Post by Deleted on Aug 1, 2019 16:49:28 GMT
"On 1 July, Missy Cole was notified by her bank that her husband’s most recent paycheck had bounced, leaving their account more than $1,000 in the red. Her husband had worked as a coalminer for nearly three years at one of the eastern Kentucky mines operated by Revelation Energy affiliate Blackjewel mining.
But both companies had filed for chapter 11 bankruptcy, a financial move that has implications far beyond just laying off staff as the ex-workers now wait for bankruptcy proceedings to play out. Critics say the move is a ploy increasingly used in the struggling industry to avoid paying workers what they are owed.
“A layoff is always expected with miners. It’s always in the back of your mind and it’s no surprise when it happens in the coal industry. But this is much more than a layoff,” Cole told the Guardian.
“We have absolutely no access to our bank accounts. Those accounts are still negative, and falling deeper into the negative daily. We cannot even touch his 401(k) to withdraw money to survive on without the signature of the Blackjewel mining CEO or his personnel....
Through filing bankruptcies, attorneys who have represented coalminers argue current laws allow operators to avoid obligations they have to workers."
Of course they do. That's what happens when you let m/billionaires BUY THE LAWS!!!!
"Anderson said: “[former CEO] Hoops was buying up distressed assets from bankruptcies and companies trying to offload mines that were no longer economically viable, and basically created a coal company with those assets.”...
Hoops resigned as a condition for a $5m emergency loan, though his multimillion-dollar plans to build a resort in West Virginia will reportedly not be impacted by the bankruptcy. In a letter to workers, Hoops claimed “no one is hurting more than me” as a result of the bankruptcy."
www.theguardian.com/business/2019/jul/22/blackjewel-mines-shut-down-layoffs-future
Wake up America. Market forces have made nat gas and renewables competitive to coal. As much as Conservatives like to bleat about competition - they HATE it. And especially if they don't have a piece of it.
There are almost 3 solar jobs for every coal job. Solar employs as many as coal, oil an gas COMBINED.
www.forbes.com/sites/niallmccarthy/2017/01/25/u-s-solar-energy-employs-more-people-than-oil-coal-and-gas-combined-infographic/
Stop waiting for Trump to #MAGA and listen to dems, scientists and progressives who know that there is wealth in climate strategies that help economies instead of kill them. See "Climate Wealth".
"Blackjewel and Revelation also owe millions to state and federal agencies, including $60 million to the U.S. Department of the Interior and $6 million to the Kentucky State Treasurer, according to Wright and Estep. They also owe millions to private equipment and fuel companies, including “$4 million to Aquatic Resources Management in Lexington, $3.7 million to Jones Oil Company, Inc., in Pikeville, and $2.2 million to Republic Superior Products, LLC., in Lackey.”
“But those at the top of the companies will make out like bandits,” Silver said. "
www.kentucky.com/opinion/article232401587.html
"It’s beginning to look like conventional wisdom was wrong. Western coal is declining too, and as it does, vulture capitalists are buying up mines, squeezing out the last bit of profits, and declaring bankruptcy, leaving behind an environmental mess and workers without jobs or pensions. "
www.vox.com/energy-and-environment/2019/7/9/20684815/coal-wyoming-bankruptcy-blackjewel-appalachia
But both companies had filed for chapter 11 bankruptcy, a financial move that has implications far beyond just laying off staff as the ex-workers now wait for bankruptcy proceedings to play out. Critics say the move is a ploy increasingly used in the struggling industry to avoid paying workers what they are owed.
“A layoff is always expected with miners. It’s always in the back of your mind and it’s no surprise when it happens in the coal industry. But this is much more than a layoff,” Cole told the Guardian.
“We have absolutely no access to our bank accounts. Those accounts are still negative, and falling deeper into the negative daily. We cannot even touch his 401(k) to withdraw money to survive on without the signature of the Blackjewel mining CEO or his personnel....
Through filing bankruptcies, attorneys who have represented coalminers argue current laws allow operators to avoid obligations they have to workers."
Of course they do. That's what happens when you let m/billionaires BUY THE LAWS!!!!
"Anderson said: “[former CEO] Hoops was buying up distressed assets from bankruptcies and companies trying to offload mines that were no longer economically viable, and basically created a coal company with those assets.”...
Hoops resigned as a condition for a $5m emergency loan, though his multimillion-dollar plans to build a resort in West Virginia will reportedly not be impacted by the bankruptcy. In a letter to workers, Hoops claimed “no one is hurting more than me” as a result of the bankruptcy."
www.theguardian.com/business/2019/jul/22/blackjewel-mines-shut-down-layoffs-future
Wake up America. Market forces have made nat gas and renewables competitive to coal. As much as Conservatives like to bleat about competition - they HATE it. And especially if they don't have a piece of it.
There are almost 3 solar jobs for every coal job. Solar employs as many as coal, oil an gas COMBINED.
www.forbes.com/sites/niallmccarthy/2017/01/25/u-s-solar-energy-employs-more-people-than-oil-coal-and-gas-combined-infographic/
Stop waiting for Trump to #MAGA and listen to dems, scientists and progressives who know that there is wealth in climate strategies that help economies instead of kill them. See "Climate Wealth".
"Blackjewel and Revelation also owe millions to state and federal agencies, including $60 million to the U.S. Department of the Interior and $6 million to the Kentucky State Treasurer, according to Wright and Estep. They also owe millions to private equipment and fuel companies, including “$4 million to Aquatic Resources Management in Lexington, $3.7 million to Jones Oil Company, Inc., in Pikeville, and $2.2 million to Republic Superior Products, LLC., in Lackey.”
“But those at the top of the companies will make out like bandits,” Silver said. "
www.kentucky.com/opinion/article232401587.html
"It’s beginning to look like conventional wisdom was wrong. Western coal is declining too, and as it does, vulture capitalists are buying up mines, squeezing out the last bit of profits, and declaring bankruptcy, leaving behind an environmental mess and workers without jobs or pensions. "
www.vox.com/energy-and-environment/2019/7/9/20684815/coal-wyoming-bankruptcy-blackjewel-appalachia
