In Re: PATRIOT COAL CORPORATION, et al.,                                   Case No. 12-51502-659
(Jointly Administered)
Debtor

                                                             Comment about the Plan of Reorganization;
                                                          With Request to Maintain Current PCX Stock

The Court is respectfully implored to take the following brief report into consideration when deciding to continue to honor the validity of Patriot Coal Corp stock that has been purchased by its shareholders. In other words do not cancel or delete (the current) PCX stock post-bankruptcy.

1. I am a long time holder of significant shares (more than 10,000 but less than 50,000) of Patriot Coal stock.

2. I purchased the stock based on Reports and Statements from Patriot headquarters and Financial Institutions that I believed to be telling the Truth.

3. My only request (and it is a simple one) is that the shares of stock that I own continue to be THE Patriot Coal stock post-bankruptcy. There is no reasonable or Just logic for the company to be allowed to cancel or delete stock that I (and others) bought under the premeditated guiding statements made by Patriot Coal management.

3a. On May 29, 2012 Patriot headquarters (CEO Irl Engelhardt) released this official statement: "Ben (Patriot President Hatfield) and I will immediately focus on improving Patriot's competitive position as well as its financial structure to enhance value for our shareholders and all other groups who have a stake in the Company's success." (Emphasis added)

I used that and the rest of the CEO’s report to buy more shares of Patriot stock.

To obliterate the REAL Patriot stock during this bankruptcy would fly directly in the face of those official statements.

4. From even a pragmatic viewpoint it would seem prudent and honorable to protect shareholder value because there apparently are not very many shares still "out there". And thus it would cost the company and court very little to "do the right thing". And with the stock currently selling at a pittance of pennies the financial implications of "doing the right thing" are almost insignificant.

Summation and Concluding Statement

The court is requested to ensure that current Patriot Coal stock continues to be the official stock of Patriot Coal when it emerges from bankruptcy. And that any citizens who own Patriot stock are given full financial credit for their stock. In other words do not cancel the current stock and deprive stock owners of the value of the stock that they purchased.

Respectfully submitted,

_______________________Date: _______________

Denis "Sam" Dehne, Lt Col, USAF (ret) 
Reno, Nevada 89502

Sent to:
Judge Kathy A. Surratt-States
United States Bankruptcy Court
111 South 10th Street, Fourth Floor
St. Louis, MO 63102

and:

Office of The United States Trustee
Leonora S. Long
111 S. 10th St.
Suite 6.353
St. Louis, MO, 63102-1125

                                   Here are a few reports to help get your blood flowing.. "Patriotically":

1. LETTERS FROM 900 PATRIOT COAL WORKERS
http://www.wvgazette.com/Business/201306010041?page=2

2. This Is Capitalism Now: How a Coal Company Bilked 20,000 Workers Out of Health Benefits
http://www.theatlantic.com/business/archive/2013/06/this-is-capitalism-now-how-a-coal-company-bilked-20-000-workers-out-of-health-benefits/276438/ 

3. A Win for Coal Exports, American Jobs
http://blog.heritage.org/2013/06/27/a-win-for-coal-exports-american-jobs/
("The U.S. has 497 billion tons of recoverable coal in the United States—
enough to provide electricity for 500 years at current consumption rates.")

4. Republicans use President's 'war on coal' charge to tarnish (EXPOSE) Democrats ahead of elections
http://www.foxnews.com/politics/2013/07/01/republicans-use-war-on-coal-charge-to-tarnish-dems-ahead-elections/#ixzz2Xq21pwEU
(West Virginia Democratic Sen. Joe Manchin, in an interview last week with Fox News, called the president's plan a "war on America." 
"It's just ridiculous. ... I should not have to be sitting here as a U.S. (Democrat) senator, fighting my own president and fighting my own government," he told Fox News. "I will continue to reach out, but I need a partner here. I don't need an adversary.")

There are massive amounts of coal in the (Patriot) ground.
The potential for post-BK lawsuit liabilities against Patriot and Peabody for having lied to investors (assuming they
violate their fiduciary Trust to investors and actually do cancel the stock) is huge. And should be a strong deterrent
against doing away with the stock.
The measly value and total amount of stock still "in play" is a pittance relative to the real assets that Patriot Coal really has.
Patriot (and the Court) should.. and maybe eventually will.. take action to make Peabody Coal pay for the 1,000s and 1,000s
of workers who retired from that company.  Patriot Coal SHOULD NOT HAVE TO PAY Peabody debts and obligations.
The Appeals Court did do the right thing. They ordered Peabody to pay for its Retirees (not Patriot Coal). This
is virtually like putting $1,400,000,000  into Patriot's asset coffers. (It reduces PCX future obligations by that amount.
Which is like finding huge amounts of coal in the ground.. only better.)
This monumental fact HAS to be taken into account by the BK court AND all of the entities involved.
IE:
PATRIOT'S ASSETS FAR FAR FAR OUTWEIGH ITS LIABILITIES. There is a huge amount of money/assets for the stockholders
who paid good honest American money for their PCX shares.

THE MORE I THINK ABOUT IT.. THE MORE IMPOSSIBLE
it would be for Patriot hqtrs (presidents, lawyers, clerks, etc) to
not obey their own directives to the world. That is; that they are
going to protect stakeholders and shareholders.
In no sane person's imagination.. considering the publicly reported circumstances..
could anybody possibly believe that hqtrs was not
talking about PCX stock in all of their promises.
5/29/12 - "We will enhance value for our shareholders."
8/21/13 - "Patriot remains committed to a fair outcome for our stakeholders."
Thus, they would be insane to go against their very own on-the-records words.
It would be beyond civil. It might even be fraud.
So logic and good sense points to hqtrs NOT canceling the stock.
The "good" (for their lives and careers) FAR FAR FAR outweighs the "bad".
I am not trying to demean anybody by talking about "what ifs".
I am only referring to the concept of them being honest AND SMART people.
And when the stock realizes this.. it should rise accordingly.
To the dollars level. There is no way to know how long that will take.
But it will happen.

9/11/13 - It continues to be hard to believe that Patriot hqtrs appears to be refusing to abide by its guarantee of
5/29/12 - "We will enhance value for our shareholders.".
All they have to do to ENHANCE THAT VALUE is NOT cancel the stock. Now it looks like stockholders
will have to rely on the Court to protect stockholders.

PATRIOT IS GUILTY OF GROSS HYPOCRISY -
1. Patriot hqtrs recently said:
August 21, 2013 "Peabody should not be permitted to use Patriot's bankruptcy to escape its healthcare obligations to thousands of retirees."
2. American citizens say:
"Patriot should not be able to use this bankruptcy to cancel PCX stock and escape its obligations to 1,000s of stock holders
(including unknown 1,000s of Patriot coal miners)."

 

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