Patriot Coal Corp. is objecting to a request from shareholders to form an official committee in the coal miner's bankruptcy case, arguing that there is no reason for the holders to receive the special representation, Dow Jones Daily Bankruptcy Review reported today. Shareholders, including investment firm Compass Point Partners, made a request with the court last August to appoint a special committee to protect their interests in Patriot's chapter 11 case, pointing to the "serious decline" in the value of the shares they hold. If the request is granted, Patriot would also be required to cover up to $250,000 in legal bills for the shareholders.
