Read all about the 2015 bankruptcy:

https://cases.primeclerk.com/PatriotCoal/

Blackhawk is still a moneymaker.

I see Patriot Coal is in BK again.
Chapter 11.
SCOTT DEPOT, W.Va., June 3, 2015 /PRNewswire/ -- Patriot Coal Corporation ("Patriot" or "the Company") (OTC Pink: PATCA), a producer and marketer of coal in the eastern United States, today announced that it has filed with the Bankruptcy Court a letter of intent for a proposed sale of a substantial majority of its operating assets to Blackhawk Mining, LLC ("Blackhawk"), as well as a motion outlining bidding procedures. The contemplated transaction would be consummated pursuant to a chapter 11 plan and is subject to documentation of a definitive asset purchase agreement, bankruptcy court approval of the sale, confirmation of a chapter 11 plan, and other customary conditions. Patriot's mining operations and customer shipments will continue in the ordinary course during the sale process.

Hatfield is out. He's the guy who helped
steal all of our stock.
Replaced by Bennett.
Patriot Coal Announces Leadership Change

SCOTT DEPOT, W.V., April 3, 2015 /PRNewswire/ -- Patriot Coal Corporation, a producer and marketer of coal in the eastern United States, today announced the resignation of Bennett K. Hatfield as President & Chief Executive Officer. The Board of Directors has appointed Robert W. Bennett, currently Senior Vice President and Chief Marketing Officer, to succeed Mr. Hatfield as President & Chief Executive Officer. Chairman of the Board Eugene Davis stated, "Bob Bennett has a strong leadership background in all facets of the coal industry, including operations, marketing and sales, and the Board has full confidence in his ability to lead Patriot going forward." Mr. Davis added, "I know I speak for the Board and the senior management team in thanking Ben for his many contributions, commitment and service to Patriot. We wish him well in his future endeavors."

About Robert W. Bennett

Mr. Bennett, 52, was named Patriot Coal's Senior Vice President & Chief Marketing Officer in 2009. Previously, he served as Patriot's Senior Vice President of Sales and Trading and was responsible for Patriot's thermal coal sales. Mr. Bennett has over 28 years of experience in the coal sales, marketing, and trading arena, including senior-level positions at Patriot Coal, Magnum Coal, Peabody Energy, and AGIP Coal. He holds a Bachelor of Arts degree in Finance from Marshall University.

About Patriot Coal
Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 8 active mining complexes in Northern and Central Appalachia. Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.4 billion tons of proven and probable coal reserves.

And they just announced the closure of their Western Ky. ops.

http://www.bizjournals.com/stlouis/news/2014/12/29/patriot-coal-idles-2-kentucky-mines.html

30 Dec, 2014: I finally got around to
calling the attorneys but got phone
message. I asked them to call me and
give me a BRIEF update as to the
Patriot Coal BK debacle.
The case is:
Pettry Litigation Claims
16 named plus a "class of others
similarly situated".

Frankj, I have not looked at Patriot for
a long time. When I called the attorneys
many months ago they said the lawsuits
were being filed against Patriot.
But these things take a long long time.
I am going to call again on Mon (12/08/14).
PS
Things are really really bad for the
coal industries.

Hey Sam, you ever get this stuff settled yet? Or is still in class action?

sour grapes

I just saw this from 2 weeks ago..
If I am looking at the right chart,
it looks like TXI made it back.
And $75 to $70 isn't exactly tanking.
All I am left from the liars at
"Patriot" are some tax loss write offs.
Although the Class Action attorneys
agree that an honest court will find
those crooks guilty.
PS
I wish PCXCQ the worst.

I'll tell ya what, you complain about this company?
Last friday there was an interview with the CEO of TXI. He promises a huge growth potential for cement and his company. Yesterday, the company sells out to MLM and both stocks tank.
Now THAT is something to complain about.

Nothing new. But here are the phone
numbers for the Class Action Lawsuit.
Rigrodsky and Long, PA
303 295-5310

888 969-4242

(peter Allocco)

Any update on shareholder legal action?

Shareholders are one distinct class. Stakeholders could be all people who are looking for something to make them whole again, from creditors to employees to shareholders.

Don't steal - http://www.renocitizen.com/patriotcoal.htm
"stake" : share, percentage, portion, part

They played word game, shareholder vs stakeholder?

