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Second Largest Coal Miner East Of The Mississippi Files For Bankruptcy: 4000 Patriot Coal Jobs In Peril

Tyler Durden's picture




 

At last check Patriot Coal had around 4000 employees. Those soon to be former employees will soon require yet another massive seasonal adjustment by the BLS to be "adjusted" out, because moments ago the second largest coal miner east of the Mississippi and the second largest producer of thermal coal in the eastern US filed Chapter 11 bankruptcy.

As part of its filing, the Peabody spinoff announced it had obtained a $100 million DIP, which will be sued to fund the company until it finds a "strategic buyer" or otherwise restructures its balance sheet. Alas, with the price of coal being where it is these days, the most likely outcome for ticker formerly known as PCX is an outright liquidation and another 4000 people in the rest belt left without jobs who, just like the case of Denny Ryder of Decatur, IL, will promptly disappear from the labor force so as not to spoil the US "recovery" propaganda.

 

Full Patriot Coal bankruptcy filing statement:

Patriot Coal Corporation ("Patriot" or "the Company"), a producer and marketer of coal in the eastern United States, today announced that it is engaged in active negotiations for the sale of substantially all of the Company's operating assets to a strategic partner. The Company is also engaged in ongoing discussions with key stakeholders as it evaluates a range of strategic alternatives to maximize the value of its assets. 

In conjunction with these activities, Patriot and its wholly-owned subsidiaries today filed voluntary petitions for restructuring under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia, in Richmond, VA. The Company intends to complete its review of strategic alternatives and present a value-maximizing restructuring plan to the Court as quickly as possible.

Patriot expects its customer shipments and mining operations to continue in the ordinary course during the restructuring process. The Company has received a commitment for $100 million in "debtor in possession" ("DIP") financing led by a consortium of the Company's secured debt holders to support its continued operations. Upon approval by the Court, the DIP financing, combined with cash generated from ongoing operations will provide sufficient liquidity to support the business during the restructuring process.

Bob Bennett, President and Chief Executive Officer of Patriot, said, "In light of the challenging market conditions, and after a comprehensive review of our alternatives, the Board and management team have determined that this process represents the best path forward for Patriot and its stakeholders. Patriot is dedicated to operational and environmental excellence and, as always, we remain committed to operating safely and serving our customers throughout this restructuring process. We greatly appreciate the continued support of our customers and our suppliers and the ongoing hard work of our employees."

 

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Tue, 05/12/2015 - 09:24 | 6084593 Haus-Targaryen
Haus-Targaryen's picture

Recovery! 

Tue, 05/12/2015 - 09:25 | 6084595 kowalli
kowalli's picture

joyflation

Tue, 05/12/2015 - 09:27 | 6084610 MonetaryApostate
MonetaryApostate's picture

Everything is awesome!!

 

Keep Calm & Protest On...

Tue, 05/12/2015 - 09:28 | 6084616 847328_3527
847328_3527's picture

" Yes we can! "

Tue, 05/12/2015 - 09:33 | 6084644 Stackers
Stackers's picture

Union boobs need to look at the Democrats they keep voting into office and their active efforts to destory American coal.

Tue, 05/12/2015 - 09:34 | 6084650 Perseus son of Zeus
Perseus son of Zeus's picture

Offshore coal work now!

Tue, 05/12/2015 - 09:38 | 6084669 NoDebt
NoDebt's picture

 

 

Dear coal miners,

Thank you for your union support in both the 2008 and 2012 elections.  It was much appreciated.  But did you think I was kidding when I said I'd put the coal industry out of business?  You must be the stupidest people on the planet.

Sincerely,

Barack Obama

 

Tue, 05/12/2015 - 09:40 | 6084682 SheepRevolution
SheepRevolution's picture

4000 new bartenders and waitresses?

Tue, 05/12/2015 - 09:43 | 6084708 FL_Conservative
FL_Conservative's picture

Only in O-merica.

Tue, 05/12/2015 - 09:57 | 6084766 onewayticket2
onewayticket2's picture

it's Year 7 of the "summer of recovery"

Tue, 05/12/2015 - 10:16 | 6084829 Bunghole
Bunghole's picture

In the Rest Belt.

Where laid off coal workers will certainly be resting while pulling unemployment.

Forward Soviet!

Tue, 05/12/2015 - 11:46 | 6085120 GeorgeWKush
GeorgeWKush's picture

Forward Soviet? Laying of 4000 people to serve a corporate interest is as far away from Soviet policies you can possibly get. Read up you moron.

Tue, 05/12/2015 - 12:58 | 6085381 DaddyO
DaddyO's picture

Here you go, try this on for size and see if it fits just a little better than your current view from the basement.

Forward Barack!

DaddyO

Tue, 05/12/2015 - 09:59 | 6084771 BigSwingingJohnson
BigSwingingJohnson's picture

they not qualified for bartenders or waitresses.

maybe bar-backs and buss-girls.

 

Tue, 05/12/2015 - 10:29 | 6084873 Squid Viscous
Squid Viscous's picture

more like bar-backs and busboys... years in a coal mine not good for people skills

Tue, 05/12/2015 - 09:40 | 6084684 Silky Johnson
Silky Johnson's picture

I got no more fucks to give, I ran out about 8 years ago.

