Stay updated with breaking news from Bruce raider. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Created by the larger peabody energy in 2007. patriot was spun off from peabody, taking a whole lot of peabody s liabilities but only a smidgeon of its assets. the move was best summarized by temple university professor bruce raider in a paper called designed to fail, the case of patriot coal. he said patriot coal was created just to go bankrupt. at the time, peabody s cfo happily announced, hey look, our health care liability and related expenses will be reduced by 40%. in total, our legacy liabilities, expenses and cash flow will nearly be cut in half. we now know at whose expense that comes. joining me tonight, senator joe manchin, democrat from west virginia. senator, thank you for joining us. you had strong words about this yesterday. what is your reaction to the judge s ruling on this? again, chris, you said it perfectly. it s a travesty. that s exactly how i believe and feel very strongly about this. ....
Bankruptcy system to avoid pension obligations happens quite a bit. this is what s particularly egregious about the situation. patriot coal was a company created by the larger peabody energy in 2007. patriot was spun off from peabody, taking a whole lot of peabody s liabilities but only a smidgeon of its assets. the move was best summarized by temple university professor bruce raider in a paper called designed to fail, the case of patriot coal. he said patriot coal was created just to go bankrupt. at the time, peabody s cfo happily announced, hey look, our health care liability and related expenses will be reduced by 40%. in total, our legacy liabilities, expenses and cash flow will nearly be cut in half. we now know at whose expense that comes. joining me tonight, senator joe manchin, democrat from west virginia. senator, thank you for joining us. you had strong words about this yesterday. what is your reaction to the judge s ruling on this? ....