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4 Things to Know About the Peabody Energy Bankruptcy


#1

4 Things to Know About the Peabody Energy Bankruptcy

Kelly Mitchell

For 133 years, Peabody has been the bedrock of the U.S. coal mining industry. While coal CEOs have tried to downplay the emerging clean energy economy and the power of grassroots activists globally, the fall of a coal titan speaks for itself.

Here’s what you need to know.

Why did Peabody declare bankruptcy?


#2

Somewhere from beyond, Larry Gibson* is smiling about this.

*Larry was the voice for stopping mountaintop removal mining.


#3

I do believe that under these proceedings Peabody could be freed of any obligations to clean up and restore sites it might have polluted in the past. The US Governmnet did his in the GM bailout where they US took over the costs of cleaning up a number of contaminated sites.

So the end game here is even as Peabody tries to remain "profitable" so as to earn a return for the shareholder it more than a little likely the US taxpayer will be stuck for the costs of site cleanups.


#4

"The times they are a-changin'..."

From Bob Dylan (last stanza):

The line it is drawn
The curse it is cast
The slow one now
Will later be fast
As the present now
Will later be past
The order is
Rapidly fadin'
And the first one now
Will later be last
For the times they are a-changin'.

Big Coal and the bloated, bloviating execs got too damn comfortable with their exorbitant salaries, infinite federal govt support including Congress, unlimited lines of credit with the banksters, and lack of regulatory compliance as a result of any substantive government oversight...and "the worm has turned." These corporatists will simply walk off into the sunset with their moneybags stashed in offshore accounts in tropical hideaways. What is tragic is the monumental, life-altering consequences borne by the coalminers and other workers in the industry.


#5

"What is tragic is the monumental, life-altering consequences borne by the coalminers and other workers in the industry."

Can anyone in government explain why the CEO's, etc walk away with millions while worker's earned benefits are denied and taxpayers foot the clean-up bills? This is not the first time this has happened. Why does it keep happening? Feel the Bern along with the winds of change. People are fed up and there is a political revolution a coming!