Tue, 05/12/2015 - 13:16 | 6085483 Almost Solvent
Almost Solvent's picture

I ran out at least 30 or so years ago

Thu, 05/14/2015 - 13:50 | 6093645 fallout11
fallout11's picture

The eastern coal companies have been failing for some time, as "affordable" recoverable deposits have mostly been exhausted. EIA figures (see this quick chart) show production by the largest 4 producers falling by 40% between 2000 and 2011 (i.e. not Obama's fault) http://www.eia.gov/todayinenergy/images/2013.10.02/map.png The good anthracite coal of the past is long gone, and much of the accessible bituminus is, as well. What is left is mostly subbituminus and lignite deposits out west (again, see the increasing production from the chart), brown, dirty, low-energy-density crap coal. The low hanging fruit is gone, and companies that were built on harvesting it are failing.

A bit of research shows that apparently PCX (Patriot Coal) filed for bankruptcy in 2012, as well.

Tue, 05/12/2015 - 10:11 | 6084817 gaoptimize
gaoptimize's picture

Administration reaction: "Mission accomplished"

Next up, teen percent increases in electrical power rates and rolling brown-outs during the hottest weather.

Tue, 05/12/2015 - 10:46 | 6084928 markitect
markitect's picture

Not funny;  Im watching 3 coal plants being dismanteled right now in Chicago.  The politicians are already starting their witch hunt for electrical price increases when the stupid motherfuckers just blew out a big chunk of production.  I used to think politicians where diabalical, as Ive aged I realize their just fucking stupid.

Tue, 05/12/2015 - 11:23 | 6085026 kowalli
kowalli's picture

don't worry, you will have such nice new slave collar

Tue, 05/12/2015 - 12:46 | 6085330 IrritableBowels
IrritableBowels's picture

Coal fired power plant. Montana. Union votes blue.

Figure that one out.

Tue, 05/12/2015 - 09:34 | 6084653 CrazyCooter
CrazyCooter's picture

This is all part of the theatre ... coal supplies in the US are not as rosy as many project ...

https://www.youtube.com/watch?v=t0y3KPmM22g

Go check the EIA and get back to me on how much ELECTRICITY (that one likely takes for granted) is generated by coal in the US.

Regards,

Cooter

Tue, 05/12/2015 - 10:31 | 6084883 Seek_Truth
Seek_Truth's picture

That youtube video is nonsense.

There's enough clean burning anthracite coal just in northeast Pennsylvania to meet the energy needs of the US for at least 100 years.

Killing coal is one of the best ways to kill the US that TPTB ever came up with.

 

Tue, 05/12/2015 - 12:36 | 6085297 post turtle saver
post turtle saver's picture

proven coal reserves in the US are valued currently at ~$17 trillion... yeah, the US has no coal, keep dreaming... largest known reserves on the planet...

Thu, 05/14/2015 - 13:33 | 6093670 fallout11
fallout11's picture

I guess the USGS lies constantly, too.
http://www.wou.edu/las/physci/GS361/Fossil%20fuels/reserves.jpg
See those tiny green specks on the map? That's all that is left of the anthracite and semi-anthracite. 
Here's a USGS report from 1997:
http://pubs.usgs.gov/circ/c1147/historical.html
Anthracite production is ~4% of what it was at peak, in 1919.

DOE also says: "Unfortunately, in the United States, as elsewhere in the world, there is little anthracite coal to be mined."
http://www.fe.doe.gov/education/energylessons/coal/gen_coal.html
Liars, all of them, eh?
How about a geology lesson.

Tue, 05/12/2015 - 13:08 | 6085438 Voicefather
Voicefather's picture

There is a vast quanitity of coal under this country. At present power plants are burning only the coal that allows them to most easily meet SO2, SO3 and Hg emissions standards. If need be the technology exists to utilize the dirtier coals and clean it up, but the costs make it pointless right now. At present rates of use we easily have enough coal for several hundred years and that I'm sure does not include the worst of the coals we could tap into. That's one reason there is a lot of research into coal to liquid fuels conversion. If we could do that cheaply we really would have no more need of foreign oil for a couple hundred years.

Tue, 05/12/2015 - 09:34 | 6084655 Abitdodgie
Abitdodgie's picture

Obama has nearly done what he set out to do , just a few more industries and mission complete.

Tue, 05/12/2015 - 09:45 | 6084720 Freddie
Freddie's picture

Name any Republicans trying to stop him?  We know the other Democrats are shit.

Tue, 05/12/2015 - 10:05 | 6084793 booboo
booboo's picture

Hey wait a minute, the milk dud king has a phone and a pen remember?

Tue, 05/12/2015 - 09:51 | 6084739 Doubleguns
Doubleguns's picture

Not only that he has them out blaming Peabody coal. Vast majority of union members are so brainwashed into spouting what ever their Union "Supreme Leader" tells them to say. Of course thier supreme leader is eating high on the hog and the fools do not get it.

 

"Life if hard, its even harder if your stupid."   JOHN WAYNE 

Tue, 05/12/2015 - 09:30 | 6084633 VinceFostersGhost
VinceFostersGhost's picture

 

 

Who needs coal? Solar panels will keep you warm next winter.

 

That, and a butt load of kerosene. Just be careful the CO2 doesn't kill you.

Tue, 05/12/2015 - 09:46 | 6084724 TrumpXVI
TrumpXVI's picture

I think that's "CO"...monoxide...one atom.

Tue, 05/12/2015 - 10:05 | 6084792 CrazyCooter
CrazyCooter's picture

<snickers/>

Regards,

Cooter

Tue, 05/12/2015 - 10:12 | 6084820 RobD
RobD's picture

Cut Vince some slack he is dead you know.

