RICHMOND, Va. -- Massey Energy shareholder Benjamin Mostaed didn't block its merger into Alpha Natural Resources, but he obtained an explanation for chairman Don Blankenship's retirement.
Mostaed asked former Massey directors why Blankensip abruptly resigned during negotiations for a business combination he steadfastly opposed.
"During the summer and fall of 2010, Mr. Blankenship had informal discussions with certain members of Massey's board of directors as he contemplated retiring, having served as chairman of the board and chief executive officer of Massey for over a decade," they wrote. "During this same time frame, as Massey's board of directors took into consideration the environment in which Massey found itself and as it reflected upon Massey's future prospects as a stand alone company, the board of directors assessed whether Mr. Blankenship as chairman of the board and chief executive officer provided the most viable option for Massey going forward.
"In connection with these discussions, Mr. Blankenship elected to submit his resignation to Massey's board of directors."