Tag Archives: Peabody Energy

Summer Of Spins Shakes Up S&P Indexes

The unprecedented number of spins this week has kept the folks at S&P working overtime making changes to their indexes. Last week, AOL(AOL), a spinoff of Time Warner(TWX) was acquired by Verizon(VZ), a conglomeration of several spinoffs of the original AT&T(T). As a result, Casey’s General Stores(CASY) will move from the S&P SmallCap 600 to take its spot in… Read More »

Creditors Of Bankrupt Patriot Coal Seek Redress From Former Parent Peabody Coal

In 2007, it was all smiles as Peabody Energy(BTU) spun off Patriot Coal(PCXCQ). But loaded  with debt and retiree health and pension obligations, Patriot filed for bankruptcy in July 2012. Now, Patriot and  its creditors, led by the United Mine Workers of America, are investigating whether the spinoff was a fraudulent transfer which might give Peabody back the… Read More »

When Good Spinoffs Go Bad- A Lump Of Patriot Coal In Every Stocking

Spinoffs are supposed to be a clean break; an opportunity for two new companies to seek their own fortunes.  But, as David Nicklaus points out at the St. Louis Post Dispatch, when things go sour with the child, the former parent may still be on the hook. He writes about Patriot Coal (PCXCQ) which was spun off from… Read More »