Friday, May 14, 2010
Greenbrier Resort Owner Selling Coal Securities
WEST VIRGINIA....
According to a recent regulatory filing with the Securities and Exchange Commission, Greenbrier Resort owner James Justice II, a family company and two relatives are selling 30.5 million Mechel OAO securities for $228.75 million, while giving the underwriters an option for another 4.5 million securities, worth another $33.75 million. Justice, who bought The Greenbrier a year ago after the owner filed for bankruptcy, was, at the time, selling a big piece of his coal mining business to Mechel, a Russian mining giant, for $436 million cash, 83.3 million preferred shares of stock, and the assumption of $132 million in debt. Jim Justice says the casino is expected to open July 2nd, three weeks before The Greenbrier hosts a PGA Tour golf tournament. The Greenbrier currently has 400 job openings, and Justice says the number of resort employees would increase from 1,600 to 2,000 by the time the casino opens.
According to a recent regulatory filing with the Securities and Exchange Commission, Greenbrier Resort owner James Justice II, a family company and two relatives are selling 30.5 million Mechel OAO securities for $228.75 million, while giving the underwriters an option for another 4.5 million securities, worth another $33.75 million. Justice, who bought The Greenbrier a year ago after the owner filed for bankruptcy, was, at the time, selling a big piece of his coal mining business to Mechel, a Russian mining giant, for $436 million cash, 83.3 million preferred shares of stock, and the assumption of $132 million in debt. Jim Justice says the casino is expected to open July 2nd, three weeks before The Greenbrier hosts a PGA Tour golf tournament. The Greenbrier currently has 400 job openings, and Justice says the number of resort employees would increase from 1,600 to 2,000 by the time the casino opens.
# posted by Homer Owens @ 8:57 AM 
