A filing with the U.S. Securities and Exchange Commission shows Massey Energy Co. has offered families of the 29 miners killed in a 2010 coal mine explosion $3 million apiece to settle their claims.
According to The Associated Press, the Virginia-based company publicly revealed the offers for the first time in a proxy statement filed in conjunction with rival coal producer Alpha Natural Resources' proposed $7.1 billion takeover. The deal is set to culminate after shareholders of both companies vote June 1. (WCxKit)
One family member of a deceased coal miner, Michelle McKinney, daughter of Benny Willingham, indicated she has no interest in settling. "My dad didn't have a price tag on him," she remarked. Massey presented a financial package that it claims would free the families from ever worrying about money.
The offer included life insurance (five times the miner's annual salary), health insurance, and additional payments to surviving spouses and scholarships to children. Massey board director Robert Foglesong said accepting those benefits would not halt a family from suing.
The April 5, 2010 Upper Big Branch explosion was the deadliest in the U.S. coalfields dating back to 1970, remaining the target of civil and criminal investigations. (WCxKit)
The filing cites the retirement last year of Massey Chief Executive Don Blankenship, who agreed to a $12 million retirement package.
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