West Virginia governor liable for $700M coal company loan

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For those that will comment without reading the article. West Virginia Gov. Jim Justice confirmed on Tuesday that he is personally liable for $700 million in loans taken by HIS coal companies from a lender in the United Kingdom that went bankrupt.


The problem with refusing to believe that your business model is dead.


This has nothing to do with the article but I cant help myself, they is so rarely in the news for anything – West Virginia is the most beautiful state in America. I worked all of 2020 as a truck driver and anytime my manifest sent me through WV I got excited like a kid before Christmas. Even just seeing it from the WV Turnpike will convince you. It is America’s best kept secret. It really is younger than the mountains, older than the trees. Im going back for vacation this year, there’s nowhere else I’d rather be


The old saying: If you owe the bank $700, you have a problem. If you owe the bank $700m, the bank has a problem. Though I’m not sure why you’d agree to be personally liable (company structure?), why the loan company would be allowed to call in that debt all at once (UK finance doesn’t generally work like that, at best they would just end up in “tickover” mode where the loan is paid off as normal over many years), or why you’d risk that amount of money being called in if your business couldn’t cover it quite easily if the need arose. Seems that they set up that company/loan in a very stupid way to become personally liable for it, and as far as I know there would be absolutely no advantage to doing that… it’s not like you’d profit more somehow or have more control just by not having a limited company.


I’m lost – why does it matter if the bank that gave him the loans went bankrupt?