In addition to being the governor of West Virginia, Jim Justice oversees a sprawling coal empire that at one point made him a billionaire and the richest person in West Virginia. Unfortunately, a mountain of bad debt has put that coal corporation in serious financial trouble.
This story starts in 2018 when Jim Justice borrowed $700 million from a company called Greensill Capital. Bluestone Resources, Justice’s business, would get the funds for investment.
1) Jim currently serves as West Virginia’s governor.
3) The complete debt is being demanded for payback right away, which is a lot sooner than Justice had anticipated.
Getty Images/Hunter Martin
The Wall Street Journal revealed earlier this week that Jim personally guaranteed a $700 million loan taken out from a business called Greensill Capital. The financial collapse of Greensill Capital occurred on March 8, 2021. Credit Suisse is in charge of managing the debt right now.
One of Greensill’s biggest creditors at the time of its demise was Jim Justice’s Bluestone businesses, a group of about 100 enterprises. In May 2018, Bluestone took out its first loan from Greensill. Future or potential receivables that have not yet been generated were used as collateral for the loans.
The problem is right there.
“Our family has to deal with the unbelievably heavy burden of the loans. It’s hard. It is very difficult. We didn’t know anything at all. Yes, I backed the loans personally. Nothing we did was wrong. The villain is Greensill. We have sued Greensill, and in addition to that, we’re not going to let Greensill just get by with doing bad stuff.”
Bluestone borrowed $700 million in 2018, expecting to have (at this point) two more years to start generating returns that could be used to service the debt. Do Credit Suisse have the liquidity to raise $700 million in capital even if they are successful in getting the Justice family to pay up today?
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