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Other Events and Transactions
6 Months Ended
Jun. 30, 2011
Other Events and Transactions [Abstract]  
Other Events and Transactions [Text Block]
Other Events and Transactions


NACoal: NACoal expects to sell $22.8 million of assets, primarily a dragline, to Mississippi Power Company upon the resolution of certain contingencies. The sale of these assets is expected to occur in 2011. As a result, these assets have been classified as held for sale in the Unaudited Condensed Consolidated Balance Sheet at June 30, 2011 and December 31, 2010.


During the second quarter of 2010, NACoal received and recorded a payment of $7.6 million, which is included on the line “Revenues” in the Unaudited Condensed Consolidated Statement of Operations, related to the reimbursement from Mississippi Power Company for previously recognized costs for pre-development activities. NACoal also received a payment of $3.5 million related to Mississippi Power Company's purchase of permit assets which approximated NACoal's book value.


NACCO and Other: In 2006, the Company initiated litigation in the Delaware Chancery Court against Applica Incorporated ("Applica") and individuals and entities affiliated with Applica's shareholder, Harbinger Capital Partners Master Fund, Ltd. The litigation alleged a number of contract and tort claims against the defendants related to the failed transaction with Applica, which had been previously announced. On February 14, 2011, the parties to this litigation entered into a settlement agreement. The settlement agreement provided for, among other things, the payment of $60 million to the Company and dismissal of the lawsuit with prejudice. The payment was received in February 2011.
As a result of the settlement during the first quarter of 2011, no further litigation costs in relation to this matter will be incurred. Litigation costs related to the failed transaction with Applica were $2.8 million during the six months ended June 30, 2011. This compares with $4.5 million and $6.9 million during the three and six months ended June 30, 2010, respectively.