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We received a statement from ARC Tuesday, saying the recent dismissal of one lawsuit will mean the company can move forward with expanding operations and re-employing personnel.
Titolo originale
Kentucky suspends mine licenses at Perry, Pike County coal operations
We received a statement from ARC Tuesday, saying the recent dismissal of one lawsuit will mean the company can move forward with expanding operations and re-employing personnel.
We received a statement from ARC Tuesday, saying the recent dismissal of one lawsuit will mean the company can move forward with expanding operations and re-employing personnel.
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AMERICAN
On September 27, American Resources Corporation (parent company to McCoy Elkhorn),
purchased the Perry County Coal assets of bankruptcy Cambrian Coal Company.
Immediately thereafter, the key lessor to the asset purchase, Hazard Coal Corp., filed
lawsuit claiming that their lease was terminated prior to bankruptcy. This contradicts
the bankruptcy court's findings, but nevertheless the judge had to hear arguments from
both sides.
While the case from Hazard Coal Corp was extremely weak, the legal arguments
nevertheless ensued over the course of three months.
During this time, American Resources Corporation had a specific plan to bring the mines
at Perry County back into production and had investors that were previously committed
to funding that production and expansion. Due to the frivolous lawsuit from Hazard
Coal Corp., the investors decided to see how that turned out since that lease was key to
the operations at Perry County.
‘American Resources continued to spend money at Perry County maintaining the
operations, waiting for the court to dismiss the Hazard Coal Corp. case. With this added
extra expense, it strained all of American Resources Corporations operations, including
McCoy Elkhorn.
The court finally dismissed Hazard Coal Corp's case in early January, thus allowing
American Resources Corporation to re-start the capital raising process for those mines.
While this has caused a delay in several aspects of all of American Resources’
operations, the company is nevertheless moving forward and is excited about expanding
its operations at all of its subsidiaries and re-employing all the personnel and expanding
operations, while being a primary provider of jobs in the region.
‘AveRIcaN RESOURCES CoRPORATION + wwAmericanResourcesCorp.com
P.O. Box 606 + Fisvens,IN 46038