Tue, 05/12/2015 - 10:13 | 6084824 VinceFostersGhost
VinceFostersGhost's picture

 

 

I'm also new. You guys should be nice to me.

Tue, 05/12/2015 - 10:18 | 6084836 Bunghole
Bunghole's picture

Fuck you!

How's that?

Tue, 05/12/2015 - 10:22 | 6084846 VinceFostersGhost
VinceFostersGhost's picture

 

 

Thanks, now I feel at home.

Tue, 05/12/2015 - 10:37 | 6084903 spinone
spinone's picture

If this is you're first time at fight club, you have to fight

Tue, 05/12/2015 - 09:43 | 6084706 Freddie
Freddie's picture

Hey union boys - your boy Obola did this with the Dems and Buffet oil trains of death.  Not like the RepubliNeo-Cons are any better.  I see Scott Walker is going to the wailing wall like all President candidates do.   I think Rick Santorum was the only one who has not.

Tue, 05/12/2015 - 09:48 | 6084741 oudinot
oudinot's picture

Green shoots ...............

Tue, 05/12/2015 - 09:51 | 6084749 ShrNfr
ShrNfr's picture

What amazes me is a lot of these assholes voted for Obama even though he told them that he was going to throw them out of work.

Tue, 05/12/2015 - 10:21 | 6084843 Bunghole
Bunghole's picture

At least now they have time to develop an oxycontin habit with their unemployment checks

Tue, 05/12/2015 - 11:37 | 6085091 Freddie
Freddie's picture

I have run into dumb white union boys who voted for Obala.  You cannot fix union stupid.  Retards.  Not like the Republicans are doing anything to stop the Kenyan. 

And where is the military? I talked to one Jirene AH officer. Retard. I told him the Military has not upheld The Constitution since 1861.   The military are the banksters, elites and MIC's little slaves who will die for them like sheep.

Tue, 05/12/2015 - 10:04 | 6084791 junction
junction's picture

Let's see: O on Peabody - "We laid off some people"

O on the Osama raid - "We killed some people"

O on whistleblowers - "We jailed some people"

O on the TSA - "We groped some people"

O on U.S. Nuclear Missile Command generals - "We fired some people"

Tue, 05/12/2015 - 13:32 | 6085565 doctor10
doctor10's picture

there blows out another chunk of American business collateral under-pinning the foundation of American debt.

 

No way no how this is accidental. High treason pervades DC today-as the folks shorting our debt appear to have bought Congress and the administrtive bureaucrats.

Tue, 05/12/2015 - 09:27 | 6084603 Duc888
Duc888's picture

 

 

 

Thank God China has earned "carbon credits" for coal mining.

 

Tue, 05/12/2015 - 09:34 | 6084640 VinceFostersGhost
VinceFostersGhost's picture

 

 

"carbon credits"

 

I haven't seen a damn dime of that money, and I probably never will.

Tue, 05/12/2015 - 09:47 | 6084730 Isotope
Isotope's picture

To quote a wag from another site:

"Two words: Carbon offsets.
They magically allow you to pollute all you want.
I also purchase Rape Offsets.
By contributing cash to women's abuse causes it allows me several guilt-free rapes of random women every year.
You guys should check it out, man!
Cool deal, for real!"

Tue, 05/12/2015 - 09:37 | 6084666 ebworthen
ebworthen's picture

Just wait, a Chinese company will buy the mine and bring in workers - to be fed by Smithfield Ham (bought by Chinese co.).

Tue, 05/12/2015 - 09:42 | 6084695 Citxmech
Citxmech's picture

Is Smithfield going to source their new "floating pork" products from certain rivers in China?

Tue, 05/12/2015 - 09:27 | 6084606 djsmps
djsmps's picture

I heard Freedom Coal was in trouble too.

 

Tue, 05/12/2015 - 09:28 | 6084609 Osmium
Osmium's picture

4000 job cuts should not be much of an issue.  Unemployment rate is 5.4%, basically we are at full employment.  Those laid off should be able to find another job in a matter of hours.

</Sarc>

Tue, 05/12/2015 - 09:33 | 6084646 847328_3527
847328_3527's picture

I hear Zappos' is hiring:

 

14% of Zappos' staff left after being offered exit pay

 

http://fortune.com/2015/05/08/zappos-quit-employees/?xid=timehp-popular

 

Tue, 05/12/2015 - 09:36 | 6084663 Abitdodgie
Abitdodgie's picture

Good point and as the Gov't create jobs why is this even in the news.

Tue, 05/12/2015 - 09:43 | 6084705 Citxmech
Citxmech's picture

Just pull them out of the labor force stats and you'll do them the favor of not having to look for a job.

Tue, 05/12/2015 - 09:29 | 6084620 Moonrajah
Moonrajah's picture

From the article 

As part of its filing, the Peabody spinoff announced it had obtained a $100 million DIP, which will be sued to fund the company until it finds a "strategic buyer" or otherwise restructures its balance sheet.

 

Knowing the vulture nature of TBTF lenders this typo doesn't feel like a typo all of a sudden.

Tue, 05/12/2015 - 09:48 | 6084737 Nobodys Safe
Nobodys Safe's picture

That was my first thought also and then we have this" and another 4000 people in the rest belt left without jobs"

My conclusion: This article was written by a former Nigerian mail scammer.

