History
ICG was formed in May 2004 by investor Wilbur Ross, who led a group that bought many of Horizon Natural Resources' assets in a bankruptcy auction. Ross, originally operating as Newcoal LLC with four other investors, expressed interest in buying Horizon's nonunion properties, but not its six union operations. Horizon was then allowed to sever its union contracts, including pension benefits, by bankruptcy court, according to the Associated Press in the story "Coal Miners Lose Health Benefits" on August 9, 2004.
In March 2005, ICG agreed to acquire Anker Coal Group, Inc. {In its third quarter report dated October 26, 2005, ICG reported, "All conditions to closing the acquisitions have been satisfied other than effectiveness of the related registration statement."
On June 15, 2011 Arch Coal, Inc.(NYSE: ACI) announced that they had completed their acquisition of International Coal Group, Inc. (NYSE: ICO) through a merger, with International Coal Group becoming a wholly owned subsidiary of Arch Coal.
Read more about this topic: International Coal Group
Famous quotes containing the word history:
“Every member of the family of the future will be a producer of some kind and in some degree. The only one who will have the right of exemption will be the mother ...”
—Ruth C. D. Havens, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 13, by Susan B. Anthony and Ida Husted Harper (1902)
“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
—Ralph Waldo Emerson (1803–1882)
“History does nothing; it does not possess immense riches, it does not fight battles. It is men, real, living, who do all this.... It is not “history” which uses men as a means of achieving—as if it were an individual person—its own ends. History is nothing but the activity of men in pursuit of their ends.”
—Karl Marx (1818–1883)