Blackjewel Coal Contends Ex-CEO Stripped Millions From Co.

Law360 (January 13, 2020, 6:10 PM EST) -- Bankrupt coal mining company Blackjewel LLC and its unsecured creditors committee filed a motion in West Virginia bankruptcy court accusing the company's ex-CEO of stripping tens of millions of dollars from the struggling company's assets for himself and his family.

The company and the committee on Thursday asked the court's permission to probe what it said were possibly "hundreds" of "questionable" transactions, saying former CEO Jeff Hoops Sr. had engaged in a "years-long" effort to transfer cash and assets to himself and his relatives as the company went under.

"Throughout Hoops' involvement with the debtors and despite the various fiduciary obligations he owed,...

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