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To: Tomato Man who wrote (56)7/6/1999 11:29:00 AM
From: C Horn  Respond to of 68
 
Old Article Re: Green River Coal

Big Rivers continues fight with Green River Coal
Abstracted from Coal 02/96

Big Rivers Electric Corp. (Henderson, KY) has intensified its 32-month fight to invalidate its 20-year coal supply contract with Green River Coal, since the latter and its majority owner were found guilty of fraud, bribery and kickback charges related to the awarding of the contract in December 1995. Big Rivers pays a markup of $784,000 per month for coal supplied by Green River. Green River Coal has been in Chapter 11 bankruptcy protection since July 1993. The utility argues that the supplier should not be allowed to profit from the illegally-gained contract and wants to pay the excess funds into an escrow account until the matter is settled, if the courts will not allow it to suspend payments.

(c)Copyright 1996-1999, Gale Group, All Rights Reserved



To: Tomato Man who wrote (56)7/6/1999 11:31:00 AM
From: C Horn  Read Replies (2) | Respond to of 68
 
Another old article.

Big Rivers settles with its former coal supplier.
Abstracted from Courier-Journal (Louisville, KY) 06/05/97

Big Rivers Electric Corp., an electric utility company based in Henderson, Kentucky, has agreed to pay $13.4 million to the creditors of Green River Coal Co., its former coal supplier, which would allow Green River to pay debts and formally close the business. Big Rivers had had a 20-year contract with Green River to supply coal to the utility at about $12 million per year above the market price for coal. The contract, due to expire in 2004, was broken by a court who ruled Green River obtained the contract by paying bribes and kickbacks. The $13.4 million figure represents about 11% of the $122 million sought by Green River in a litigation. In return, Green River is to dismiss all claims and litigation against Big Rivers, which is also in bankruptcy, and not object to its restructuring in preparation for a merger with LG&E Energy Corp.

(c)Copyright 1996-1999, Gale Group, All Rights Reserved.