That was money ill spent.A coal company owned by one of President Trump's donors, the largest privately owned U.S. coal company, filed for bankruptcy Tuesday.
[...]
[Robert E. Murray, the head of Murray Energy Holdings,] previously spoke out against former President Obama’s clean air regulations, calling Obama “the greatest enemy I’ve ever had in my life.” The coal company head reportedly gave $1 million to a political action committee supporting Trump's agenda in the 2018 election.
The Hill
I'm pretty sure their donations to Trump were Hail Mary last ditch efforts to stave off bankruptcy. Not even coal company bigwigs really thought coal mining had a future.Murray Energy says it came to a restructuring support agreement to manage $2.7 billion in debt with lenders who own more than 60 percent of a $1.7 billion loan. The agreement also funds operations to continue operating with $350 million.
Murray has advocated for miners to Trump’s administration, asking it to help the workers in the struggling industry, Bloomberg reported.
Well, those folks are going to get stiffed, no doubt. Trump got their money.Coal firms are struggling, with four other major companies filing for bankruptcy. Murray had cautioned in 2017 that bankruptcy could be on the horizon for his company because of the changing nature of the industry, with natural gas and renewable energy becoming cheaper alternatives to coal, according to Bloomberg.
The company, with 5,000 employees, including 2,400 union members, said it also has an $8 billion bill in liabilities for pensions and benefit plans, Bloomberg reported.
...but hey, do what you want...you will anyway.
UPDATE:
The guy from Monopoly shaved his mustache. Wonder where he stashed his tophat.
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