Tue, 05/12/2015 - 09:29 | 6084621 LawsofPhysics
LawsofPhysics's picture

I can understand the real value of coal, especially in the winter...

..and yet the bankers and financiers  still have access to all the free money they want thanks to ZIRP...

 

Wake up people, so long as you keep accepting that bullshit paper in exchange for your labor, nothing changes.

You have to actually work hard to get that coal, while the bankers and financiers don't have to spend any energy at all to access that paper...

Say it with me, tick tock motherfuckers...

Tue, 05/12/2015 - 09:29 | 6084622 cigarEngineer
cigarEngineer's picture

Their stock was around zero for over 2 years now. I don't know what this is about...

Tue, 05/12/2015 - 09:29 | 6084628 youngman
youngman's picture

That guy that used to make coal mining equipment for CAT...still will not have a job....keep voting for Obama and he will take you job too...

Tue, 05/12/2015 - 09:29 | 6084629 ejmoosa
ejmoosa's picture

This is one of Obama's campaign promises fulfilled.....

If you do not think the rest of his agenda has traction, then you'd be wrong.

Tue, 05/12/2015 - 09:35 | 6084658 RushRoolz
RushRoolz's picture

With 60% of Congress on his side and another 38% having no spine to stand up to him, and having a media that never questions a thing he does, he doesn't need much "traction" to push his agenda through.

Tue, 05/12/2015 - 09:40 | 6084681 Abitdodgie
Abitdodgie's picture

Why would Obamas board of directors ( congress) want to stand up to him they all work for the same Corporation

Tue, 05/12/2015 - 09:37 | 6084634 Bill of Rights
Bill of Rights's picture

$100 million peanuts..?

American Eagle Energy Files for Chapter 11 Bankruptcy Protection

http://www.wsj.com/articles/american-eagle-energy-files-for-chapter-11-b...

American Eagle filed for bankruptcy on Friday, listing assets of $221.9 million and debts $215.2 million

 

Tue, 05/12/2015 - 09:31 | 6084637 samsara
samsara's picture

A mile long coal train keeps a power plant running for 1 day.

How long before the lights go out?

Tue, 05/12/2015 - 09:33 | 6084645 VinceFostersGhost
VinceFostersGhost's picture

 

 

Damn fine talking point. Just how big is that power plant?

Tue, 05/12/2015 - 10:06 | 6084781 samsara
samsara's picture

An average coal fired power plant.  Less than one day actually.

Coal fired power plants To quote Kunstler's last article, his numbers are accurate btw.

 

Only 6 percent of US electric power comes from “clean” hydro generation. Another 20 percent is nuclear. The rest is coal (48 percent) and natural gas (21 percent) with the remaining sliver coming from “renewables” and oil.

Read the details here.

America's Largest Coal Power Plant Burns 11 Million Tons of Bituminous a Year

 

Coal is delivered by BNSF railways from the Wyoming mine to Memphis, Tennessee where it is transferred to the plant by Norfolk Southern railways in 124-car-long trains. There are no less than thirty-six of these two-mile long coal trains en route on the ten-day roundtrip. Between three and five of these mammoth trains offload at Scherer daily using an air-dump system.

 

 

Oh, and to the person that down voted me....

Sorry but reality is a fucking bitch huh?

Tue, 05/12/2015 - 16:07 | 6086291 TheAnswerIs42
TheAnswerIs42's picture

Just wondering why anyone would want to stop using a national resource when the alternative is higher unemployment and much, much higher energy costs.

As far as particulate pollution goes, coal can be burned very cleanly. The extraction of coal can be handled so that there is minimal environmental impact.

But when you have been brainwashed to believe that CO2 is a "pollutant", then all reasoning is off and you end up with the insane, horrific and economically devastating polices which are being implemented.

Why isn't the policy focused on clean extraction and clean burning?

 

Tue, 05/12/2015 - 11:24 | 6085033 all-priced-in
all-priced-in's picture

So then if you don't want to use the coal to generate electricity - what DO you want to do with it?

 

Leave it in the ground?

 

Ship it to China?

 

 

Tue, 05/12/2015 - 11:59 | 6085168 samsara
samsara's picture

Use it to make electricity.

But just know that every day with the lights are on, you are one day closer to them being off for good.

Tue, 05/12/2015 - 12:31 | 6085282 quasimodo
quasimodo's picture

Did not know that, but explains why there are so many that run here through town at all hours of the night and day, not to mention the oil, ethanol and manifest loads. And yes, of course corn and soybeans here in this locale.

 

Tue, 05/12/2015 - 09:33 | 6084648 localizer
localizer's picture

No problem, more coal can be imported from Russia...

Tue, 05/12/2015 - 09:34 | 6084651 p00k1e
p00k1e's picture

This is definitely clean.

Tue, 05/12/2015 - 09:34 | 6084652 stant
stant's picture

The night they drove old Dixie down

Tue, 05/12/2015 - 09:40 | 6084660 Dr. Engali
Dr. Engali's picture

Obama said he was going to bankrupt the coal miners, but nobody listened. These union idiots probably voted for him. But hey, at least we put all that racism stuff behind us by electing our first black president.

Tue, 05/12/2015 - 10:29 | 6084875 Emergency Ward
Emergency Ward's picture

I wonder where the UMWA bosses directed their campaign cash.