SunMan - And "they" get away with
doing it so darned "in your face".
Why? Because they can.
The entire value of the stock that
they stole at the end was maybe
2 or 3 million dollars.
(a dime for maybe 20 or 30 million
shares still left out there.)
They could have done the honest thing
without even a blink.
But I guess they need the practice;
at getting away with it.
Patriot hqtrs:
5/29/12 - "We will enhance value for our shareholders."
8/21/13 - "Patriot remains committed to a fair outcome for our stakeholders."

How "they" get away with the corruption:
(This tragic report is from ESPN of all places.)

The Case Against Corporate Boards: During the 2010 period when she was under consideration to become chancellor of the New York City school system, Cathleen Black filled out some disclosure forms -- and revealed she was being paid about a half million dollars a year just to sit in on some corporate board meetings for Coca Cola and IBM.

Harold M. Lambert/Lambert/Getty Images "Gentlemen, (the chart shows management's plan to loot the shareholders). "All say aye!"

Corporate board memberships are among the greatest hustles in American commerce. The Wall Street Journal recently reported that large public corporations pay their directors a median of $244,000 annually, plus lavish benefits, merely to sit in on occasional meetings, often held at luxury resorts.

In theory, corporate boards exist to police management and protect shareholders, ensuring management doesn't loot the company at shareholders' expense. In practice, many boards are rubber stamps that let management get away with anything. The 2011 book "Money for Nothing," by John Gillespie and David Zweig, estimated that the typical public-company board awards 10 percent of the annual dividend pool to the CEO, regardless of his or her performance. It is nearly unheard-of for a corporate board to oppose lavishing a windfall on the CEO -- because any corporate board member who opposed CEO pay would be dismissed, losing access to his or her own hefty payday for doing next to nothing.

Shareholders could revolt against lapdog corporate boards. But since even the most excessive board deals work out to a few cents of a major company's share price, only those who hold huge blocks of stock have an incentive to fight corporate-board corruption. That's why two recent developments are encouraging.

The mutual fund firm T. Rowe Price, with about $620 billion under management, has begun filing objections to directors who always vote to favor management over shareholders. (Owing shares of a company allows a person or business to file objections to a company's behavior; generally a large bloc must be held to make this worth one's time.) Institutional Shareholder Services, a private firm whose corporate-governance guidelines are influential, last week said that beginning in 2014, it will oppose the re-election of corporate directors who always favor diverting money from shareholders to management. If corporate boards were watchdogs rather than lapdogs, shareholders would be better served: and the sense that many CEOs are robbing the till might decline, which would be healthy for capitalism.

A lesser but still important concern about corporate boards is the number of university and philanthropy presidents present. Lawrence Small caused a 2007 scandal at the Smithsonian Institution when it was revealed he had been cheating on his expense account: in the aftermath of the scandal, a congressional report revealed Small was neglecting his duties to spend much of the year on multiple corporate boards, to pull in easy money. Too many college presidents neglect their duties in favor of what Michael Kinsley calls "buckraking" on corporate boards, and it's not because they are ill-paid. University presidents who are very well-paid should not be skipping work to fly to some vacation resort where they rubber-stamp a corporate plan, in return for a hefty check: university presidents ought to be spending their time and energy helping average people afford college.


(&*^%&^#%$@$%^#

The courts have been stacked with business friendly judges for the past 20 years. I doubt anything positive will come out of any class action.

There's a reason the NSA is collecting data on everybody and why George Orwell's 1984 prediction is here beyond what anybody ever imagined, even Orwell. Its because the disparity between the rich and the poor is growing and the corporations want to be up on who might be able to lead a movement against them. It was never about catching terrorists. The corporations don't want any powerful unions anymore and with the NSA watching everybody and every group, not to mention all the informants that penetrate all civic organizations, they will quell anybody or group before they can gather enough support from the masses. We should continue to see this kind of business friendly, worker/small time investor hostile treatment. Of course its posed as the free market just doing its thing.

It does make you wonder if the spin off had this intent all along.

very likely that Patriot was Peabody's junk being separated out, then rebranded with a nice name.....

why keep something unless it's worth it????

http://www.prnewswire.com/news-releases/peabody-energy-completes-spin-off-of-patriot-coal-corporation-58523057.html

"Completing this spin-off was a key element in transforming our
business portfolio," said Peabody Chairman and Chief Executive Officer
Gregory H. Boyce.

and more old news:

http://www.bloomberg.com/news/2013-04-02/patriot-coal-creditors-seek-to-probe-peabody-over-spinoff.html

Patriot (PCXCQ) Coal Corp.’s creditors want to investigate Peabody Energy Corp.’s 2007 spinoff of the coal producer, saying the transaction rid Peabody of $600 million in health-care and environmental liabilities.

