This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

W.Va. House Calls On Patriot Coal To Fund Benefits

CHARLESTON, W.Va. (AP) â¿¿ Asking the state Senate to do the same, West Virginia's House of Delegates on Monday called for bankrupt Patriot Coal Corp. to honor its promises to around 23,000 retired miners and their families.

A non-binding measure adopted 93-4 decries the threatened loss of pension and retiree health benefits.

Estimating its liability at $1.6 billion, Patriot has warned it must end coverage for 10,000 retired miners and 13,000 dependents without court-approved relief. These people live mostly in West Virginia and four other states.

The United Mine Workers of America union has targeted Patriot as well as two other St. Louis-based operators, Peabody Energy Corp. and Arch Coal. The union has filed lawsuits alleging Peabody and Arch spun off or sold mines to Patriot to shed the related retiree benefits, setting it up to fail.

House Majority Leader Mike Caputo urged support for Monday's resolution. A senior union officer, the Marion County Democrat described how he and other UMWA leaders were arrested at a January civil disobedience protest in St. Louis.

"This has happened to steel-line workers, airline workers, bakery workers, glass workers and now mine workers," Caputo said. "Enough is enough. It's time to take a stand."

Four Republicans voted against Monday's resolution including Delegate Troy Andes, an official with coal operator Alpha Natural Resources. The Putnam County lawmaker afterward said he empathizes with the Patriot retirees but questions the wisdom of the Legislature weighing in on a pending bankruptcy case.

"This case is between the United Mine Workers of America and Patriot Coal," Andes said.

Another nay voter, Delegate John McCuskey of Kanawha County, said his law firm represents Patriot and so asked whether he should be excused from voting. McCuskey was required to vote, given the resolution's non-binding nature.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs