But I am not sure how much someone would be prepared to pay for James River, rather than buying a private company.

Any time you have a disruption, you have a loss in (coal) production. But I don't think this will be an event that shuts down the coal industry.

The big picture for investors is what will it do for production. What will it mean for supply and demand and pricing?

They had encouraging operating numbers. Their lower cost guidance was also good.

It would remove some production from an already tight market.

There has been a lot of pressure from large shareholders. The market is reacting well to it...everyone is talking about consolidation (in the coal industry).

The demand for Appalachian coal is strong, and it's cheap compared to other fuel prices.