“Patriot is a Peabody creation,” lawyers for creditors wrote in a court filing. “Peabody selected which of its mines would become Patriot’s. Peabody determined what projections would underlie Patriot’s business plan. Peabody decided which liabilities it would retain and which it would unload onto Patriot.”

Truly sad what happened to this stock. After I got my spin off shares from BTU a few years back, this company looked so promising and the rise in share price certainly showed it. It does make you wonder if the spin off had this intent all along. What a shame.

They have a new symbol. But are
not trading. They appear to be
semi-public.
They must be busy taking all the money
they stole from previous American
stock holders.. and figuring out how
to dole out more bloated and undeserved
bonuses.

Is patriot Coal trading under a new ticker or are they a private corp now?

Even "if" the lawyers do not come
through in the quest to make hqtrs
pay for its lies.. at least some
folks will have some tidy tax
loss writeoffs.. to offset some
good investments they might make.
Yup!

OT - Atlanta was robbed by "refs".
That was obvious Frisco pass interference.
Maybe the refs are gonna declare BK?
They should.
Why? Because they are.. at least on that
non-call.

The lawyers, who are as outraged
as the stockholders that Patriot
shamelessly lied to, are already
putting together the "prosecution".
And we'll be asking for more than
just our stolen money back.

Bitter? Not just Sambeaux but the
1,000s of others who are just too
dumbfounded to know how to protest
the diabolical theft of their money.
And even more bitter because all of their
money.. and more.. is being given to
the traitors who got "Patriot" in this
prostituted position in the first place.
In the form of bloated and double-
dealing bonuses.
Geesch.
PS
It's too darn bad that you and the
derfer were so darn smart that you
did not believe hqtrs bald faced lies.
And sold all of your stock before their
lies "came true".

What a loverly post and right on target.

I'm sure your post violates the TOS but I'm not going to delete it...it's a soon to be completely dead stock and that response is either somewhat humorous or pathetic...I can't decide which.

sambeaux, many of us sympathized with you, even those of us who thought you were wrong. But your bitterness coupled with your refusal to acknowledge basic economic & legal cornerstones, has caused even the most sympathic here to take a 'you get what you deserve' attitude.

thx EB!

Looks like it will be PATC by the private placement of the new warrants today. it shows as a private placement addition to be effective Monday.

16:47 PATCZ Patriot Coal Corporation Warrants Pur Cl A Expire 12/18/23 144A 12/23/2013 N 100 **

http://www.otcbb.com/asp/dailylist_detail.asp?d=12/20/2013&mkt_ctg=NON-OTCBB

There is no logical sane honorable
reason to steal stock in BK.
Something.. no matter how minute
it might seem.. should be given
for the people who buy stock
in a company.
Stock is what creates public companies.
Period.
Anything after that.. loans, bonds,
bonuses, etc, etc are superfluous.
PS
The least an honest gaggle could do
would be to to offer something
like warrants.
It was a scam from the beginning.
PSS
They spent 10 times more on their
lavish bonuses than the value of
all the stock they stole.

Nope, you are wrong again. Creditors first, THEN, if there's anything left, it gets split amongst the owners.
Tell us all, which creditors don't get paid so you can collect some money?

I bought at $13 & sold at $9
Who's going to pay me back for what I lost?...I mean as long as we're demanding 'somebody' make money appear out of thin air I'd like to get my demands on the list too.

If there was that much money to go around, you (as an owner) would probably be able to pay your bills in the first place and you would not have had to seek the protection of bankruptcy.

Have you forgot that by declaring bankruptcy you were getting PROTECTION from something?

"Along with" the creditors.. not instead
of them. Stockholders fall in line
behind each level of creditors relative
to degree of investment. There is little
doubt the plain old stockholders might
fall behind the folks who provide
equipment, etc. But they belong
somewhere in that line.
The name Patriot for this "company"
is a disgusting false flag.

Once again, why do you think you should get paid before the creditors?

Was this Hatfield character one of
the pre-BK prevaricators:
5/29/12 -
"We will enhance value for our shareholders."