Tue, 05/12/2015 - 09:37 | 6084665 Seasmoke
Seasmoke's picture

It's summer time. Who needs coal ??

Tue, 05/12/2015 - 09:39 | 6084674 SheepDog-One
SheepDog-One's picture

This is clearly raycis.

Tue, 05/12/2015 - 09:40 | 6084683 Skip
Skip's picture

With safe, clean nuclear power why would anyone need coal?
(/sarcasm)

Tue, 05/12/2015 - 09:41 | 6084686 Ban KKiller
Ban KKiller's picture

Good. Bad in that now they won't have to do any clean up of the rivers and streams. 

Energy technology that encourages independence scares TPTB. Fuck 'em. Alternate energy is an enemy of the banksters. 

Yeah, as IF Obama runs things! As long as you keep Obama to blame you will never see the real puppet masters at work. 

Tue, 05/12/2015 - 10:17 | 6084833 forwardho
forwardho's picture

Go stick a daisy where the sun don't shine.

Tue, 05/12/2015 - 10:20 | 6084840 Ban KKiller
Ban KKiller's picture

Bank stooge much? 

Tue, 05/12/2015 - 19:00 | 6087156 Calmyourself
Calmyourself's picture

KKiller, got balls?  Lets see a list of names and addresses as you apparently know all the string pullers..

Tue, 05/12/2015 - 09:41 | 6084688 starman
starman's picture

4000 more uber drivers! 

Tue, 05/12/2015 - 10:29 | 6084874 silverer
silverer's picture

Or tour guides for historical coal plants.

Tue, 05/12/2015 - 09:41 | 6084690 buzzsaw99
buzzsaw99's picture

wtg owebomba

Tue, 05/12/2015 - 09:43 | 6084701 Lumberjack
Lumberjack's picture

I see the sign a miner was holding "Created To Fail" and am VERY inclined to believe that is the case. I see cronies at Patriot Renewables et.al. failing even though they got a shitload of stimulus money. Watch the energy sector closely especially where PURPA and other changes are involved. Lot's of stalking horses out there.

Tue, 05/12/2015 - 10:33 | 6084889 29.5 hours
29.5 hours's picture

 

 

Peabody created Patriot--and loaded it up with pension and other liabilities from ALL its other holdings. It was created to fail. Patriot has tried several times to renounce its pension debts.

 

 

Tue, 05/12/2015 - 10:48 | 6084933 samsara
samsara's picture

You can bet that the owners of Peabody are multimillionairs With NO worries about retirement...

Pensions we don't need fuckin pensions...  We're Fuckin RICH.

Grovel peasants....

John Prine

Paradise (aka Mr. Peabody's Coal Train)

 

When I was a child my family would travel
Down to Western Kentucky where my parents were born
And there's a backwards old town that's often remembered
So many times that my memories are worn

 

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"

 

Well, sometimes we'd travel right down the Green River
To the abandoned old prison down by Adrie Hill
Where the air smelled like snakes and we'd shoot with our pistols
But empty pop bottles was all we would kill

 

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"

 

Then the coal company came with the world's largest shovel
And they tortured the timber and stripped all the land
Well, they dug for their coal till the land was forsaken
Then they wrote it all down as the progress of man

 

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"

 

When I die let my ashes float down the Green River
Let my soul roll on up to the Rochester dam
I'll be halfway to Heaven with paradise waitin'
Just five miles away from wherever I am

 

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"

 

Tue, 05/12/2015 - 09:43 | 6084702 pachanguero
pachanguero's picture

planned by the communists....

Tue, 05/12/2015 - 09:49 | 6084744 Anglo Hondo
Anglo Hondo's picture

As soon as the EPA declared carbon (i.e. coal) as a pollutant, this was bound to happen.  All originated by our Great Leader, ObAmA, Peace Be Upon Him.  He did say that he would make electric power VERY expensive for US citizens.  Now it is on its way to being unavailable from coal, the major fuel for electricity in the USA.

 

Tue, 05/12/2015 - 09:52 | 6084752 Moonrajah
Moonrajah's picture

If you burn all the documentation, bankers, managers and officials involved in running the company into the ground, you would still produce less energy than 1 day of production at Patriot.

Some people need to get their priorities checked!

Tue, 05/12/2015 - 10:01 | 6084775 all-priced-in
all-priced-in's picture

How much does a coal miner earn?

 

 

Tue, 05/12/2015 - 10:15 | 6084826 forwardho
forwardho's picture

W.VA. $55.000.00

K. $35.000.00

Remember, Fred Flintstone was a solid member of the stone age middle class.

Thu, 05/14/2015 - 13:29 | 6093711 FredFlintstone
FredFlintstone's picture

Indeed

Tue, 05/12/2015 - 10:19 | 6084838 Ms No
Ms No's picture

I worked non union dragline maintenence on an above ground coal mine when I was younger, made about 32 an hour and I was on the lower end for wages since I was less experienced than most.  Mines used to provide great benefits but now I hear they keep everybody as a temp so there are none. 

Very interesting work but I decided to move on to other things because I didn't want to end up like Jody Foster in the mines...lol  I've seen personally how uneven environmental policy is leveled at the various industries.  Coal gets monkey hammered, fracking can do damn near whatever they want and we all know how protected the nuke industry is.

Tue, 05/12/2015 - 11:14 | 6085000 Ms No
Ms No's picture

Maintenance... lol  

Tue, 05/12/2015 - 10:07 | 6084795 Tachyon5321
Tachyon5321's picture

Obama's EPA is in the process of closing all the coal power plants in the USA.

