Alec MacGillis at ProPublica writes—
Dealmakers Drop a Plan to Divert Millions from the Health Insurance of Retired Coal Miners
The parties involved in the bankruptcy of a coal company have stepped away from a deal that would have diverted $18 million intended for the health insurance of retired Indiana miners to pay attorneys and other bankruptcy costs.
The turnabout came after ProPublica reported last week that the deal worked out by the lawyers and financiers involved in the bankruptcy of Patriot Coal Corp. would leave only $3 million to cover the guaranteed health-care benefits of 208 retired miners and their dependents, enough to last only about a year and a half. The deal was especially striking given that the unionized miners had themselves never worked for Patriot. Instead, they were having their benefits stripped of their value through an elaborate bit of financial engineering.
Over the weekend, former president Bill Clinton attacked the deal in a speech to West Virginia Democrats in Charleston, and presidential candidate Hillary Clinton said the deal was “outrageous and must be stopped” in a statement to the media.
On Wednesday, at Patriot’s bankruptcy hearing in Richmond, the company told the court that it was withdrawing the plan to strip the retirees’ benefits. While the details remain to be worked out, the action means that the miners will retain the health benefits they were originally promised. [...]
Blast from the Past. At Daily Kos on this date in 2008—The Cowardice of Sarah Palin:
I suppose it should go without saying that if Sarah Palin has been reduced to speaking to hard-right audiences, but can't do any nonpartisan interviews because they're confident she'll blow it, and can't appear without John McCain because he may have to bail her out if things get dicey, and generally can't do anything but stay in her little anti-media box, coming out twice a day like the little bird in a cuckoo clock to yell a few phrases into a crowd and leave again, she's all but useless to her own campaign. Her favorable ratings have been diving. She's still got Troopergate in the works. There's still gawd knows how much embarrassing tape from her Katie Couric interview, which is probably going to keep being dribbled out from now until the election. So far, she's been making her most indelible American impressions on the pages of the National Enquirer.
Tweet of the Day
On
today's Kagro in the Morning show,
David Waldman, chairman of the Kagro in the Morning organization, addresses us directly from HQ. Ben Carson helpfully redirects an armed robber.
Greg Dworkin rounds up 2016 news: Trump leads but isn't winning, as he slowly melts away. Dems waiting on Biden. Jason Chaffetz, proven liar, hides PP footage. Rupert Murdoch wishes for a "real black president". Is Russia repeating its Syria mistakes? Is Ben Carson being stupid or coy about the debt limit? Kevin McCarthy is a total dope, though. Paul LePage is a total crook & bully. 4chan shuts down Eastern KY U. with bathroom graffiti. End a life, get probation for mischief. DuPont loses C8 test case!
Find us on iTunes | Find us on Stitcher | RSS | Donate to support the show!
High Impact Posts • Top Comments