SOME OF THESE SHOULD HAVE GONE TO
THE STOCKHOLDERS.
"Additionally, the Company issued notes and warrants pursuant to the rights offerings. Patriot expects to make initial distributions to unsecured claim holders in the first quarter of 2014."
Patriot Coal Emerges BK as Private Company:
http://finance.yahoo.com/news/patriot-coal-emerges-well-capitalized-211600478.html

More sleaze from hqtrs: "As a result of the effectiveness of the Plan, Patriot is a private company and is no longer subject to the reporting requirements of the U.S. Securities and Exchange Commission. However, Patriot plans to release certain financial results and other information on at least a quarterly basis."

The holders of $200 million in convertible bond debt, as well as Patriot's general unsecured creditors, will get 5% of the new common stock as well as the ability to participate in the rights offering.

So I wonder if you can still buy the 8.25% bonds for $1.75?

found this so far...


DJ Court Approves Patriot Coal's Bankruptcy-Exit Plan


12:18 PM (GMT-05:00) Eastern Time (US & Canada) Dec 17, 2013
By Jacqueline Palank

A judge approved Patriot Coal Corp.'s restructuring plan Tuesday, paving the way for the coal-mining company to exit bankruptcy.

Patriot said the U.S. Bankruptcy Court in St. Louis confirmed the company's Chapter 11 plan of reorganization.

The move allows Patriot Coal to complete a $250 million rights offering and close up to $576 million in bankruptcy-exit financing in connection with its emergence from Chapter 11, planned for Wednesday.

Knighthead Capital Management LLC has agreed to backstop the rights offering by purchasing up to $100 million of the new notes and warrants, while Barclays and Deutsche Bank are on call to arrange and syndicate the bankruptcy-exit financing.

Patriot's restructuring plan proposes to hand senior bondholders owed $250 million, as well as the holders of $24.75 billion in bond guarantee claims against Patriot's subsidiaries, 60% of Patriot's new common shares. They also will be eligible to participate in the rights offering.

The holders of $200 million in convertible bond debt, as well as Patriot's general unsecured creditors, will get 5% of the new common stock as well as the ability to participate in the rights offering.

Patriot's current shareholders will see their shares canceled and won't receive any payment under the restructuring plan.

The plan also contains two settlements with Arch Coal Inc. and Peabody Energy Corp., which spun off the mining units that came to comprise Patriot. The deals resolve a long-running battle over who is responsible for the liabilities Patriot took on as a result of the spinoffs.

Peabody has agreed to contribute $310 million to fund retiree health benefits through 2017 under one settlement, while a separate deal with Arch will see it pay $5 million to settle claims related to the 2005 sale of coal operations that Patriot later acquired.

Patriot, which mines for coal throughout Appalachia and the Illinois Basin, sought Chapter 11 protection in July 2012.

Write to Jacqueline Palank at jacqueline.palank@wsj.com

Does anyone know what the new symbol is and is it trading yet? It probably is a good buy, but I'd like to know what the company projections are for the next 12 months Gross/Net Sales & profits are expected to be.

I had bought 5000 shares on 6/18/12 and sold enough (about 3500 shares) on 7/5/12 to cover my cost basis. So the rest were free shares. Then I figured I'd just hang on and see how it ended.
End result was, I made $320 and the rest are now worthless. Should have just sold them all and been happy with a very nice trade in 3 weeks.
Sometimes you eat the bear, sometimes the bear eats you.

I have no idea whose fault it was, but didn't help that our President announced publicly he wanted to get away from the use of coal products.
Again, the officers of the company "may" have done the only thing possible to save jobs in a town that has nothing else.
And again, not saying they deserve a bonus or raise, but now that they are debt free, it "may" be a good play.

Surprisingly, the legal world & the credit world take a different view of owners who cannot pay the bill for goods & services they have received.

You were still holding???

Yes, that is part of the Reorganization Plan

PCXCQ: Bankruptcy Plan Effective. All shares cancelled. Deletion Time - 8:40:10

http://www.otcbb.com/asp/dailylist_detail.asp?d=12/18/2013&mkt_ctg=NON-OTCBB

Either you believe in Motherhood,
Apple Pie, and the American Flag.
Or you put your allegiance with
bloated bureaucrats feathering their
nests and parachutes while blowing
smoke at all that is supposed to
be America.
You've heard of career politicians.
Well Patriot Coal hqtrs is the
example of ubiquitous career
trough feeders.

I understand that, but what I'm saying is anyone associated with the "company" prior to shafting everyone SHOULD NOT KEEP THEIR JOBS.

These same "officers" were sippin the kool-aid while they were allowing the company to become insolvent. What makes them "qualified" to remain on the surviving gravy train? They had proven incompetent at being a successful "corporate officer".

JMO