Meanwhile, China opens one new coal plant about every two weeks.

So the 4000 American families that just fell out of the middle class will have no impact on Obama's afternoon Golf game... So all is well.

 

 

 

Tue, 05/12/2015 - 10:55 | 6084959 silverer
silverer's picture

Obama said he was going to get rid of coal.  That's why he got re-elected.  Because the coal miners thought he was kidding and they would get their raises and jobs anyway.  Let's support Barry for a third term.  I mean, what the heck? 

Tue, 05/12/2015 - 10:08 | 6084807 BeaverCream
BeaverCream's picture

Union mentality is the same as the welfare mentality there's no concept of economics or any idea about what it costs to employ people and keep a business profitable.  All they see is a CEO that makes more than them, it's communist mob mentality that is born out of jealousy and victimhood. Reality is that someone always makes more, someone always makes less. No, mr. union member, you're not just as important to the business as the CEO because he could find a million other GED level people to run whatever piece of equipment you run all day.  No you don't deserve $100,000 per year, your job is hard yes, but that's not important...what is important is how much someone will give you to perform said job without coersion from the government. 

My experience is that union members aren't super intelligent.  "We deserve, we demand, we require, what's fair, blah fuckin blah"

Tue, 05/12/2015 - 10:38 | 6084906 GMadScientist
GMadScientist's picture

You're a fucking moron who doesn't know a damn thing about how big business hollows out and stripmines (pun!) companies for profit.

 

Tue, 05/12/2015 - 11:43 | 6085071 BeaverCream
BeaverCream's picture

Cry moar.  Baby boomer union member thinks because he graduated from highschool and can stick weld he deserves 100,000 a year and a pension after 30 years.  Votes for socialists for 30 years, sits around lapping up social security and medicare waiting to die.  Can't figure out why his college educated kids can only find a job at mcdonalds.

Unions form an unnatural adversarial environment, it's no wonder they're automating all your kid's jobs and simply hiring from countries that don't expect them to pay 3x what their worth.  You took out home equity loans on your children's future wealth and lost it all.

You should be ashamed.

Tue, 05/12/2015 - 11:44 | 6085114 Freddie
Freddie's picture

I cannot stand those Democrat voting retard union boys.

Here are real miners with balls fighting against the ZWO, NWO, ZOG.

https://www.youtube.com/watch?v=K9k05CbXmqE

Tue, 05/12/2015 - 12:46 | 6085322 rejected
rejected's picture

Baby Boomer union members. LOL

First off a high school education back in boomer time was equivalent to a 2 year associate degree today and the full BS isn't too far behind. You see, back then you didn't go to the school library, pay $$ to get a copy of the upcoming test. No,,,,  One had to actually do the test without any, shall we say, help from above.

Even then the High School grad was only equivalent to the 8th grade graduates of the early 1900's.There has been a dumbing down process that is still ongoing today. Some commenters here could be poster children for this process.

As for Social Security, Let's you pay $30,000 dollars insurance on your home for ten years, using your opinion of SS recipients, what makes you eligible to collect $210,000 when your house burns down?  Now you would probably argue there a difference but when the rubber hits the road there is no difference. All Insurance are Ponzi schemes. If you don't think SS is insurance then I suggest you look up the meaning of FICA.

And why do children of today demand their inheritance when the only thing they do is carry the name? In the olden days, back on the farm, the children worked the farm with the parents which gave them rights to said farm when parents got old and/or died. Today its,,,  I'm your kid so gimme, gimme, gimme.

Disclaimer: I am not a union member. I just blame the right source of today's problems,,, government and Federal Reserve,,, and not people who simply want a decent life.

 

Tue, 05/12/2015 - 13:31 | 6085560 BeaverCream
BeaverCream's picture

The only thing I'm asking for is my forebears to have some common fucking sense.  When the government scheme you force upon future generations to their detriment doesn't work out and they end up paying for all the goodies you accepted...how dare you claim to bear no responsibility.

Tue, 05/12/2015 - 19:04 | 6087179 Calmyourself
Calmyourself's picture

Unions played their part in hollowing out America as yes you were all too stupid to see what your dues were buying.  Be honest with yourself it will set you free.

Tue, 05/12/2015 - 10:41 | 6084914 NotApplicable
NotApplicable's picture

That's why being a "stakeholder" is so important, rather than the shareholders who suffer the economic loss.

Tue, 05/12/2015 - 10:56 | 6084967 Ghordius
Ghordius's picture

+1 that's because we are witnessing a great Tragedy of Absentee Lordship in the matter of stock of public companies

in theory, a honest, compact and interested shareholdership could go and do something... ethic. like saying: no money for CEOs that... <insert moral here>

for example, no collusion with government, no lobbyism, etc. etc.

actually is simple: by reducing humungous, vastly influential institutions like the publicly traded megacorporations to pure profit-seekers without consciensious ownership or restraint... we fostered something like psychotic economic dinosaurs... hugely dependent on the conscience of their CEOs

all this while becoming a CEO and making lots of money as CEO has become... a sociopathic game, too. and one that draws a lot of cheering, too

what I am writing here is actually paraphrased by something I read that was written about Wall Street in 1928. Just saying, and sorry I can't find the reference

Tue, 05/12/2015 - 11:01 | 6084977 GMadScientist
GMadScientist's picture

When was the last time a shareholder vote was binding in any way shape or form? The board does what they want with your equity and you will like it.

