Patriot Coal seeks bonuses for execs as it screws retired miners out of pensions

[tabasco]

Unbelievable situation in Kentucky and West Virginia. Big coal companies set up a subsidiary, designed to fail, declare bankruptcy and delete miner pensions and benefits.

http://www.wvgazette.com/Opinion/Editorials/201303300090

http://www.wvgazette.com/News/201302130115

http://www.kentucky.com/2013/03/24/2571733/ky-voices-mountains-miners-need.html#storylink=timetest

I puke whenever I see one of those "Friends of Coal" bumper stickers or signs. They even have a "Friend of Coal" license plate in Kentucky, where big coal is trying to screw thousands of miners out of pensions.

[Newest Reality]

1. See!

America works!!!!!!

(for a few)

[Sherman A1]

2. Indeed

St. Louis-based Patriot Coal Corp. has asked the U.S. Bankruptcy Court to modify collective bargaining agreements with the United Mine Workers of America, allowing the coal company to cut health care coverage for retired miners.

Patriot was created by St. Louis-Based Peabody Energy Corp., as a stand-alone company in 2007. In creating Patriot, Peabody also transferred a hefty chunk of Peabody’s outstanding pension obligations onto Patriot’s books.

Patriot said in the filing on Thursday that the action is necessary to save more than 4,000 jobs. Patriot also seeks to change wages, benefits and work rules for existing workers in an effort to make the company more competitive.

“Our labor and retiree benefit costs have risen to levels that simply cannot be sustained given the challenges facing the Company and our industry,” Patriot’s Chief Executive Officer Bennett K. Hatfield said in a statement. "The requested cuts will save more than 4,000 jobs and health care for 23,000 employees, retirees and dependents," Hatfield said.

http://www.democraticunderground.com/11172290

[TheKentuckian]

3. There will be hell to pay and I hold workers blameless if they boil over in an effort

to make sure they aren't the ones stuck with the check.

Once legal recourse is blocked then all bets are off for rule of law.

Don't cry about "tearing it down" when you stand up to protect those who use the system to extract from and rule the people.

How dare anyone tolerate much less defend, or even just accept that people who shorten their lives in dark places under the Earth in life threatening danger be robbed of their retirement to pad some fucker's pockets?

[summerschild]

4. Such a simple plan. Has the "Bain Model" moniker been made official yet, or are we still waiting

on a proper, commonly understood descriptor for this theft?

The "necessary" bankruptcy was set up in 2007 when Peabody established Patriot in order to load it up with debt and relieve the employees of their pension money...

It's all the more vile when you consider the nature and danger of the jobs these employees do. The industry holds whole regions captive because there's so little work available other than mining, then these vultures connive to deprive them of the possibility of retiring before they die.

No. There's got to be a better name for it. "Vulture Capitalism" isn't graphic enough.

[fitman]

5. Love the name Patriot

...to fool the dupes and rubes into thinking this company stands for God, Country, Mom and Apple pie when they are usually all out for themselves.

Whenever I see the name Patriot in a co's name or slogan I instictually think con artist.

[HiPointDem]

6. kr