"James River Coal Chooses Blackhawk Mining as Lead Bidder" $JRCC

Finally a bidder, although for a paltry amount:

"Bankrupt James River Coal Co., after repeatedly postponing an asset auction, chose a unit of Blackhawk Mining LLC as the lead bidder, with an opening offer of $50 million.

The Blackhawk unit will be the so-called stalking horse at the auction to be held today in New York, according to papers filed in U.S. Bankruptcy Court in Richmond, Virginia. A sale hearing to consider Blackhawk’s or other possible bids is scheduled for Aug. 20 in Richmond."

Bankruptcy court auctions are set up for the stalking horse bidder to usually win.