Massey Investors Fend Off $7.1B Alpha Deal

Law360, Wilmington (May 26, 2011, 8:44 PM EDT) -- Massey Energy Co. shareholders fought in Delaware state court Thursday to block Alpha Natural Resources Inc.'s proposed $7.1 billion acquisition of the coal giant, arguing that relief was vital to preserve claims to hold Massey directors responsible for an abysmal safety record.

Shareholders, including several pension funds, filed suit in April 2010 on behalf of Massey against its board of directors and former CEO Don Blankenship, seeking to impose liability on management for a purported $1 billion decline in the company’s value resulting from a systemic...
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