Subsequent events

6 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent events

Subsequent events

We have evaluated all subsequent events through the date the financial statements were issued.

Increase in letters of credit to Big Rivers

In July 2012, in accordance with the terms of our power agreement and based on recent billings, we increased our outstanding letters of credit with the Big Rivers Electric Corporation by $4,000 from approximately $30,000 to $34,000. The increase in our outstanding letters of credit directly reduces our availability under our revolving line of credit on a dollar for dollar basis.

Ingram Barge Lawsuit

In February 2010, our subsidiary, CAWV, was named as a defendant in a lawsuit filed by Ingram Barge Company in the United States District Court for the Middle District of Tennessee. The lawsuit alleges that CAWV breached two barging contracts with Ingram Barge by failing to consume a specified amount of barging services as a result of the curtailment of operations at Ravenswood.  Ingram Barge is seeking damages of approximately $4,600 plus interest.  In July 2012, the trial court granted Ingram Barge's motion for summary judgment and referred the matter to a Magistrate Judge to determine if any damages have been incurred by Ingram Barge.  We intend to file a motion for reconsideration with the District Court. While we do not believe that Ingram Barge has suffered any damages and intend to continue to vigorously defend ourselves against this claim, we believe that it is reasonably possible that a damages judgment may be entered against CAWV.  We estimate that the range for this potential loss is between $0 and $5,000 .