Massey Offers Settlement to Families of WV Mine Explosion Victims

By: TIM HUBER - AP Business Writer
By: TIM HUBER - AP Business Writer

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.

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.

Massey ultimately secured a sweetened offer of 1.025 shares of Alpha stock plus $10 in cash for each of its shares. The deal is due to close after shareholders of both companies vote June 1.

Massey and Alpha filed the proxy statement with the Securities and Exchange Commission Friday.

The April 5, 2010 Upper Big Branch explosion was the deadliest in the U.S. coalfields since 1970 and remains the target of civil and criminal investigations.

The filing cites the retirement last year of Massey Chief Executive Don Blankenship. He accepted a $12 million retirement package last winter.

©2011 The Associated Press. All rights reserved.


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