Tue, 05/12/2015 - 11:11 | 6084990 Comte d'herblay
Comte d&#039;herblay's picture

Actually, there are some quite a few fairly intelligent men and women in unions.

The problem is more pernicious than stupid human beans demanding $100K to work.

Your opinion of CEOs is hardly justified when looked at through the prism of reality.  Tell me why Nardelli at Home Depot should have received $250,000,000 just go away?  Tell me about Dick Fuld, Lord Blankfein, and Jimmy Cayne.  Tell me about these supposedly so talented men and women (what's her face at Yahoo, and the fired one at Hewlett Packard who now want a job as POTUS).

I'm afraid the the historic value placed on those in the top job is belied by their results and should factor in to your thinking about who demands what, and those on the compensation committees who are corrupt and inept to their core giving it to them, instead of tying their pay to performance, and getting rid of golden parachutes that pay them to fail.

 

 

Tue, 05/12/2015 - 11:36 | 6085087 BeaverCream
BeaverCream's picture

It doesn't matter what you think they're worth, how much you think you're worth.  That's how the income tax started too, they're worth more they deserve to pay more said the mob.  30 years later if you make over 5,000 you're paying .gov.

But poeple never learn, they're blinded by jealousy and greed which is why this country is dying.  Injustice comes from government not from corporations.  You're asking the government to fix a problem they created, good luck.

Tue, 05/12/2015 - 14:51 | 6085908 Comte d'herblay
Comte d&#039;herblay's picture

Of course it doesn't matter what I think they're worth. Jealousy has nothing to do with the fact that CEOs in this country are being given compensation that is many times greater than their employees, the highest in history vs other countries who are paid far less relative to theirs.

If you think corporations are just, and not founts of injustice, then you do really view the world of work and the  way it operates in a remarkable fashion.

Tue, 05/12/2015 - 12:21 | 6085240 rejected
rejected's picture

Gee, I wager you have that little piece of paper that says your edumacated and a bit jealous someone earns a decent living with a , oh my God... GED.

My wife attended university,,, said all she heard was how much better they were than the lowly working man. Course said university had no problem taking this working mans money.

Amazing how hypocrisy works.

Tue, 05/12/2015 - 13:42 | 6085614 BeaverCream
BeaverCream's picture

I'm not jealous of anyone, I don't feel victimized by others, I got over that a long time ago....maybe union members should do the same and stop whining.

Bottom line is your labor is a contract with someone willing to pay for it, the government stepping in and forcing your wage higher is the problem as it derails competition and price discovery, it also creates barriers to entry and a ton of other unintended consequences.

I have no problem with unions, I do however have problems with the government getting involved in forcing market conditions and prices.  Unions seem to think that companies are supposed to provide them with some sort of "living condition" which is asinine. 

I also ask that people take responsibility for the consequences of their own actions.

Tue, 05/12/2015 - 12:32 | 6085283 Monty Burns
Monty Burns's picture

Some of the top executives I've dealt with - mainly in the finance 'industry' - have been so stupid and incompetent that they did more corporate damage than 1000 union guys. And unlike the latter the executives departed with pockets full.

What you say about unions is definitely true though for the public sectors, education etc.

Tue, 05/12/2015 - 10:13 | 6084816 all-priced-in
all-priced-in's picture

Is this picture representative of the workforce?

 

Looks like 99% middle age white men --

 

 

 

 

 

 

Tue, 05/12/2015 - 10:52 | 6084948 silverer
silverer's picture

They passed on those bartender jobs...

Tue, 05/12/2015 - 12:14 | 6085210 rejected
rejected's picture

Always someone to bring a little color to life...

Tue, 05/12/2015 - 10:24 | 6084853 Emergency Ward
Emergency Ward's picture

The Administration's job-training and educational-assistance programs will place all those men in high-paying, meaningful and life-affirming career positions.  Within months.

Tue, 05/12/2015 - 10:24 | 6084856 Fix It Again Timmy
Fix It Again Timmy's picture

No need to burn coal, $100 bills can be burned, there's plenty of them around....

Tue, 05/12/2015 - 10:25 | 6084859 barry2001
barry2001's picture

If you are interested in drones check out this site : http://pickyourdrone.com/

Tue, 05/12/2015 - 10:27 | 6084868 silverer
silverer's picture

I'll bet most of those dumb bastards voted for this to happen to them.  Now those workers can really fix their situation by voting for Hillary and continue to believe the democrats support the unions.  Maybe you guys can check into coal mining jobs overseas.  Don't forget to renounce your US citizenship, because you'll still be taxed out of your pants even after you move overseas.

Tue, 05/12/2015 - 12:12 | 6085205 rejected
rejected's picture

Yea,,,, the Repubs would never eliminate jobs! And they're working hard to eliminate taxes cause they believe in small gubbermint!

Tue, 05/12/2015 - 10:36 | 6084897 Mike Masr
Mike Masr's picture

Change We Can Believe In- Forward---

Tue, 05/12/2015 - 10:36 | 6084898 Mike Honcho
Mike Honcho's picture

War on Electricity.

 

Where is Loretta Lynn when you need a spokesperson?

Tue, 05/12/2015 - 10:37 | 6084902 GMadScientist
GMadScientist's picture

In the hospital with black lung disease?

