Missouri Minute: Bankruptcy judge denies Peabody shareholders’ request for equity committee; New fraud watchdog comes from company under investigation

Here are today’s top business headlines from across Missouri:

Bankruptcy judge denies Peabody shareholders’ request for equity committee

A federal bankruptcy judge in St. Louis on Thursday turned down a request by shareholders of Peabody Energy Corp. to appoint an equity committee to represent them in the coal miner’s Chapter 11 bankruptcy. The ruling by Judge Barry Schermer crushed investors’ hopes of a recovery in the bankruptcy, as Peabody’s shares will be canceled and replaced with new stock that will be owned by creditors if the company’s reorganization plan is approved. Read more

Missouri’s new fraud watchdog comes from company under investigation by state

The man chosen by Missouri Secretary of State Jay Ashcroft to lead the agency that protects consumers from securities fraud is a former executive of a company currently under investigation by the state. David Minnick served as general counsel and senior vice president of St. Louis-based Stifel Financial Corp. from 2004 until this week, when Ashcroft took over for outgoing Secretary of State Jason Kander. Read more

Budget committee inaction again derails MLS funding in St. Louis

A plan to spend $60 million in public money to build a new Major League Soccer stadium in St. Louis stalled for the second time in nine days Thursday in front of the city’s board of aldermen. An aldermanic committee discussed the proposal with some heated exchanges before tabling it. Read more

Overland Park private equity firm sells for $735M to Phoenix cable company

Rural Broadband Investments, an Overland Park, Kansas-based private equity firm that acquired several rural cable systems, will be sold to Cable One Inc., a Phoenix-based cable provider, for $735 million. Read more

Missouri sues Obama administration over coal mining rule

Missouri Attorney General Josh Hawley said the state has sued the Obama administration over coal mining regulations declared by the Department of the Interior. The rules are meant to reduce coal mining’s impact on streams. But Hawley, a Republican, said the regulations overstep agency authority and violate federal law. Read more

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