Mountaintop Removal Protests Against UBS Bank
Did you hear about the actions against UBS on Monday, November 25? 14 people were arrested, and 8 are still in jail as of Tuesday afternoon.
Please SHARE the story of these courageous activists.
You can also help us get them out of jail by donating to their legal fund here.
Their court date isn’t until January 8th, so let’s help get them out before that!
More on the campaign:
UBS AG is a Swiss-owned wealth management company heavily involved in the global financial sector. Based out of Zurich Switzerland, they handle billions of dollars in investments and asset management all across the world. UBS provides a broad rage of services to wealthy individuals, corporations, institutions and even governments. There are UBS branch locations all over the United States, with their national branch located in Stanford, CT.How is UBS involved with MTR?
UBS funds and supports many of the largest companies engaged in mountaintop removal coal mining in Southern Appalachia, including: Patriot Coal Corporation, Alpha Natural Resources, Arch Coal Inc and James River Coal Company.
In 2010, UBS stated “[We] need to be satisfied that the client is committed to reduce over time its exposure to [MTR],”
that same year, UBS acted as a paid adviser in the merger of Massey Energy and Alpha Natural Resources. This merger created the largest single MTR company in the country, now responsible for some 25 percent of coal production from MTR mines.In their annual report, UBS stated, “In 2010, we decided to further strengthen our environmental and social risk management (including human rights) by identifying controversial activities where we will not do business,
or only do business under stringent pre-established guidelines. Therefore we will not knowingly provide financial services to corporate clients, nor will we purchase goods or services from suppliers, where the use of proceeds, primary business activity, or acquisition target involves the following environmental and social risks:
Extractive industries, heavy infrastructure, forestry and plantations operations that risk severe environmental damage. . .” [Page 62]Despite this statement, the company continued to fund and support companies engaging in harmful extractive practices in Southern Appalachia, as detailed here:
Bond and Loan Deals – MTR, Coal Plant and Coal Export Companies
Jan 1, 2010 through March 14, 2012
Research sourced from Bloomberg, by Annie Sartor
March 28, 2012
• 11/8/10 – UBS Securities served as sole arranger and UBS Loan Finance LLC served as swingline lender for
AT Massey Coal Company’s second amended and restated credit agreement
• 3/16/10 – UBS Securities LLC underwrote $50 million for International Coal Group’s $100 bond offering
• 8/9/10 – UBS Securities LLC underwrote $7.5 million for Arch Coal’s $500 million bond offering
James River Coal Company
• 1/28/10, 8/16/10, 10/29/10, 3/6/11, 4/15/11, 6/30/11 – UBS Loan Finance LLC and UBS AG, Stamford
Branch served as lenders for 6 amendments and restatements to James River Coal Company’s revolving credit
agreement worth $100 million (loan)
• 3/29/11 – UBS Securities LLC served as joint lead manager – books for James River Coal Co’s $230 million
• 10/13/11 – UBS Securities LLC served as lead manager for James River Coal Co’s offer to exchange $270
million in notes
• 1/6/11 and 1/31/12 – UBS Loan Finance LLC served as a lender on amendment number 1 and the
Second Amendment to Patriot Coal’s amended and restated credit agreement
Who are we?
We are an independent group of Southern Appalachian residents & activists opposing the practice of
mountaintop removal coal mining, organized as The Knoxville Activist Collective.
Together, we will apply enough public pressure to ensure that UBS changes its official policy and stops funding
and supporting companies that engage in mountaintop removal.
Their court date isn’t until January 8th! Can you help us get them out? You can donate to their legal fund here!