Elk: I’ve been focusing heavily on the Patriot Coal bankruptcy, which is an interesting case of a company, Peabody Energy and Arch Coal, spinning off all their retiree obligations into a subsidiary, and this subsidiary had three times as many retirees as current workers, so it was a spinoff company designed to fail. And five years after spinning it off the company did fail and as a result Peabody and Arch are now getting out from nearly a billion dollars in liabilities to these workers.
Why shouldn't I believe that the school reform agenda is now just a different version of this scam? It explains the whole thing quite tidily.
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