Community
April 26 - May 3, 2013
Arch Coal meetings... their obligations to retired miners and surviving spouses to a new company, Patriot Coal, formed in 2007. With 43 percent of Peabody’s retiree obligations, but just 11 percent of its assets – as well as additional Arch Coal obligations acquired from Magnum Coal – Patriot has been described by Temple University professor of finance Bruce Rader as a company “designed to fail.” Patriot filed for bankruptcy in 2012 and has asked the U.S. Bankruptcy Court in St. Louis for drastic reductions in health care for retired miners and surviving spouses, as well as severe cuts in pay, benefits and working conditions for active miners. In a recent interview with the West Virginia State Journal, Patriot CEO Ben Hatfield essentially admitted what UMWA members have been saying for months: His company was established in 2007 with not enough assets to meet its liabilities. At the time, Hatfield was CEO of International Coal Group: “Frankly, as a competitor, we looked at that and said ‘how could that work?’ It looks like a bad balance here – too many liabilities and not enough assets,” Hatfield said….”As a competitor we were very suspect from the day the spin was announced as to whether this venture could survive. “It’s one of the areas where I
frankly agree with many of things (UMWA President) Cecil Roberts has said. Something doesn’t quite smell right here.” Further information about the UMWA effort to stand up for retired miners and family members from Arch Coal and Peabody Energy, and active workers at Patriot Coal is at www.FairnessAtPatriot.org.
Information Provided by Arch Coal Inc Spokeswoman Kim Link
Our board of directors is holding its April meeting in Wyoming, which coincides with our annual shareholder meeting. It’s routine for our board to hold meetings in areas where we operate; in fact, in recent years our board has held meetings and site visits in Colorado, West Virginia and Wyoming. As you know, Wyoming is home to our Black Thunder and Coal Creek mines. Wyoming is home to nearly 30 percent of our company’s total workforce, and home to a significant number of Arch Coal shareholders as well. This is a very challenging time for the U.S. coal industry, and we empathize with the many people who have been affected by the market downturn. However, Arch Coal sold the former subsidiary companies in question more than seven years ago to ArcLight Capital Partners. Arch
Continued from Page 1 Coal did not spin off subsidiaries to Patriot Coal Corporation, and Arch Coal was never a signatory to a UMWA contract. The facts remain. On Dec. 31, 2005, Arch Coal completed the sale of three of its Central Appalachian subsidiaries, along with the associated mining operations and reserves, to Magnum Coal Company. The subsidiaries were not “spun-off” by Arch, they were sold in an armslength transaction to an unrelated party. This sale included two mines with UMWA-representation and two that were not affiliated with a union. At the time of the transaction, Magnum was owned by ArcLight Capital Partners, LLC and was already a sizable Central Appalachian producer with annualized production of more than 10 million tons. Under ArcLight Capital’s ownership, Magnum operated as an independent producer until July 23, 2008, when Patriot Coal Corporation purchased Magnum for a reported $695 million. Arch Coal had no involvement whatsoever in either ArcLight Capital’s decision to sell Magnum to Patriot or in Patriot’s decision to purchase Magnum. The transaction with Magnum was executed in good faith, at a time when coal market conditions were very different than they are today.
Campbell County Observer
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CAM-PLEX announces new Marketing Manager CAM-PLEX is excited to announce Sandra Bott is the newest addition to their management team. Bott begins work April 29 as the new Marketing Manager. Bott brings years of experience in public service to the position. Most recently she worked at Campbell County Recreation Center for 12 years. Through that work she gained a wealth of knowledge on event management, marketing and advertising as well as fostering numerous ties in the community. Bott was in charge of organizing the community Fourth of July celebration, the Secret Santa program and many other special events over the years. “Sandra’s enthusiasm for Gillette and
Campbell County, her community relationships, and her energetic personality made her a clear choice for our new Marketing Manager.” said Larry Gaffey, CAM-PLEX General Manager. Bott is excited to bring diverse events into the community to increase the quality of life. “I grew up in Gillette and I love it. I can’t wait to share our community and the CAM-PLEX facility with the entire country.” said Bott. She sees the value CAM-PLEX brings the community in the form of economic development and looks forward to using her skills to bring things to new heights. Bott is in a great place in her career to put her energy towards a broader goal of impacting the entire community.
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It’s Donating Time Again
The Campbell County Observer is now taking donations for our Readers Choice Scholarship. The Observer is hoping to raise $1,000.00 this year for a scholarship that will be given to a student from Wright (Panthers) or Gillette (Camels). Students will be presenting the Observer with an essay, which the readers will vote on their favorite and the most deserving. The only conditions are that the student must graduate from either Wright High School or Gillette High School and will be attending Gillette College in the fall. The scholarship will be put in their account at Gillette College by the Campbell County Observer. “We are the local newspaper, we take our community that we live and work in very personal. So we decided to do everything we can to keep the money local,” said Observer owner Nicholas De Laat. “And, community college attendees do not get the financial help from scholarships at the same level as the kids going to Uni-
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versities.” Observer owner Candice De Laat stated that “The money is donated by community, given to a young adult from our community, and spent on further education in our community…for our community. This is what we are all about, from the owners to the workers of our company.” The Campbell County Observer has donated over $68,000.00 in money, advertising, and product to help local charities so far in 2012. “And this in only our second year in business!” said Mrs. De Laat. “The more we grow, the more we give.” She does not, however, want to discount the most important part of giving to these local charities. “Our customers and subscribers are the glue that holds everything together. If you want to thank someone for all the giving, thank them. They deserve it most!” To donate to the Campbell County Observer’s Readers Choice Scholarship go to their website at www.CampbellCountyObserver.net or call (307) 670-8980.
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