MORGANTOWN, W.Va. — With election day one month away, the United Mine Workers of America continues to sit out the presidential race for the first time in 40 years.
On Friday, the typically Democratic-supporting union announced it's backing Democrats in U.S. House and Senate races in 16 states. But when the Coal Miners Political Action Committee, or COMPAC, met Thursday in Triangle, Va., it did not endorse either Democrat Barack Obama or Republican Mitt Romney.
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The UMWA represents more than 100,000 members, including retirees. It backed Obama in 2008, but since then, the president's relationship with coal country voters has deteriorated, and he is now widely unpopular in states like West Virginia.
*I view this as relevant to the Patriot BK case because the outcome of the election could prove to be the biggest influence on the valuation of PCXs' coal reserves. Negotiating a restructuring with the creditors will hindge on those valuations.
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