burning through equity as we speak. It is in THEIR (Attorneys & Co) best interest to drag this out. $$$$

imo