Tue, 05/12/2015 - 19:07 | 6087194 Calmyourself
Calmyourself's picture

Stupid liberal...  You work by rote dont you? 

Tue, 05/12/2015 - 10:36 | 6084899 GMadScientist
GMadScientist's picture

For anyone who thought that only government stimulus jobs are temporary bullshit.

Tue, 05/12/2015 - 10:39 | 6084912 boooyaaaah
boooyaaaah's picture

Ok then

If we stay true to form

The government will now nationalize the coal industry to save jobs

And America

The only entity that can function with EPA, other regulations meant to save us all

and compete with goverment subsidies to battery factories and sun heaters sun power, wind power corn power poop power.

The only entity that can survive ???

Is a government controlled entity. National Coal.

And the workers will vote for ???

Why theyll vote for the gov that pays them. Stupid

Tue, 05/12/2015 - 10:42 | 6084918 gwar5
gwar5's picture

Didn't the unions vote for Obama and the destruction of the coal industry, and mass immigration to replace union members with cheap foreigners?  Blacks, students, women, union members and the gays, all with no jobs... what did they all think was going to happen?

 

Told ya so

Tue, 05/12/2015 - 12:50 | 6085338 Grimaldus
Grimaldus's picture

Yes they did.

 

The progressive stupid, it burns.

 

Grimaldus

 

Tue, 05/12/2015 - 14:29 | 6085790 falconflight
falconflight's picture

I doubt Obama recd that many UMWU votes.

Tue, 05/12/2015 - 10:47 | 6084930 q99x2
q99x2's picture

Arrest Lloyd Blankfein.

Tue, 05/12/2015 - 11:03 | 6084980 GMadScientist
GMadScientist's picture

Decapitate him on pay-per-view.

Tue, 05/12/2015 - 11:11 | 6084992 Itchy and Scratchy
Itchy and Scratchy's picture

Change You Can Believe In!

Tue, 05/12/2015 - 11:11 | 6084993 FightingtheFed
FightingtheFed's picture

Bankers win again.

Tue, 05/12/2015 - 11:18 | 6085013 Itchy and Scratchy
Itchy and Scratchy's picture

Moving Forward!

Tue, 05/12/2015 - 11:24 | 6085030 iceCube
iceCube's picture

That really is a surprise. Noticed that manufacturers of fax machines, photo film and carriages as well as black smiths, switchboard operators and horse traders are out of business, too? Go with the times, it won't help if you hang on to professions and industries that are doomed to be extinct.

Tue, 05/12/2015 - 11:24 | 6085031 iceCube
iceCube's picture

Th

Tue, 05/12/2015 - 12:06 | 6085186 rejected
rejected's picture

Ohhh those nukes, so much greener! So much safer,,, and hey, only 4000 laid off... no big deal eh? Unless of course your one of the 4000.

But look at the bright side,,,  all they need to do is get a gov school loan, go to an education factory, get their little piece of paper then get a job at McD's!  Yep, easy peezy.

And as an added bonus, EBT, Section 8 housing and free rocking chairs!

Truly the land of opportunity...

Tue, 05/12/2015 - 12:13 | 6085209 agroulx
agroulx's picture

Who didn't see this coming! Anybody remember this "prediction" by our messiah-in-chief?  

https://youtu.be/DpTIhyMa-Nw?t=2m15s

Tue, 05/12/2015 - 12:22 | 6085244 TheGreatRecovery
TheGreatRecovery's picture

TRAGEDY OF THE COMMONS.

Burning coal puts mercury into the air.  The mercury comes down with the rain.  We drink the mercury.  It gets into our cells, and pushes out the metals our cells need to keep themselves healthy and disease free.  Probably we all have mercury poisoning.  I don't mind the coal, but I do mind the mercury.

The Chinese are now burning lots of coal without scrubbers on the smokestacks, and the mercury comes down all over the world.  Lots more mercury all the time.

Tue, 05/12/2015 - 12:28 | 6085274 Seek_Truth
Seek_Truth's picture

No such thing as "safe" energy.

And there's still no such thing as a free lunch.

Tue, 05/12/2015 - 18:34 | 6087046 TheGreatRecovery
TheGreatRecovery's picture

I agree.  Maybe solar, some day.

Tue, 05/12/2015 - 18:34 | 6087047 TheGreatRecovery
TheGreatRecovery's picture

Lots more mercury in YOUR body all the time.

Tue, 05/12/2015 - 12:27 | 6085270 pine_marten
pine_marten's picture

The rust belt complete with what urbanologists coined as white northern ghettos is festooned with early 20th century masonry buildings.  They are empty now and will remain so because the only thing that will ecomically heat them is coal.

Tue, 05/12/2015 - 12:33 | 6085276 Catullus
Catullus's picture

Finally. Half the coal generation in the east is shutting down. Forever.

They're old, dirty plants that rarely get called. And there's plenty of gas.

Even the nukes are uneconomic. There's a cliff where they're going to decide by 2020 to begin decommissioning those as well.

Sorry. But the patriot and Arch have been dead man walking for 4 years.

They're going to need to hire people to cleanup the mess from both the mines and the plants.

Tue, 05/12/2015 - 13:12 | 6085462 Dixie Flatline
Dixie Flatline's picture

None of that is true.

Tue, 05/12/2015 - 16:49 | 6086469 Red Raspberry
Red Raspberry's picture

Exelon in Illinois is crying to the state government because their nukes can't compete.  And who's to blame?  The cheap Nat gas.

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