New book by Larry Connors Click here Improve your trading - See how
"The board of Lehigh and its new management have taken over the company," Lawrence G. McMichael, Philadelphia, one of the company's attorneys, said Wednesday after Jack Teitz, Pittsburgh area, officially took the helm as LC&N's interim CEO. "It's a good day for the company."
Teitz ousted Sean D. Curran, LC&N's president and CEO, in taking over the reins of one of the largest remaining producers of anthracite coal.
"I know that Mr. Teitz telephoned my brother, Sean, and terminated him," said Sarah Curran Smith, LC&N's vice president of industrial relations.
Smith did say she had not heard from the state Department of Environmental Protection or seen any court documents about the case.
Wednesday's action followed an Oct. 1 ruling by Chief U.S. Bankruptcy Judge John J. Thomas, Wilkes-Barre, that allowed LC&N's board of directors to reject the existing management contract with Coaldale Energy LLC, which Sean Curran headed, and rejected Coaldale's request to appoint a trustee in bankruptcy for LC&N.
Bob Smith, who has been with LC&N for many years, also joins the new management team as chief financial officer, McMichael said.
James J. Curran Jr., LC&N's sole shareholder, had sought to depose Sean Curran, his son, as the company's leader.
DEP had supported Coaldale's request, but the agency is no longer an obstacle to LC&N's new direction, McMichael said.
McMichael said there would not be much more activity in court, although a spokeswoman for Thomas said the hearing originally scheduled for Wednesday had been rescheduled for 2 p.m. Oct. 15.
He said the company is producing 30,000 to 40,000 tons of raw coal a month from the 8,000 acres the company owns in Carbon and Schuylkill counties.
LC&N will have its headquarters in Pottsville and will need four to six months to recover from the financial problems that precipitated the change, McMichael said.
Four of LC&N's creditors filed a petition on July 15 to put LC&N into involuntary bankruptcy. According to the petition, LC&N owed $7,425,297 to those four: Primerock Capital LLC, Pittsburgh, Bruce Toll and The Bruce and Robbi Toll Foundation, both of Horsham, and Douglas Topkis, New York City.
To see more of the Republican & Herald or to subscribe to the newspaper, go to http://www.republicanherald.com. Copyright (c) 2008, Republican & Herald, Pottsville, Pa. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
