Trustee Enforces Mining Company Indenture Obligations

A Trustee held security in the form of waste coal owned by IBCS Mining. The security was granted for the benefit of surety bonds holders issued under an individual surety program conducted by the owner of IBCS. IBCS filed a chapter 11 case, in which it was ultimately determined that the waste coal, valued and appraised at one time to be worth as much as $100 million, was worth in a sale only $1,500. Our firm represented the trustee in this chapter 11 case.